Global B2B integration company PunchOut2Go has received a substantial growth investment from Susquehanna Growth Equity (SGE), an entrepreneur-focused investment fund. The company’s first external investment since its foundation nearly a decade ago, the investment is expected to further global expansion amid growing demand for procurement automation solutions.
“Since our inception, we’ve been at the centre of reducing transaction friction between buyers and sellers,” said Brady Behrman, Co-Founder and Chief Strategy Officer of PunchOut2Go. “We now have the leadership team and resources in place to grow our business to extend the value we deliver to current and new customers. Moreover, the COVID-19 pandemic has dramatically accelerated the shift to online in B2B commerce. I could not be more excited for what’s to come for PunchOut2Go.”
PunchOut2Go’s integration platform as a service (iPaaS) offering connects suppliers’ eCommerce platforms to the eProcurement systems used by corporate buyers, automates B2B transactions and eliminates manual work related to processing corporate orders for goods ranging from medical supplies to heavy equipment.
The company facilitated over $200 billion in transaction volume and over 30 million transactions in 2020 for global customers.
As part of the transaction, Troy Lynch and Steve Shaffer will assume the roles of CEO and President/COO, respectively.
SGE’s investment will be used to extend the platform, support customer and trading partner connections and expand the team’s global footprint to better serve PunchOut2Go’s global network of customers and partners.
The COVID-19 pandemic saw a worldwide acceleration of digital transformation and eCommerce adoption among B2B businesses. More B2B suppliers and buyers than ever before require the universal integration and automation enabled by PunchOut2Go’s technology and expertise. The investment and new leadership team will allow PunchOut2Go to grow its global presence and provide deeper connections with a richer automation experience to its customers.
“We now have the leadership team and resources in place to grow our business to extend the value we deliver to current and new customers,” said Brady Behrman, Co-Founder and Chief Strategy Officer of PunchOut2Go. “Moreover, the COVID-19 pandemic has dramatically accelerated the shift to online in B2B commerce. I could not be more excited for what’s to come for PunchOut2Go.”
PunchOut2Go facilitates integration supporting B2B transaction automation features, including PunchOut catalogues, purchase order automation, electronic invoicing, eQuotes, and advanced shipping notifications. PunchOut2Go integration alleviates the need for expensive, custom development work to connect eCommerce stores with the hundreds of incompatible systems used by buyers.
“We are thrilled to partner with PunchOut2Go,” said Ben Weinberg, Managing Director at SGE. “B2B commerce is moving online at an incredibly rapid pace. At the same time, it’s difficult for buyers and suppliers to connect their systems. PunchOut2Go makes these connections easy, which is why thousands of suppliers and buyers use PunchOut2Go to connect with their trading partners. We look forward to supporting Troy, Steve, Brady and the rest of the PunchOut2Go team in the next phase of the company’s growth.”
