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==History==
==History==
Tradeshift was founded in 2010 by Christian Lanng, Mikkel Hippe Brun, and Gert Sylvest. Inspiration for Tradeshift came after they created the world's first large scale peer-to-peer infrastructure for an e-business called [[Easytrade]]. The founders also had leading roles (Governing board member, Technical Director<ref>{{Cite web|url=http://www.govtech.com/dc/articles/Europes-Facebook-for-Government-Procurement.html|title=Europe's "Facebook" for Government Procurement|website=www.govtech.com|language=en|access-date=2018-11-29}}</ref>) in the European Commission project PEPPOL inside the [[European union|European Union]].<ref>{{Cite web|url=http://news.idg.no/cw/art.cfm?id=62C7209F-F69E-6CBA-A667ED235C6343FF|title=EU e-procurement agency implements TradeShift ( - Government )|website=news.idg.no|access-date=2018-11-29}}</ref>
Tradeshift was founded in 2010 by Christian Lanng, Mikkel Hippe Brun, and Gert Sylvest. Inspiration for Tradeshift came after they created the world's first large scale peer-to-peer infrastructure for an e-business called [[NemHandel]]. The founders also had leading roles (Governing board member, Technical Director<ref>{{Cite web|url=http://www.govtech.com/dc/articles/Europes-Facebook-for-Government-Procurement.html|title=Europe's "Facebook" for Government Procurement|website=www.govtech.com|language=en|access-date=2018-11-29}}</ref>) in the European Commission project PEPPOL inside the [[European union|European Union]].<ref>{{Cite web|url=http://news.idg.no/cw/art.cfm?id=62C7209F-F69E-6CBA-A667ED235C6343FF|title=EU e-procurement agency implements TradeShift ( - Government )|website=news.idg.no|access-date=2018-11-29}}</ref>


In 2010, the Tradeshift platform launches in May in Copenhagen. Tradeshift won the European Startup Awards in the category of "Best Business or Enterprise Startup."<ref>{{Cite news|url=https://techcrunch.com/2010/02/25/tradeshift-launches-to-disrupt-an-entire-financial-system-and-morten-lund-is-behind-it/.|title=TradeShift launches to disrupt an entire financial system – And Morten Lund is advising it|work=TechCrunch|access-date=2018-11-29|language=en-US}}</ref> In 2011, Tradeshift makes its App marketplace available.<ref>{{Cite news|url=http://www.zdnet.com/article/tradeshift-goes-social-with-business-apps/|title=Tradeshift goes social with business apps {{!}} ZDNet|last=Corning|first=Paul|work=ZDNet|access-date=2018-11-29|language=en}}</ref>
In 2010, the Tradeshift platform launches in May in Copenhagen. Tradeshift won the European Startup Awards in the category of "Best Business or Enterprise Startup."<ref>{{Cite news|url=https://techcrunch.com/2010/02/25/tradeshift-launches-to-disrupt-an-entire-financial-system-and-morten-lund-is-behind-it/.|title=TradeShift launches to disrupt an entire financial system – And Morten Lund is advising it|work=TechCrunch|access-date=2018-11-29|language=en-US}}</ref> In 2011, Tradeshift makes its App marketplace available.<ref>{{Cite news|url=http://www.zdnet.com/article/tradeshift-goes-social-with-business-apps/|title=Tradeshift goes social with business apps {{!}} ZDNet|last=Corning|first=Paul|work=ZDNet|access-date=2018-11-29|language=en}}</ref>

Revision as of 13:23, 2 April 2019

Tradeshift
IndustrySoftware
FoundedMay 2010
FounderChristian Lanng, Mikkel Hippe Brun, Gert Sylvest
Headquarters
San Francisco, New York, London, Copenhagen, Stockholm, Paris, Munich, Shanghai, Suzhou, Tokyo, Bucharest, Oslo, Frankfurt, Kuala Lumpur, Sydney
Number of employees
+700
Websitetradeshift.com

Tradeshift is a cloud based business network and platform for supply chain payments, marketplaces, and apps. The company helps buyers and suppliers digitize trade transactions, collaborate on processes, and connect through supply chain apps. Its latest round of funding, led by Goldman Sachs, raised US$250 million at a valuation of $1.1 billion, giving the company unicorn status.[1][2] Headquartered in San Francisco, Tradeshift serves 1.5 million companies across 190 countries processing over half a trillion USD in transaction value.[3]

Tradeshift has also won numerous awards, including being recognized as one of the top 50 cloud computing companies to work for in 2016 and 2018 by a partnership between Glassdoor and Battery Ventures.[4]

History

Tradeshift was founded in 2010 by Christian Lanng, Mikkel Hippe Brun, and Gert Sylvest. Inspiration for Tradeshift came after they created the world's first large scale peer-to-peer infrastructure for an e-business called NemHandel. The founders also had leading roles (Governing board member, Technical Director[5]) in the European Commission project PEPPOL inside the European Union.[6]

In 2010, the Tradeshift platform launches in May in Copenhagen. Tradeshift won the European Startup Awards in the category of "Best Business or Enterprise Startup."[7] In 2011, Tradeshift makes its App marketplace available.[8]

In 2012, Tradeshift moves their headquarters from Copenhagen to San Francisco.[9] In 2013, Tradeshift opened an R&D center in Suzhou, China.[10] Tradeshift opens an additional office in London.[11] And LATAM e-invoicing capabilities are added through partnership with Invoiceware.[11]

In 2014, Tradeshift expanded with offices in Tokyo,[12] Paris, and Munich.[13] The EU Commission officially approved the Universal Business Language (UBL) data format – a format Tradeshift supports – as eligible for referencing in tenders from public administrations.[14]

In 2015 Tradeshift won the Circulars "Digital Disruptor" Award at the WEF conference in Davos, Switzerland.[15] Tradeshift also acquired product information management company Merchantry, and launched e-procurement and supplier risk management solutions.[16] In 2016, Tradeshift acquired Hyper Travel[17] and secured a $75 million series-D round funding.[18] In 2017, Tradeshift acquired IBX Business Network and launches Tradeshift Ada.[19]

In 2018, secured a $250 million series-E round funding.[20] and launches Seller Club and Blockchain Payments, the latter as part of Tradeshift Pay.[21] In December 2018 Tradeshift acquires Babelway, an online B2B integration platform. The acquisition added three new office locations to Tradeshift (Salt Lake City, Louvain-la-neuve Belgium, Cairo Egypt).[22] In Q3 2018, Tradeshift reported year-over-year revenue growth of 400%, new bookings growth of 284%, and gross merchandise volume (GMV) growth of 262%. New total contract value also grew by US$47 million. Additionally, it added 27 new customers including Hertz, Shiseido, ECU and multiple Fortune 500 companies.[23]

Awards

2015 Tradeshift wins the Circulars "Digital Disruptor" Award at the WEF conference in Davos, Switzerland.[15]

2016 Tradeshift is named one of the 50 highest rated private cloud companies to work for.[24]

2016 Tradeshift Go wins Paystream Advisor's "Product Innovation of the Year" award.[25]

2017 Tradeshift earns "Strong performer" rating from the Forrester Wave: eProcurement.[26]

2017 Tradeshift and HSBC win 2017 Award for Innovation and Excellence in Treasury Management.[27]

2018 named as one of the highest rated cloud computing companies to work for.[4]

2018 named one of 50 providers to known for 2018.[28]

2018 Named a Visionary The Gartner Magic Quadrant for Procure to Pay Suites.[29]

2018 Tradeshift is again named one of the top fintech startups of 2018.[30]

2018 Sarika Garg, Tradeshift's Chief Strategy Officer, named as one of the top women leaders in SaaS.[31]

Product offerings

Tradeshift provides a cloud based business network and platform for supply chain payments, marketplaces, and apps.

Tradeshift Pay

Tradeshift Pay is Tradeshift's end-to-end supply chain payments solution.The product's holistic solution connects supplier onboarding, engagement, management with AP automation, collaboration, validation, and approvals; payables insights and analytics, and integrated financial services. Designed for customers to optimize working capital, the integrated financial services include dynamic discounting, supply chain finance, and virtual credit cards and also access to supply chain finance and payments through blockchain technology.[32] This use of blockchain technology, Blockchain Payments was announced in May 2018 as Tradeshift Cash, and is Tradeshift's real-time early payments service that uses blockchain technology to provide an alternative funding source for micro, small and medium-sized enterprises (MSMEs). It allows MSMEs to sell outstanding invoices as an asset type to investors at a discount.[33]

Tradeshift Buy

Tradeshift Buy is Tradeshift's marketplace solution. It is an integrated digital platform for the supply chain.[34] The digital platform allows customers to create personalized private marketplaces of approved and contracted suppliers. A customer can create agreements with sellers and set up marketplace rules. Since it is on a marketplace with other sellers, customers can share content, build connections, and manage sellers. It provides options for suppliers to sell to customers outside the Tradeshift network as well.[35]

Tradeshift Go

Tradeshift Go is a mobile enabled virtual credit card solution to manage long-tail spend. It allows for control as a procurement system but with the modern functionality of a credit card purchase. Tradeshift Go works with issuing banks to make purchases. According to American Express, Tradeshift Go uses American Express token technology to make and reconcile purchases.[36] The service allows customers to extend usage to workers outside the organization and provide transaction-level controls.

Tradeshift Apps

Tradeshift Apps is Tradeshift's application platform. It connects over 200 individual apps to Tradeshift's digital platform. And it enables customers to build apps to extend the functionality of the Tradeshift platform. Tradeshift's app ecosystem includesAppRecent apps partnerships with multiple businesses, including:

  • Kompany, to provide a supplier verification app solution.[37]
  • Coface, to provide a risk management monitoring solution with the global credit insurer.[38]
  • Quyntess, for an all-in-one solution to help customers fully integrate their direct and indirect spending.[39]
  • Ecovadis, to  provide supplier sustainability ratings for global supply chains.[40]
  • C2FO to give users access to the C2FO working capital market and enabling buyers to set the APR return and accelerate cash to suppliers.[41]

Tradeshift Seller Club

Tradeshift Seller Club is a universal marketplace for B2B buying and selling. The subscription-based service gives subscribers access to greater flexibility to sell to potential buyers. Spend Matters said that it is positioned as an "accounts receivable centric solution for small and mid-tier suppliers."[35] Tradeshift is currently offering four levels of membership: free, silver, gold, and Platinum/Platinum X.[35] Each tier gives access to manage enhanced network profiles, integrate invoices with accounting systems automatically, get priority support, and save through club discounts.

Technologies

Tradeshift Ada

Tradeshift Ada, announced in 2017 as "the world's first" artificial intelligence for the B2B collaboration space,[42] is Tradeshift's built-in artificial intelligence layer. Ada uses machine learning to process user and company data to help Tradeshift users automate and streamline tasks related to the finance industry, such as coding invoices, selecting product categories, detecting duplicate supplier accounts, and identifying matching order line items.

Tradeshift Frontiers

Tradeshift Frontiers is Tradeshift's innovation lab and incubator [43][44] The innovation lab is exploring trends in blockchain, artificial intelligence, and the Internet of Things to improve B2B commerce.

Multi-enterprise Grid Functionality

According to Gartner, "Multi-enterprise grid functionality is a feature of third-party-owned business process networks (BPNs). Specifically, it is the unique set of capabilities that emerge when all BPN customers — buyers, suppliers and partners — agree, on a permission basis, to share specific, common content in a many-to-many fashion."[45] The benefits of multi-enterprise grid functionality are in its ability to connect buyers and suppliers and provide value for both. For instance, it allows suppliers who use the network to upload content and use it for all buyers, it creates a marketplace for all trading partners to connect to, and it also provides ongoing business and technical support for users.

Financials

The company's valuation as of May 2018 was $1.1 billion.[46] Tradeshift is now considered a unicorn,[47] and according to Bloomberg, won't need any further funding.[48]

Acquisitions

2015: Tradeshift acquires product information management company Merchantry.[16] Merchantry is retail product information management (PIM) software solution for multi-vendor ecommerce retailers. Merchantry is known for managing retail product information to simplify ecommerce for retailers,including amazon.com, Marks & Spencer, and others.

2016: Tradeshift acquires Hyper Travel.[17] Hypertravel is a travel management service that allows customers to access travel agents via its native messaging apps, SMS, and email.

2017: Tradeshift acquires IBX Business Network.[19] IBX supports large and medium-sized organizations in providing procurement expertise and is part of the Capgemini Group, one of the world's foremost providers of consulting, technology and outsourcing services.[49]

2018: Tradeshift acquires Babelway, an online B2B integration platform. [50]

Customers

As of 2018, Tradeshift has over 500 global customers[51][52] spanning six continents and 190 countries. A sampling of Tradeshift customers include Air France KLM,[53] Kuehne + Nagel International AG, DHL, Fujitsu, HSBC, Siemens, Société Générale, Unilever, and Volvo.[54]

Leadership

  • Christian Lanng, CEO and Co-founder Tradeshift
  • Mikkel Hippe Brun, Co-founder & SVP of APAC
  • Gert Sylvest, Co-founder & SVP of Global Network Strategy
  • Sarika Garg, Chief Strategy Officer
  • Rinus Strydom, Chief Commercial Officer
  • Peter Van Pruissen, Chief Financial Officer
  • Roy Anderson, Chief Procurement Officer and Digital Transformation Officer
  • Amer Moorhead, Senior Vice President, Chief Legal Officer and General Counsel

See also

Further reading

  • Jonathan Løw: The GuruBook: Insights from 45 Pioneering Entrepreneurs and Leaders on Business Strategy an Innovation. Chapter: Christian Lanng, Leadership from the trenches. CRC Press: Boca Raton, Florida 2018.

References

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  2. ^ "These are the 35 US tech startups that have reached unicorn status in 2018". Business Insider. Retrieved 2018-11-30.
  3. ^ "Tradeshift Frontiers innovation lab hopes to drive blockchain adoption in the global supply chain". TechCrunch. Retrieved 2018-11-29.
  4. ^ a b "What Drives the Highest Rated Cloud Companies to Work For?". www.battery.com. Retrieved 2018-11-29.
  5. ^ "Europe's "Facebook" for Government Procurement". www.govtech.com. Retrieved 2018-11-29.
  6. ^ "EU e-procurement agency implements TradeShift ( - Government )". news.idg.no. Retrieved 2018-11-29.
  7. ^ "TradeShift launches to disrupt an entire financial system – And Morten Lund is advising it". TechCrunch. Retrieved 2018-11-29.
  8. ^ Corning, Paul. "Tradeshift goes social with business apps | ZDNet". ZDNet. Retrieved 2018-11-29.
  9. ^ "Keen On… Christian Lanng: Why All Current Business Software Is Crap [TCTV]". TechCrunch. Retrieved 2018-11-29.
  10. ^ "iBlog". Danmark i Kina. Retrieved 2018-11-29.
  11. ^ a b "Invoiceware and Tradeshift Partner: E-Invoicing Goes Global". Spend Matters. 2013-05-21. Retrieved 2018-11-29.
  12. ^ "Tradeshift Secures $75M To Expand Its Invoicing Platform Globally". TechCrunch. Retrieved 2018-11-29.
  13. ^ "Tradeshift Accelerates Global Growth With Office Openings in France, Germany and Japan; Expands Leadership Team With New EMEA & Japan Sales Executives". MarketWatch. Retrieved 2018-11-29.
  14. ^ "European Commission Approves Referencing of OASIS Universal Business Language (UBL) Standard | OASIS". www.oasis-open.org. Retrieved 2018-11-29.
  15. ^ a b "Tradeshift wins Circular Economy Digital Disruptor Award". eeiplatform.com. Retrieved 2018-11-29.
  16. ^ a b "Payables News Weekly: Tradeshift Makes $30 Million Acquisition; Basware Appoints UK Managing Director - Payables Place". Payables Place. 2015-08-28. Retrieved 2018-11-29.
  17. ^ a b "Tradeshift acquires Hyper to launch virtual travel assistant for the enterprise". VentureBeat. 2016-06-24. Retrieved 2018-11-29.
  18. ^ "Tradeshift raises $75M Series D to expand its invoicing platform to new verticals". TechCrunch. Retrieved 2018-11-29.
  19. ^ a b "Tradeshift to Acquire IBX Business Network from Capgemini". Spend Matters. 2017-03-08. Retrieved 2018-11-29.
  20. ^ "'Oh' Shift: Tradeshift Raises a New $250 Million Warchest". Spend Matters. 2018-06-01. Retrieved 2018-11-29.
  21. ^ "Afternoon Coffee: Tradeshift Adds 38 New Customers in Second Quarter, Toys R Us Settles with Suppliers". Spend Matters. 2018-07-19. Retrieved 2018-11-29.
  22. ^ "Tradeshift Acquires Babelway, a Key Innovator of Cloud Integration Technology". 2018-12-18. Retrieved 2018-12-18.
  23. ^ "Tradeshift Announces Q3 2018 Results". Retrieved 2018-11-29.
  24. ^ "Behind the "50 Highest Rated Private Cloud Companies to Work For" List - Powered by Battery". www.battery.com. Retrieved 2018-11-29.
  25. ^ "Innovative Technology of the Year Award Winners Announced". PayStream Advisors. 2016-10-27. Retrieved 2018-11-29.
  26. ^ "Independent Research Firm's Latest Vendor Landscape for B2B Business Networks Recognizes Tradeshift". Retrieved 2018-11-29.
  27. ^ "HSBC picks up prizes at TMI Awards 2017 | News and insight | HSBC Holdings plc". HSBC.com. Retrieved 2018-11-29.
  28. ^ "50 Providers to Know and 50 Providers to Watch for 2018". Spend Matters. 2018-05-07. Retrieved 2018-11-29.
  29. ^ "Tradeshift Positioned as a Visionary in the Gartner 2018 Magic Quadrant for Procure-to-Pay Suites". Retrieved 2018-11-29.
  30. ^ "The Fintech 250: The Top Fintech Startups Of 2018". CB Insights Research. 2018-10-22. Retrieved 2018-11-29.
  31. ^ "The SaaS Report's Top Women Leaders in SaaS of 2018 | The Saas Report". thesaasreport.com. Retrieved 2018-11-29.
  32. ^ "Tradeshift Launches Blockchain Payment Service." PYMNTS.com, PYMNTS.com, 22 May 2018, www.pymnts.com/news/b2b-payments/2018/tradeshift-pay-supply-chain/.
  33. ^ "Tradeshift Pilots Stablecoin to Speed Up Business Payments - CoinDesk". CoinDesk. 2018-07-06. Retrieved 2018-11-29.
  34. ^ "Tradeshift Analyst Day: The Marketplace Strikes Back". Spend Matters. 2018-11-07. Retrieved 2018-11-29.
  35. ^ a b c "Tradeshift's "Sellers Club" Targets Bottomline and Accounts Receivable Technology With a Many-to-Many Offering". Spend Matters. 2018-06-20. Retrieved 2018-11-29.
  36. ^ "Tradeshift Go | Expense Management| American Express Global Corporate Payments". business.americanexpress.com. Retrieved 2018-11-29.
  37. ^ "Tradeshift and kompany Announce Strategic App Solution on Tradeshift Platform for Supplier Network Verification". Retrieved 2018-11-29.
  38. ^ "Tradeshift and Coface Announce Strategic Partnership". Retrieved 2018-11-29.
  39. ^ "Supplier collaboration platform Tradeshift partners with Quyntess". www.supplychaindigital.com. Retrieved 2018-11-29.
  40. ^ "Tradeshift Partners With EcoVadis". EcoVadis. 2015-07-21. Retrieved 2018-11-29.
  41. ^ "Tradeshift to Provide App for Working Capital through C2FO Partnership". Spend Matters. 2015-06-30. Retrieved 2018-11-29.
  42. ^ "Tradeshift Launches AI Assistant Ada | PYMNTS.com". www.pymnts.com. Retrieved 2018-11-29.
  43. ^ Stein, Samantha. “Tradeshift Frontiers Innovation Lab Hopes to Drive Blockchain Adoption in the Global Supply Chain.”
  44. ^ "Tradeshift Frontiers innovation lab hopes to drive blockchain adoption in the global supply chain". TechCrunch. Retrieved 2018-11-29.
  45. ^ "Hype Cycle for Procurement and Sourcing Solutions, 2015". www.gartner.com. Retrieved 2018-11-29.
  46. ^ Mathis, Will. "Tradeshift Valuation Hits $1.1 Billion After Pre-IPO Fundraising". www.bloomberg.com. Retrieved 2018-11-29. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  47. ^ "Denmark has a new unicorn after Tradeshift raises $250 million, with Goldman Sachs leading the round". nordic.businessinsider.com. Retrieved 2018-11-29.
  48. ^ Mathis, Will. "Tradeshift Valuation Hits $1.1 Billion After Pre-IPO Fundraising". www.bloomberg.com. Retrieved 2018-11-29. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  49. ^ "IBX Business Network". crunchbase. Retrieved 29 November 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  50. ^ "Tradeshift Buys Babelway: A 'First Take' Analysis".
  51. ^ "Tradeshift buys the IBX Platform from CapGemini". eeiplatform.com. Retrieved 2018-11-29.
  52. ^ "Tradeshift Acquires IBX Business Network to Create World's Largest Business Commerce Platform". VentureBeat. 2017-03-08. Retrieved 2018-11-29.
  53. ^ "Lift off! Air France-KLM selects Tradeshift for global e-invoicing and collaboration". eeiplatform.com. Retrieved 2018-11-29.
  54. ^ "Tradeshift Raises $250M Gets A $1.1BN Valuation | PYMNTS.com". www.pymnts.com. Retrieved 2018-11-29.
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