Simfoni Raises $3M to Accelerate US Expansion of Its Spend Analytics and

Spend Automation Platform

Simfoni, a global innovator for Analytics and Spend Automation, announced it has raised $3m in
Series A financing led by BOOST&Co. Simfoni’s Analytics deploys machine learning to harmonize
and auto-classify complex data. It also offers an award-winning spend automation platform that
uses artificial intelligence to automate buying. After 4 years of 100% y-o-y growth, Simfoni is poised
for even more growth. This funding will also help extend development of artificial intelligence
capability.

Chicago, IL, January 23, 2020 --(PR.com)-- Simfoni, a next generation digital solutions provider for
spend analytics and buying automation, today announced that it has raised $3m in Series A financing. The
investment was led by BOOST&Co, a global leader in Venture Debt with support from private investors.

Simfoni has established itself as a technology innovator in the field of Spend Analytics and Spend
Automation. It works with leading enterprises globally and partners with consultancy firms, GPO, BPO
and private equity organizations to deliver spend visibility, cost reduction assessments and risk
management. Simfoni operates from regional headquarters in Chicago, London and Dubai.

Its Analytics platform deploys state of the art machine learning to harmonize and auto-classify large and
complex data more accurately and much more quickly than was previously possible. The Artificial
Intelligence powers out-of-the-box performance measures (KPIs & Benchmarks) on cost, risk and process
optimization and delivers insights using beautiful visualization within pre-configured dashboards &
proactive alerts.

Simfoni also offers an innovative and award-winning spend automation platform that uses machine
learning to automate the process of buying for tactical and occasional spend. It combines an
out-of-the-box marketplace of the most common items with a requisitioning tool that leverages the
analytics to predict product requirements and identify suitable vendors. Ideal for use in tail-spend
management, the platform cuts the long tail of vendors, reduces process and purchase costs and supports
vendor diversity and other CSR objectives.

The cloud-based SaaS solutions are also offered through a disruptive subscription-based commercial
without the licensing and implementation fees associated with traditional procurement technology.

“I am absolutely delighted to have secured Venture Debt through BOOST&Co,” commented Simfoni
Executive Chairman, Chirag Shah. “BOOST&Co stands out as a venture debt financier that is truly global
in outlook and that is a perfect fit for us given Simfoni's global profile as well. We've known them for
some time which really helps since they understand our business and how we operate. Of course, the
criteria to qualify for Venture Debt is much higher than for Venture Capital - requiring technology
companies to have not just strong growth but a demonstrable runway to profitability. I am extremely
proud of the Simfoni team, and in particular our senior management in successfully managing against
both these criteria.”

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Stefan Dent, Simfoni CEO Spend Automation added, “We've just closed our 4th year of consecutive
100% year-on-year growth and recognize that Simfoni is now at an inflexion point poised for even greater
growth as our products really start to become established in the market. This funding will help us increase
brand awareness and ensure that Simfoni is front of our customers' minds when seeking procurement
analytics, cost reduction or spend management solutions. Importantly, funding will also accelerate
development of our artificial intelligence capability as we seek to further extend the scope of spend
automation activities.

"I would like to thank all our customers for their continued support and much appreciated feedback."

“We have been really impressed by Simfoni's ability to deliver rapid cost reduction opportunities for its
customers. The customer feedback we received was amongst the best we have ever heard and Simfoni's
growth demonstrates the fact that their products are quick to deploy and are loved by their customers. It is
a very experienced team whose track record repeatedly establishes market leadership through
innovation,” said Lauren Couch, Principal at BOOST&Co. “We also like how the business is run with an
experienced management team and an amazing global presence achieved in a short space of time.”

About Simfoni
Simfoni provides spend analytics and spend automation products to leading global enterprises. Products
employ machine learning and artificial intelligence to accelerate and automate key aspects of the
procurement process, saving customers both time and money in the process. Based in USA, Europe and
Middle East, Simfoni works "in harmony" with its customers and their vendor community to improve
vendor diversity and other CSR objectives.

About BOOST&Co
BOOST&Co is a UK-based independent asset manager specialising in growth-lending solutions for UK
SMEs. It has offices in London, Manchester, Bristol, Cambridge and Cape Town. Its funds come from
large pension funds, as well as insurance companies.

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Contact Information:
Simfoni Limited
Chirag Shah
312-583-7500
Contact via Email
simfoni.com

Online Version of Press Release:

You can read the online version of this press release at: https://www.pr.com/press-release/803960

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