At least that’s our opinion. And even though winning the national VEXT program was no automatic process for our members at Ignite Procurement, we are happy to congratulate them with the award that was announced today, Thursday 4th June 2020. We had a chat with their CEO and Co-Founder Sigbjørn Nome, after the announcement was made.
The VEXT program is a program where 10 different Norwegian scaleup companies has worked to become Norway’s best growth company. Today the last episode in the series was launched, and the happy team at Ignite Procurement was announced as the winner. The VEXT program is a partnership between Finansavisen, Nordea, PWC and Epicenter Oslo.
Ignite is a procurement platform and the idea of Ignite Procurement is to facilitate companies to work strategically and functionally with their purchasing costs. Thus, they can both improve profitability and save crucial procurement hours.
Before founding Ignite, Sigbjørn Nome, CEO and Co-Founder of Ignite worked together with his Co-Founder Børge Langedal at BCG. At first they startet to work with procurement projects, based on a methodology that created significant cost reductions for their clients. This was the start of a series of ideas that ended up creating Ignite Procurement.
Sigbjørn Nome, CEO & Co-Founder of Ignite Procurement co-created the winner of the VEXT program back in 2016.
The two co-founders decided to leave BCG and established Ignite in 2016, back then as a consultancy. Much of the value they created for their customers, came through finding cost saving opportunities by analyzing data. They quickly realized that this was something they could use in modern technology and make it available directly to customers. In 2017, they started developing a software solution together with a handful of dedicated and highly educated students.
With time, they started to hire their own team. The solution that clients know today as Ignite Analytics was launched in the third quarter of 2018, with large customers like Obos and AF Gruppen. From the start customer feedback was great, and the ball started to roll. Today, almost two years later, the company counts 14 full-time employees and has a paying customer list of more than 30 companies.
The unique proposition with Ignite is that the product is relevant almost regardless of what industry you operate. Everyone does procurement! That’s also why they have customers in different sectors, such as governmental ministries, property, health and finance, covering both private and public sector. All industries can benefit from analyzing procurement data and create saving opportunities by optimization of client processes and contracts.
Sigbjørn and Ignite believe that companies will invest more in these solutions in the future and be more data-driven in their procurement approach.
We have a product that is highly relevant now and that will become even more relevant in the future. “If you want to control your costs, procurement is the place to start”, Nome said.
Why do you think Ignite was appointed first place in VEXT?
First of all because we have a scalable product that investors are happy with because it is based on a recurring revenue from a software license. Second, the customers who come on board join us because they see that it creates direct value and help them reach their KPIs. Last and maybe most important, is that there is a global market potential for our product which increases the growth possibilities significantly. In the future we will see a more data-driven approach to procurement, and with our portfolio of leading Nordic clients and our team’s professional background we have a great foundation for international expansion.
What opportunities does the VEXT program’s first place offer?
“Winning this award means a lot to our entire team. There are many talented people in the jury and it is really good to see that hard work is appreciated. It gives us a push in the right direction, and great motivation to focus on getting even better going forward. We really appreciate the customers who dared to focus on us in the first place. Had big companies not given us a chance, it would have been difficult to start Ignite. We are really humble and grateful for that” shares Nome after been awarded the first price in the VEXT program.
Though an award like this could put many startups or scaleups on pause to celebrate, that’s not the case for Nome and his team. “We are looking international, at markets in Germany, the UK and the US, and consider which one to enter first!”
We are super excited to see their success, and the entire Epicenter family congratulates Sigbjørn and all of his team members with this award!
Check out Ignite’s webpage to learn more about how you can save money on your procurement data.
Do you want to learn more about how to grow both nationally and internationally? Check out our Scaleup programs with a request below.