LOS ANGELES, Aug. 12, 2021 /PRNewswire/ -- Terzo, an enterprise SaaS platform for Vendor Relationship Management (VRM), is announcing its launch from stealth mode today following its successful $3.2 million in seed funding in May. Great Oaks Venture Capital (an early investor in Acorns, StubHub, and Bolt) led the round and was joined by NJF Capital, Innovation Global Capital and Abnormal Security Ventures.
Terzo is gaining traction with Fortune 500 enterprises with their AI-powered VRM platform. They create new ways for suppliers and customers to work together strategically. Whether managing contracts, tracking goals or evaluating opportunities, Terzo's VRM increases collaboration among the right stakeholders within and across organizations. Enterprises optimize results when their most strategic vendors are aligned.
Vendor relationships were transactional, but in today's tech-first world, they must become strategic partnerships. Companies are finding it almost impossible to innovate without working closely with their vendors. "In our conversations with customers, there is a common desire for tools to increase automation and collaboration between customers and their most strategic vendors," explains Brandon Card, co-founder and CEO of Terzo.
"Salespeople use CRMs to maximize customer value, but buyers that spend millions of dollars per year with vendors lack a tool to manage their critical relationships," said Card. During his career at Microsoft, IBM and Oracle Card often heard complaints from customers. "It was eye opening when one of our biggest customers asked us to build a CRM specifically for the buyer," said Card.
Terzo has done just that— by creating a new software category called Vendor Relationship Management ("VRM"). "VRM is a great new frontier for application and growth inside the enterprise IT ecosystem," said Raj Sandhu, General Partner, Great Oaks Venture Capital. "This isn't just about money you spend today, it is about working more strategically with your key suppliers - as partners - to drive innovation, speed-to-value and business results."
Enterprise Resource Planning ("ERP") products are pervasive, but not built for today's vendor management challenges. Procurement platforms like SAP Ariba and Coupa are designed for purchase orders and invoices - typically, finance functions. Spreadsheets are usually the best option, but lack transparency, collaboration and automation. "The legacy solutions in the market fail to meet the needs of CIOs and Procurement leaders," said Card.
Pradeep Thangavel, co-founder and Head of Engineering at Terzo, understands the problem from his time as an IT buyer at Freshworks. "We were a fast growing company that used spreadsheets and email to track our contracts and interactions with the account teams at strategic vendors. We had limited visibility and intelligence into our vendor ecosystem even though we met with these vendors every week," said Pradeep.
Terzo is on a mission to modernize how enterprises work with their most strategic suppliers through its VRM platform. Business leaders are rethinking their relationships with vendors who are critical business partners. "VRM isn't just about saving money, it's about unlocking value and optimizing strategic relationships," said Card.
Terzo empowers enterprises to unlock strategic opportunities hidden within their vendor ecosystems. Through its Vendor Relationship Management (VRM) platform, enterprises gain insights that allow them to drive innovation, improve governance, increase collaboration and optimize performance. To learn more about Terzo, request a demo at terzocloud.com.