We’re excited to announce we have surpassed USD $100 million of software as a service (SaaS) spend managed on our platform. Almost three hundred companies have signed up to Hudled, including high-growth scale-ups like Airwallex, Eucalyptus, and Mr Yum, to better understand SaaS spending.
SaaS waste is a common reality for scaling companies. One of the hard lessons many growing businesses learn is that SaaS can quickly run up a large bill. Finance teams often know their company overpays for software but underestimate how many tools their company pays for and how much money is wasted.
Hudled data shows that companies underestimate their SaaS spending by over 27%. That’s a substantial amount they’re not taking into account. Combine this with growing headcount, unstructured purchasing, and opaque pricing plans, the whole thing becomes a disaster.
To maximise the value of every SaaS tool, we’ve pioneered a data-driven approach to tackle SaaS waste and inefficiencies. The USD $100 million milestone has accelerated the development of our SaaS intelligence platform.
Today, to coincide with this achievement, we’re also officially launching a new SaaS audit feature. The auditing tool lets users - typically founders, CFOs, finance professionals, and anyone in charge of a company’s SaaS stack - get deeper SaaS analytics and saving opportunities. The audit brings intelligence to three facets of SaaS: buying the right tools at the right price, using a data-driven approach for decision-making, and engaging people to get the most out of SaaS.
The data reveals how easy it is to overspend on SaaS. The average startup amongst Hudled’s customers (10 to 250 employees) has 67 SaaS tools in its stack, spending an average of $462k on SaaS each year. Interestingly, around 17.9% of SaaS is paid in a foreign currency. Without visibility on your SaaS spend, it’s incredibly easy to overlook ways to maximise SaaS value.
By implementing small changes during the early stages of the startup, the benefits of the SaaS audit compound - particularly when the company headcount grows from single, to double, to triple digits. The feature can be very powerful for finance teams, who can redeploy capital for other growth priorities.
The feature already shows great promise, with an average of $9,441 of savings identified per audit. Several Hudled customers, including Simply Wall St, Legal Vision, Mad Paws, and Upflowy, have already integrated our data-first saving recommendations.
Processing over USD $100 million of SaaS is just the first part of solving SaaS chaos. We’re excited to spearhead the next phase of our platform, setting our sights on explosive growth. If you’re interested in trying it out, request our SaaS audit today.