Tropic

Tropic is a comprehensive SaaS procurement platform designed to help companies optimize their software spend. It serves as the next-generation Procurement System of Record, replacing legacy procurement platforms that are inefficient and resource-intensive for modern businesses. Tropic's end-to-end platform enables companies of all sizes, from startups to Fortune 500 enterprises, to streamline the entire software procurement lifecycle, including buying software, managing contracts, monitoring usage, and turning procurement into a competitive advantage.

Tropic's platform streamlines every stage of the procurement workflow, presenting insights into cost-saving opportunities. Its Assisted Purchasing service then realizes those savings through fractional procurement resources. The platform automates repetitive tasks such as procurement, license provisioning, license reclamation, and renewals, ensuring efficient and compliant processes.

Tropic employs advanced technologies, including artificial intelligence and machine learning, to provide valuable features like vendor research, price benchmarking, and automated contract management. It integrates with various systems, including finance systems, to provide granular spend visibility and enable effective spend management.

In February 2022, Tropic raised USD 40 million in a Series B funding round led by Insight Partners, bringing its total funding to USD 65 million since August 2021. This funding has enabled Tropic to accelerate its growth, expand its global footprint, and launch new software modules. As of August 2022, the company had quadrupled its revenue and doubled its customer growth year-over-year, adding notable clients.