I’m thrilled to share that Buyer is joining Ramp. By combining Buyer’s saving and procurement expertise with Ramp’s powerful finance automation platform, we’ll help businesses grow even faster.
To all the Buyer customers, my deepest thanks for supporting our journey over the last 1.5 years. The best part of building Buyer was getting to work with amazing companies and supporting your growth.
Let me share what’s next for the Buyer team.
What we set out to achieve with Buyer
The idea for Buyer initially came out of a collaboration with Tiny Capital to help companies in their portfolio optimize their SaaS and infrastructure bills. In the first few months, we set Tiny on a path to save millions over the next few years.
When we launched Buyer to the broader public in July 2020, our goal was simple: help companies save time and money by negotiating better rates for their software.
Our service found instant traction because SaaS pricing is a total black box once companies reach a certain size. Everyone knows they’re overpaying for their software but nobody knows how to unlock better pricing. For those who do know, they don’t have the time to research and negotiate with vendors. Companies need a procurement team but typically de-prioritize it until the problem is too great. Once a procurement team is set up, they are playing defense for the next 6-12 months.
Buyer gave businesses instant access to an on-demand procurement team, no matter their size. We helped our customers maximize the value of their purchases by finding them savings on new procurement, contract renewals, and existing spend. On average, customers saved an average of 27.3% across all of their software purchases negotiated by Buyer, which represented millions of dollars in savings.
Scaling our reach with Ramp
Now software is an even bigger line item in company budgets as work has gone remote—in fact, it’s the largest expense category for most companies after payroll. Optimizing that spend is more crucial than ever.
As a company, we had to ask ourselves: what was the best way for us to scale Buyer and help as many businesses as possible? The answer was clear: the fastest way for us to scale was to join forces with a similarly-minded company—a company like Ramp.
Ramp’s mission is to help companies save time and money and I can’t think of another company whose mission is so completely aligned with what we originally set out to do with Buyer. Ramp helps companies save by automating their spend management; Buyer does the same by helping companies negotiate.
Over 2,000 customers use Ramp’s corporate card and financial automation platform. They love Ramp’s software because it detects when businesses have opportunities to lower their pricing, remove duplicate subscriptions, consolidate redundant tools, and more. These insights have already generated $16M in direct savings for customers to date.
By joining Ramp, Buyer will extend the platform’s benefits and actively help customers secure these savings. We’ll augment our existing spend data with the millions of transactions on the Ramp platform to provide best-in-class procurement and price intelligence. Our on-demand services will help companies of all sizes get the best price on everything from travel to software. The integration of pricing intelligence and service into Ramp’s platform is the kind of end-to-end partnership that will help companies take their business to the next level.
Helping businesses grow
Our team couldn’t be more excited about joining Ramp to continue our mission of helping businesses grow. Going forward, Buyer will become a free service for Ramp customers. We’re hosting a webinar on Sept 7 to share how we’ll be working together and our vision for automated procurement.
If you’re in the market for a corporate card with built-in expense management, accounting, and negotiations services, all on one easy-to-use and free platform, check out Ramp. And stay tuned for more news on how we’ll integrate Buyer even more deeply into Ramp's product offering before the end of the year.