Today is the deadline to get a free Spend Matters Almanac listing so your company can be considered for our “50/50” lists, which recognize industry leaders and exciting vendors in procurement technologies and services. This year, the annual Spend Matters “50 Providers to Know” and “50 Providers to Watch” lists will be released April 22 at the SIG Procurement Technology Summit near Orlando, at Championsgate, Florida. To be considered for the lists, your company must have an up-to-date listing. Be sure to add or update your listing here.
Fiverr makes a strong showing
Fiverr, the online “service-as-a-product” marketplace platform, released its fiscal 2019 financial results this week. The report presented a picture of a high-growth online work/services platform business. Traders pushed Fiverr’s price per share from around $27 on Tuesday to over $35 per share at the market close Thursday (Fiverr’s highest share price until now was $31.5 on the day of its IPO in June 2019). Apparently, investors think Fiverr is on the right trajectory.
While FY 2019 GAAP revenue grew to $107.1 million, an increase of 42% from 2018, the GAAP net loss declined about 7% to $33.5 million in 2019 vs. a $36.1 million loss in 2018. The company’s 2019 revenue results exceeded its own guidance. The company also reported that the spend per buyer increased to $170 as of year-end 2019, compared to $145 as of Dec. 31, 2018, an increase of 17% year over year. Another important metric, take-rate, increased to 26.7%, compared to 25.7% for the year ended Dec. 31, 2018.
Fiverr has pursued a unique business model that has differentiated it from other freelancer marketplace — that includes investing significantly in enabling freelancer success. For more information about Fiverr consult our extensive PRO coverage in 2019, which included:
Medius’ 2019 included buying Wax Digital
Medius, the procurement technology firm that acquired source-to-pay provider Wax Digital last year, announced other milestones from 2019, including subscription revenue grew by 34% and recurring revenue accounted for 76% of total revenue.
Medius CEO Per Åkerberg liked the results from 2019 and is looking to the future after the Wax Digital deal. “Together with our new colleagues, we are all very excited to continue to serve customers with best-in-class solutions throughout the entire source-to-pay process,” he said in a press release.
Check out Spend Matters’ free news coverage of the Medius-Wax Digital deal here and here. Spend Matters Nexus subscribers (those within the M&A ecosystem including sponsors, CEOs, boards and corporate development leaders) can also read our deeper analysis of the combination here:
For PRO subscribers, read this: Medius buying Wax Digital: Customer recommendations after the deal
Tipalti growing
The AP automation provider Tipalti reports that it has surpassed $10 billion in annual transactions running through its solution. In a press release, it also announced that it now has more than 900 customers and that it grew its employee count to 240. Chen Amit, CEO and co-founder of Tipalti, said in the press release that “2019 was a landmark year for Tipalti’s growth. … 2020 promises to be a continuation as we expand operations and bring even greater innovation to the payables automation space.”
U.S. Space Force procurement may hit $4.7 billion
Bloomberg News reports that the U.S. Space Force could see procurement reach $4.7 billion in fiscal 2025 as it expands steadily from the $2.4 billion requested for acquisitions in the coming year. The Pentagon request sent to Congress this month includes $2.4 billion for Space Force procurement of satellites, terminals, ground control stations, among other things. Previously, the U.S. Air Force oversaw offensive and defensive operations in space.
Coronavirus news: Force majeure may aid supply chain disruptions
The coronavirus outbreak in China has disrupted much of the world’s supply chains. Because of this, many companies are unable to fulfill contractual obligations. There’s a possible way for them to mitigate the fallout — force majeure certificates issued by China’s Council for the Promotion of International Trade, CNBC reports. Companies that present such certificates to the counterparties of their deals could — depending on the clauses of their contracts — be absolved from paying penalties for being unable to fulfill agreed upon terms due to circumstances beyond their control.
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