Siftery launched Siftery Track to help businesses visualize and optimize their software expenditures. The product connects to an accounting system or other financial accounts and automatically generates beautiful visualizations of historic and forecasted spend by product, category, or team.
“The rise of SaaS, the emergence of new software categories, and the fragmentation of existing solutions have all contributed to the growth and complexity of most companies’ software stack,” said Vamshi Mokshagundam, Siftery’s CEO.
“Track helps companies tackle this new world of SaaS confidently, allowing for procurement decision-making to be more decentralized or responsive while maintaining oversight and budgetary discipline,” he added.
The service also includes an intelligence layer which sends alerts for new products, duplicate charges, unexpected increases in spend, and more. This helps budget owners stay on top of new developments and identify savings opportunities with minimal effort.
During its pre-launch early access program, the service has already been used by over 300 companies with a total of $2.3 billion USD in annualized spend – including $132 million in software.
“Our early access program has been so successful we had to stop sending out new invitations leading up to our launch,” said Gerry Giacoman Colyer, the company’s Head of Growth. He added, “We built the product to be magically easy to set up. Any growing or established company will find value immediately.”
Track is a freemium product whose core functionality is available for free.
Siftery is on a mission to help companies better discover, track, and buy software. Founded in 2015 in San Francisco, the company has built a best-in-class database of over 40,000 software products and the companies that use them. In February 2016, the company announced a $4M seed round from investors including Felicis Ventures, Founders Fund, 500 Startups, Draper Nexus Ventures, CherubicVC, Venrock, AME Cloud Ventures, and dozens of renowned individual investors.