MENLO PARK, Calif.--(BUSINESS WIRE)--Globality, the leading AI-powered digital solution for sourcing strategic services, announced today it has closed an investment of $138.3 million from Sienna Capital, a wholly owned subsidiary of Groupe Bruxelles Lambert (GBL), and the SoftBank Vision Fund. This new investment brings Globality’s total funding to $310.3 million since being founded five years ago. As part of the investment, Colin Hall, vice-chairman of Sienna Capital, will join the company’s board of directors.
The Series E round of funding enables Globality to fuel its rapid growth by investing in additional AI technology capabilities. It also directly supports the company’s efforts to increase its global scale and capacity; add world-class talent to the engineering, product and client teams; and expand its marketing and sales programs for brand awareness so to acquire additional enterprise customers and channel partners.
Sienna Capital is the alternative investments platform of GBL, with a diversified portfolio of asset managers and direct investments and co-investments with strategic partners. GBL is a leading investor in Europe, with over sixty years of stock exchange listing, a net asset value of EUR 18 billion as of September 30, 2020 and a current market cap of EUR 14 billion. GBL has built a diversified high-quality portfolio composed of sector-leading global companies and notably holds significant ownership positions in adidas, SGS and Pernod Ricard.
Sienna Capital joins Softbank and a growing list of significant names backing Globality, including former Vice President Al Gore; Dennis Nally, former global chairman of PwC; Ken Goldman, former chief financial officer of Yahoo; John R. Joyce, former chief financial officer of IBM; Debra Polishook, former CEO of Accenture Operations; Mark Vorsatz, CEO of Andersen Tax; and Scott Belsky, chief product officer and EVP, Adobe Creative Cloud.
Globality’s platform transforms the sourcing of high-value services by automating the demand creation, supplier identification, proposal evaluation and statement of work creation process with a self-serve, consumer-like interface powered by cutting-edge AI technology. With strategic sourcing increasingly viewed as a critical source of transformational innovation for global enterprises, companies are actively seeking ways to improve their bottom line and increase efficiency gains while sourcing the best supplier for every sourcing need.
“Having Sienna Capital join SoftBank as investors in our company is further validation of the momentum we are achieving in the marketplace,” said Joel Hyatt, co-founder, chairman and CEO of Globality. “Enterprise customers are looking for an innovative solution that will deliver the value, cost savings and efficiency they need for their services sourcing. The pandemic this past year has greatly accelerated a shift we have seen evolving for the last few years — turning what was previously important into an imperative — to be able to immediately and effectively source the best supplier for every service.”
Colin Hall, vice-chairman of Sienna Capital, said, “We are impressed by the depth of Globality’s leadership and how the company’s highly innovative platform is utilizing the power of AI to dramatically transform how global enterprises source and procure services. Globality is a unique Silicon Valley startup that is reinventing the multibillion-dollar B2B services market. We are thrilled to be investing in its future and helping fuel the next stage of the company’s growth.”
“GBL’s reputation as a leading European investment holding company focused on long-term value creation benefits Globality and our customers. GBL brings a world-renowned history of building leading companies through long-term engaged and responsible leadership. We are proud to join their impressive portfolio of companies and to gain exposure to new markets, industries, customers and partners in the process,” added Hyatt.
Note to Editors
Globality’s Series D investment round of $100 million was in January 2019. Its Series A investment round of $10 million took place in March 2015, followed by a Series B round of $27.25 million in December 2015, and a Series C round of $35 million in March 2017.
Globality is a Silicon Valley-headquartered tech company co-founded by Joel Hyatt and Lior Delgo to connect global companies with the best suppliers at the right price for any sourcing need across every service category. Through its AI-powered Platform and Smart Sourcing technologies, Globality is bringing digital transformation to the sourcing industry. Globality’s AI digital solution replaces the archaic analog request for proposal, efficiently and effectively scoping needs, managing demand, matching companies with outstanding suppliers that meet their specific service needs and cutting the sourcing process from months to hours while delivering savings of 20% or more. In January 2021, Globality raised $138.3 million from Sienna Capital and the SoftBank Vision Fund, bringing the total investment it has raised since its founding five years ago to $310.3 million. For more information, visit Globality’s website.