Tradeshift
{{Short description|Global cloud based business platform and network}}
{{Infobox company
| name = Tradeshift
| logo = File:Tradeshift logo.png
| logo_size = 200
| foundation = May 2010
| industry = Software
| founder = Christian Lanng, Mikkel Hippe Brun, Gert Sylvest
| num_employees = 300+
| location_city = San Francisco
| website = https://tradeshift.com
}}
Tradeshift is a cloud based business network and platform for purchase-to-pay automation, supply chain payments, marketplaces, virtual cards and supply chain financing. Its 2018 round of funding, led by Goldman Sachs, raised US$250 million at a valuation of $1.1 billion, giving the company unicorn status.{{Cite news|url=https://techcrunch.com/2018/05/29/tradeshift-raises-250m-series-e-goldman-sachs-joins-the-round/|title=Tradeshift raises $250M Series E, Goldman Sachs joins the round|work=TechCrunch|access-date=2018-11-29|language=en-US}}{{Cite news|url=https://www.businessinsider.com/tech-startups-unicorns-2018-full-list-2018-11|title=These are the 35 US tech startups that have reached unicorn status in 2018|work=Business Insider|access-date=2018-11-30|language=en-US}} Tradeshift is headquartered in San Francisco, California and has offices in London, Copenhagen, Bucharest and Kuala Lumpur. Tradeshift has reprocessed over $1 trillion USD through transactions on its network.{{Cite news|url=https://techcrunch.com/2018/01/23/tradeshift-frontiers-innovation-lab-hopes-to-drive-blockchain-adoption-in-the-global-supply-chain/|title=Tradeshift Frontiers innovation lab hopes to drive blockchain adoption in the global supply chain|work=TechCrunch|access-date=2018-11-29|language=en-US}}
History
Tradeshift was founded in 2010 by Christian Lanng, Mikkel Hippe Brun, and Gert Sylvest. Inspiration for Tradeshift came after they created the world's first large scale peer-to-peer infrastructure for an e-business called NemHandel. The founders also had leading roles (Governing board member, Technical Director{{Cite web|url=http://www.govtech.com/dc/articles/Europes-Facebook-for-Government-Procurement.html|title=Europe's "Facebook" for Government Procurement|website=www.govtech.com|date=23 September 2010 |language=en|access-date=2018-11-29}}) in the European Commission project PEPPOL inside the European Union.{{Cite web|url=http://news.idg.no/cw/art.cfm?id=62C7209F-F69E-6CBA-A667ED235C6343FF|title=EU e-procurement agency implements TradeShift ( - Government )|website=news.idg.no|access-date=2018-11-29}}
In 2010, the Tradeshift platform launched in May in Copenhagen. Tradeshift won the European Startup Awards in the category of "Best Business or Enterprise Startup."{{Cite news|url=https://techcrunch.com/2010/02/25/tradeshift-launches-to-disrupt-an-entire-financial-system-and-morten-lund-is-behind-it/.|title=TradeShift launches to disrupt an entire financial system – And Morten Lund is advising it|work=TechCrunch|access-date=2018-11-29|language=en-US}} In 2011, Tradeshift made its app marketplace available.{{Cite news|url=https://www.zdnet.com/article/tradeshift-goes-social-with-business-apps/|title=Tradeshift goes social with business apps|last=Corning|first=Paul|work=ZDNet|access-date=2018-11-29|language=en}}
In 2012, Tradeshift moved their headquarters from Copenhagen to San Francisco.{{Cite news|url=https://techcrunch.com/2012/03/20/keen-on-christian-lanng-why-all-current-business-software-is-crap-tctv/|title=Keen On… Christian Lanng: Why All Current Business Software Is Crap [TCTV]|work=TechCrunch|access-date=2018-11-29|language=en-US}} In 2013, Tradeshift opened an R&D center in Suzhou, China.{{Cite news|url=http://kina.um.dk/en/the-trade-council/innovation-center/iblog/newsdisplaypage/|title=iBlog|work=Danmark i Kina|access-date=2018-11-29|language=en}} Tradeshift opened an additional office in London.{{Cite news|url=http://spendmatters.com/2013/05/21/invoiceware-and-tradeshift-partner-e-invoicing-goes-global/|title=Invoiceware and Tradeshift Partner: E-Invoicing Goes Global|date=2013-05-21|work=Spend Matters|access-date=2018-11-29|language=en-US}} And LATAM e-invoicing capabilities were added through partnership with Invoiceware.
In 2014, Tradeshift expanded with offices in Tokyo,{{Cite news|url=https://techcrunch.com/2014/02/26/tradeshift-secures-75m-to-expand-its-invoicing-platform-globally/|title=Tradeshift Secures $75M To Expand Its Invoicing Platform Globally|work=TechCrunch|access-date=2018-11-29|language=en-US}} Paris, and Munich.{{Cite news|url=http://www.marketwatch.com/press-release/tradeshift-accelerates-global-growth-with-office-openings-in-france-germany-and-japan-expands-leadership-team-with-new-emea-japan-sales-executives-2014-09-25|title=Tradeshift Accelerates Global Growth With Office Openings in France, Germany and Japan; Expands Leadership Team With New EMEA & Japan Sales Executives|work=MarketWatch|access-date=2018-11-29|language=en-US}} The EU Commission officially approved the Universal Business Language (UBL) data format – a format Tradeshift supports – as eligible for referencing in tenders from public administrations.{{Cite web|url=http://www.oasis-open.org/news/pr/european-commission-approves-referencing-of-oasis-universal-business-language-ubl-standard|title=European Commission Approves Referencing of OASIS Universal Business Language (UBL) Standard {{!}} OASIS|website=www.oasis-open.org|date=19 November 2014 |language=en|access-date=2018-11-29}}
In 2015, Tradeshift won the Circulars "Digital Disruptor" Award at the WEF conference in Davos, Switzerland.{{Cite web|url=http://eeiplatform.com/15417/tradeshift-wins-circular-economy-digital-disruptor-award/|title=Tradeshift wins Circular Economy Digital Disruptor Award|website=eeiplatform.com|language=en-US|access-date=2018-11-29}} Tradeshift also acquired product information management company Merchantry, and launched e-procurement and supplier risk management solutions.{{solution-inline|date=November 2020}}{{Cite news|url=http://payablesplace.ardentpartners.com/2015/08/payables-news-weekly-tradeshift-makes-30-million-acquisition-basware-appoints-uk-managing-director/|title=Payables News Weekly: Tradeshift Makes $30 Million Acquisition; Basware Appoints UK Managing Director - Payables Place|date=2015-08-28|work=Payables Place|access-date=2018-11-29|language=en-US}} In 2016, Tradeshift acquired Hyper Travel{{Cite news|url=https://venturebeat.com/2016/06/23/tradeshift-acquires-hyper-to-launch-virtual-travel-assistant-for-the-enterprise/|title=Tradeshift acquires Hyper to launch virtual travel assistant for the enterprise|date=2016-06-24|work=VentureBeat|access-date=2018-11-29|language=en-US}} and secured a $75 million series-D round funding.{{Cite news|url=https://techcrunch.com/2016/06/09/tradeshift-raises-75m-series-d-to-expand-its-invoicing-platform-to-new-verticals/|title=Tradeshift raises $75M Series D to expand its invoicing platform to new verticals|work=TechCrunch|access-date=2018-11-29|language=en-US}} In 2017, Tradeshift acquired IBX Business Network and launches Tradeshift Ada.{{Cite news|url=http://spendmatters.com/2017/03/08/tradeshift-acquire-ibx-business-network-capgemini/|title=Tradeshift to Acquire IBX Business Network from Capgemini|date=2017-03-08|work=Spend Matters|access-date=2018-11-29|language=en-US}}
In 2018, Tradeshift secured a $250 million series-E round funding.{{Cite news|url=http://spendmatters.com/2018/06/01/oh-shift-tradeshift-raises-a-new-250-warchest/|title='Oh' Shift: Tradeshift Raises a New $250 Million Warchest|date=2018-06-01|work=Spend Matters|access-date=2018-11-29|language=en-US}} and launched Blockchain Payments, the latter as part of Tradeshift Pay.{{Cite news|url=http://spendmatters.com/2018/07/19/afternoon-coffee-tradeshift-adds-38-new-customers-in-second-quarter-toys-r-us-settles-with-suppliers/|title=Afternoon Coffee: Tradeshift Adds 38 New Customers in Second Quarter, Toys R Us Settles with Suppliers|date=2018-07-19|work=Spend Matters|access-date=2018-11-29|language=en-US}} In December 2018 Tradeshift acquired Babelway, an online B2B integration platform. The acquisition added three new office locations to Tradeshift (Salt Lake City, Louvain-la-neuve, Belgium, Cairo Egypt).{{Cite news|url=https://www.businesswire.com/news/home/20181218005464/en/Tradeshift-Acquires-Babelway-Key-Innovator-Cloud-Integration|title=Tradeshift Acquires Babelway, a Key Innovator of Cloud Integration Technology|date=2018-12-18|access-date=2018-12-18|language=en-US}} In Q3 2018, Tradeshift reported year-over-year revenue growth of 400%, new bookings growth of 284%, and gross merchandise volume (GMV) growth of 262%. New total contract value also grew by US$47 million. Additionally, it added 27 new customers including Hertz, Shiseido, ECU and multiple Fortune 500 companies.{{Cite news|url=https://www.businesswire.com/news/home/20181019005114/en/|title=Tradeshift Announces Q3 2018 Results|access-date=2018-11-29|language=en}}
In July 2023, HSBC and Tradeshift announced an agreement to launch a new, jointly-owned business focused on the development of embedded finance solutions and financial services apps. As part of the agreement, HSBC made a $35 million investment into Tradeshift and joined its board. The agreement was part of a funding round which is expected to raise a minimum of $70 million from HSBC and other investors. The new joint venture will allow HSBC and Tradeshift to deploy a range of digital solutions across Tradeshift and other platforms. This includes payment and fintech services embedded into trade, e-commerce and marketplace experiences.
In September 2023, CEO Lanng was fired for "gross misconduct on multiple grounds," including "allegations of sexual assault and harassment." Tradeshift was alleged to have fired his accuser after she complained to the company's human resources department, its co-founders and members of its board of directors about his abuse. {{Cite web |last=Musumeci |first=Natalie |title=San Fran tech founder is accused of forcing his assistant into a 'slave contract' that called him 'Master' before trafficking her for sex around the world |url=https://www.businessinsider.com/san-francisco-tech-ceo-accused-forcing-assistant-sex-slave-contract-2023-12 |date=2023-12-13 |website=Business Insider |language=en-US}}
Financials
The company's valuation as of May 2018 was $1.1 billion.{{Cite web|url=https://www.bloomberg.com/news/articles/2018-05-29/goldman-psp-lead-250-million-funding-round-for-tradeshift|title=Tradeshift Valuation Hits $1.1 Billion After Pre-IPO Fundraising|last=Mathis|first=Will|website=www.bloomberg.com|access-date=2018-11-29}} Tradeshift is now considered a unicorn,{{Cite web |date=31 May 2018 |title=Denmark has a new unicorn after Tradeshift raises $250 million, with Goldman Sachs leading the round |url=http://nordic.businessinsider.com/denmark-has-a-new-unicorn-after-tradeshift-raises-$250-million-with-goldman-sachs-leading-the-round-- |archive-url=https://web.archive.org/web/20180605143901/http://nordic.businessinsider.com/denmark-has-a-new-unicorn-after-tradeshift-raises-$250-million-with-goldman-sachs-leading-the-round-- |archive-date=2018-06-05 |access-date=2018-11-29 |website=nordic.businessinsider.com}} and, according to Bloomberg, will not need any further funding.
Jan 14, 2020, Tradeshift announced that they had raised $240 million in Series F finance.{{cite web|url=https://www.mg21.com/tradeshift.html |title=Tradeshift Inc. |publisher=美股之家|date=2021-04-19}}
Acquisitions
In 2015, Tradeshift acquired product information management company Merchantry. Merchantry is a retail product information management (PIM) software for multi-vendor ecommerce retailers.
In 2016, Tradeshift acquired Hyper Travel. Hyper Travel is a travel management service that allows customers to access travel agents via its native messaging apps, SMS, and email.
In 2017, Tradeshift acquired IBX Group.
In 2018, Tradeshift acquired Babelway, an online B2B integration platform.{{Cite web|url=https://spendmatters.com/2018/12/18/tradeshift-buys-babelway-a-first-take-analysis/|title=Tradeshift Buys Babelway: A 'First Take' Analysis|date=18 December 2018 }}