|By Marketwired .||
|January 23, 2013 09:00 AM EST|
SAN FRANCISCO, CA -- (Marketwire) -- 01/23/13 -- TRADESHIFT, a platform for all your business interactions, announced a partnership with Intuit Inc., a leading provider of business and financial management solutions for small and mid-sized businesses (SMBs).
The partnership includes a significant strategic investment from Intuit into the San Francisco and Copenhagen based B2B platform provider. The investment was made at an increased valuation relative to TRADESHIFT's previous investment round, reflecting the growth and progress the company has made over the past year.
The partnership marks a watershed moment for TRADESHIFT, a major player in an industry striving to deliver large networks of connected suppliers to enterprise customers. Intuit's SMBs customer base of 5 million US businesses, combined with TRADESHIFT's current network of more than 150,000 SMBs, will together create one of the largest networks of connected suppliers. The planned integration of Intuit's accounting and payments products with TRADESHIFT'S electronic trading network will streamline commerce between Intuit's large SMB customer base and the participants on TRADESHIFT'S electronic trading network. SMBs using QuickBooks will find it easier and less time consuming to comply with their enterprise customers' e-invoicing mandates. Large enterprises will find that more of their suppliers will be willing to participate due to the reduced cost and friction enabled by the planned integrations.
"At TRADESHIFT we understand the future of business will rely upon open connectivity between companies," said TRADESHIFT CEO Christian Lanng. "At the heart of this understanding is realizing companies of all sizes must be provided a level playing field where they have access to the tools needed to operate efficiently and effectively in a digital world."
"Partnering with Intuit will create one of the largest global networks of suppliers the business world has ever witnessed and is an enormous leap forward in achieving our goal of connecting every company on the planet on one, shared, open network," Lanng continued.
"We chose to partner with TRADESHIFT because of the quality of their software, the size and growth rate of their network, and their demonstrated ability to work with some of the largest corporations in the world," said Eric Dunn, senior vice president of Intuit's Commerce Network Solutions group. "Connecting Intuit's small businesses to enterprises via the TRADESHIFT network addresses a very important pain point for many of our customers."
TRADESHIFT provides the platform for your business interactions, connecting companies of all sizes to integrate any function from invoicing to workflow with greater efficiency.
Launched in 2010, TRADESHIFT is used by over 150,000 companies across 190 countries. Businesses on the TRADESHIFT platform include the National Health Service (NHS), French Government, Kuehne+Nagel, MITIE and Vestas.
TRADESHIFT was awarded Best Enterprise at The TechCrunch Europa awards and Most Innovative Solution by Financial-I. TechCrunch also recognized it for "Kicking Ass Globally."
TRADESHIFT Inc is a global business, headquartered in San Francisco with offices in Copenhagen, London, Frankfurt and Amsterdam.
Find out more at http://tradeshift.com
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