AUSTIN, Texas--(BUSINESS WIRE)--SourceDay, the leading supply chain automation SaaS solution, today announced it added two seasoned executives to its leadership team. Spredfast veteran Sarah Moore joined the company as its new Chief Marketing Officer (CMO), and former NSS Labs and Ping Identity executive Emeka Obianwu, filled the SVP, Alliances and Channel role. Moore and Obianwu joined SourceDay to help accelerate the company’s rapid growth.
SourceDay secured $6.5 million in Series A funding late last year to continue growing its customer base and to bring new products to market. In addition to expanding the leadership team, SourceDay grew its annual recurring revenue more than 125% over the prior year and maintains a customer renewal rate of more than 95%. This demonstrates the value SourceDay customers recognize in the platform and clearly establishes the company as a leading technology partner to the $8 trillion US manufacturing and distribution industry.
SourceDay’s success can be attributed to the unique way it resolves supply chain challenges that others have been unable to address. The first mile in every manufacturer’s supply chain is riddled with waste and inefficiency, eroding margins and reducing on-time deliveries. These problems originate externally but affect every functional area—procurement, IT, finance, sales and customer service. That’s why a growing number of manufacturers leverage SourceDay in their digital transformation to improve supplier relationships.
“Attracting seasoned leaders like Sarah and Emeka is an important milestone for us as we prepare for next-level growth,” said Tom Kieley, CEO, SourceDay. “Sarah’s unique experience driving high-growth companies will be instrumental as we extend the reach of SourceDay’s brand, and Emeka’s proven track record developing alliance relationships will help us build a world-class partner program.”
“This kind of opportunity doesn’t come along every day,” said Moore. “We have the rare combination of proven product-market fit, customers who love our product and renew at crazy-high rates, founders who lead with integrity and commitment, and world-class investors who are ready to pave our way to continued growth. I’m thrilled to be building the next big, Austin-born, SaaS brand.”
“Since inception, SourceDay has collaborated with complementary technology and consulting companies.” added Obianwu. “But the next phase opens up a much bigger opportunity for SourceDay’s partners to participate in a paradigm shift whereby manufacturers will fundamentally change the way they engage the supply chain. I’m excited to help build out a community of partners that will deliver the right combination of technology and advisory services to fulfill the promise of supply chain digital transformation.”
As CMO Moore will lead SourceDay’s global brand, product, digital and performance marketing programs. She is a 23-year veteran of the Austin tech community, where she most recently served as Vice President of Brand and Revenue Marketing for Spredfast. Prior to her six-year tenure at Spredfast, Moore led go-to-market teams at Socialware, Lombardi Software, pcOrder.com/Trilogy and several others.
As Senior Vice President of Alliances & Channel, Emeka Obianwu will be responsible for the strategy and management of SourceDay’s technology and consulting partner ecosystem. For more than ten years, Emeka has led sales, channel and corporate development functions at leading software and consulting services organizations including NSS Labs, Ping Identity, BuildForge, IBM and more.
SourceDay is how manufacturers and distributors trust their supply chain. SourceDay’s SaaS solution automates purchase order (PO), request for quote (RFQ) and accounts payable (AP) management to remove costly waste and errors from global supply chains. By freeing manufacturers, distributors and suppliers from unorganized email threads, sticky notes and cumbersome spreadsheets, SourceDay dramatically improves a customer’s ability to maximize margin and meet their customer commitments on time. By seamlessly integrating with all major Enterprise Resource Planning (ERP) systems, SourceDay extends ERP purchasing capabilities and ultimately improves supplier performance. Since 2013, SourceDay has helped more than 100 manufacturing customers process more than 1 billion POs with a daily average spend of $1 million.