|Description||On-demand solutions for P-to-P world|
|Series C, 12/10 |
Lavante is the leading provider of on-demand supplier management solutions for connecting companies and suppliers. Lavante delivers Supplier Information Management and Recovery Audit solutions that help companies drive dollars to the bottom line, ensure quality of supplier data and improve supplier relationships. Lavante SIM includes on-demand Tax Identification Number (TIN) collection and management that allows companies to drive corporate compliance with tax legislation and changes.
Lavante was founded in 2001 by industry visionary Joe Flynn and has fundamentally changed the $1.8B AP recovery auditing industry. AP recovery auditing began 40 years ago as a service focused on the historical accounting records of a company’s AP department. Lavante approaches recovery auditing from the supplier side with a revolutionary on-demand solution. Lavante performs statement audits – reviews of the AR accounting records of a company’s suppliers for un-offset credits. The challenge with successfully executing a large-scale supplier AR review is managing communication with mass volumes of suppliers. Lavante automates the end-to-end statement auditing process with on-demand software to manage supplier data, orchestrate outreach, collect and manage incoming information from suppliers and identify credits. On average, Lavante recovers $600-$900K of credits per $1B in spend – 5-10x the result of traditional approaches. Because the process is automated, customers see almost immediate results – the average time to cash for Lavante customers is only 19 days.