Your first tech investment should be spend analytics software.
Picture this: you’ve just landed a Head of Procurement role at a growing company. Where do you start? Forget the fancy intake and process orchestration platforms or elaborate supplier portals for now.
Here’s why: you can’t transform what you can’t see.
Before optimising transactional workflows, looking at supplier relationships, or negotiating better contracts, you need to understand exactly where your money is going. Spend analytics software turns that murky spending picture crystal clear, fast.
“But can’t I just use Excel?” you might ask.
Technically, yes. For small businesses with straightforward spending patterns, Excel might suffice. But once you hit mid-market territory, the complexity multiplies. If you enjoy wrestling with spreadsheets, hunting down data errors, and spending weeks on analysis…sure, use Excel. For anyone who values their time as a commodity, you’re probably better off with some software. Get results in hours for what would take days or weeks in Excel.
You know the deal. You’re dealing with multiple ERP systems that don’t talk to each other, various production sites using different supplier codes, and taxonomies that make about as much sense as a foreign language. This is where spend analytics software earns its keep. It turns chaos into clarity with AI-powered categorisation and automated data cleansing.
The common misconception?
That spend analytics software is exclusively for enterprise giants with matching budgets. Not true. The market has evolved, and today’s mid-market businesses have access to sophisticated, affordable solutions designed specifically for their needs.
We’ve identified 10 spend analytics platforms that prove you don’t need enterprise pockets to get enterprise-level insights.
10 Spend Analytics solutions for mid-market businesses
Before we give you the list, we should briefly touch on what we’ve defined as a mid-market business.
Here at ProcurementSoftware.site, we define the mid-market as typically having one or more of these characteristics:
- Annual revenues from $50 million to $1 billion;
- Companies with 500 to 5,000 employees;
- Usually engaged internationally and operating beyond their domestic market;
- Or high-growth scale-up companies in the tech sector who are not achieving these revenues yet but are on the trajectory to do so.
If you want to search the whole range of procurement tech companies out there beyond just spend analytics solutions, then check our our free software directory.
If you’re a consultancy, an investor, or a solution provider and need to do deeper analysis of the market, we also offer subscriptions to our back end database, with all data points searchable.
1. CostBits
Founded in 2020 and headquartered in Copenhagen, Denmark. Serves small and mid-sized enterprises across Europe using AI to automate data cleansing, categorisation, and analysis. Recently launched version 2.0 with enhanced AI functionality, reporting 4–11% savings for customers.
Integrations:
- Microsoft Dynamics 365 Business Central
- Excel/CSV uploads
- Open APIs for other ERP connectivity
Unique attributes:
- Embedded procurement playbooks for strategic guidance
- ESG insights calculating CO₂ equivalents from procurement spend
- Automated cost-reduction recommendations
CostBits stands apart through its blend of automated data transformation with ready-to-use procurement guidance, delivering actionable insights tailored for both procurement and finance teams.
Key Data for CostBits:
- Founder / CEO: Thomas Siersbæk Heller-Njor
- Date Founded: 2020
- Visit CostBits‘ profile in our Software Finder
2. ivoflow
Founded in 2020 and headquartered in Koblenz, Germany. Serves global industrial companies from mid-market to large enterprises, focusing primarily on direct spend analytics for manufacturing companies. Combines internal ERP data with external market intelligence including commodity prices and exchange rates.
Integrations:
- SAP, Infor, Oracle, and other ERP systems
- Third-party partner solutions for Source-to-Contract (S2C), Procure-to-Pay (P2P), Supplier Relationship Management (SRM), ESG, risk management, and sustainability
Unique attributes:
- Focus on direct spend analytics
- External market data integration (commodity prices, exchange rates)
- Cost-savings toolbox with continuous analysis
ivoflow stands apart through its focus on direct spend analytics and ability to provide actionable insights by combining internal and external data sources.
Key Data:
- Co-Founders: Daniel Demuth and Nicolas Neubauer
- Date Founded: 2020
- Visit ivoflow profile in our Software Finder
3. Anvil Analytical
Founded in 2021 and headquartered in London, UK. Serves organisations including London Borough of Camden, Metro Bank, Bank of England, and Majestic Wine across public sector, finance, retail, and manufacturing. Extracts insights from both structured and unstructured data using AI-powered analytics. Implementation only takes 2–4 weeks.
Integrations:
- ERP, P2P, and data warehouse systems (not individually named)
Unique attributes:
- Contract intelligence connecting contract and spend records to detect non-compliance
- External benchmarking with 1,000+ market indices and inflation data streams
- Real-time alerts on geopolitical and supply risks
- Role-based dashboards for different user types
Anvil Analytical stands apart through its advanced AI-powered analytics engine developed by procurement consultants to support faster, more confident decision-making across complex spend landscapes.
Key Data:
- Founder / CEO: Steve Harrison
- Date Founded: 2021
- Visit Anvil Analytical profile in our Software Finder
4. Spendkey
Founded in 2020 and headquartered in London, UK. Features core engine called Cassian AI that integrates spend analysis, contract intelligence, and market data using machine learning and generative AI. Provides customised strategies and templates for business leaders.
Integrations:
- API-based integrations with enterprise systems (specific platforms not listed)
Unique attributes:
- Cassian AI for automated spend and contract analysis
- Combined focus on spend, contract, supplier, and market intelligence
- Generative AI capabilities
- Risk prediction and mitigation through proactive analytics
Spendkey stands apart through its combined focus on spend, contract, supplier, and market intelligence within a single, intuitive platform.
Key Data:
- Founder / CEO: Alex Grundy
- Date Founded: 2019
- Visit Spendkey profile in our Software Finder
5. Mithra-Ai
Founded in 2020 and headquartered in Amsterdam, The Netherlands. Serves mid-market and enterprise organisations globally, including Rabobank, Franke, Bertelsmann, and Lamb Weston. Uses natural language processing (NLP) and large language models to cleanse, enrich, and categorise spend data with 95%+ classification accuracy.
Integrations:
- ERPs: SAP and SAP Ariba, Oracle
- Looker Studio
- Gemini
Unique attributes:
- Configurable taxonomy builder
- NLP-driven supplier name normalisation and enrichment
- Taxonomy health checker to identify gaps and inconsistencies
- Human-in-the-loop model refinement for sustained data quality
Mithra AI stands apart through its procurement-first approach to data analytics, combining enterprise-grade AI automation with configurable taxonomies.
Key Data for Mithra-AI:
- Co-Founders: Rasa Raoufi and Dennis van den Brand
- Date Founded: 2021
- Visit Mithra Ai profile in our Software Finder
6. ProcureVue
Founded in 2020 and headquartered in Cornelius, NC, with EMEA presence in Amsterdam. Specialises in clients with decentralised operations and multi-ERP environments. Combines expert-led advisory with proprietary technology using DataHarmony™ cleansing and harmonisation engine.
Integrations:
- Wide range of ERP and source systems using secure data ingestion methods (not individually named)
Unique attributes:
- Expert-led advisory combined with proprietary technology
- Automation-first analytics
- Focus on decentralised operations and multi-ERP environments
ProcureVue stands apart through its consultancy-led delivery model paired with automation-first analytics, helping clients achieve EBITDA impact from spend insights without major system changes.
Key Data for ProcureVue:
- Founder / CEO: Cameron Jagoe
- Date Founded: 2021
- Visit ProcureVue profile in our Software Finder
7. Scalue
Founded in 2017 and headquartered in Düsseldorf, Germany. Delivers flexible Software-as-a-Service (SaaS) solution that scales with procurement maturity. Features process mining to identify inefficiencies in Purchase-to-Pay (P2P) processes and highlights supplier consolidation potential.
Integrations:
- Self-service uploads for fast onboarding
- API connections for seamless ERP and eProcurement system integration
Unique attributes:
- Process mining for P2P efficiency identification
- Dual integration approach (self-service and API)
- Supplier bundling potential analysis
- Irregularity flagging for proactive risk mitigation
Scalue stands apart through its dual integration approach, making powerful analytics accessible to teams regardless of IT capacity or digital maturity.
Key Data:
- Founder / CEO: Samir Kharkan
- Date Founded: 2017
- Visit Scalue profile in our Software Finder
8. Spendata
Founded in 2015 and headquartered in Brewster, MA. Real-time in-memory tool runs entirely within users’ browsers, ensuring all data stays on local machines and never leaves the organisation. Released provenance-tracking feature in mid-2024 for auditing mapping rules and data transformations.
Integrations:
- API or flat file integration with ERPs, Business Intelligence (BI) tools, and Excel workflows
- Seamless exports to Excel and Power BI
Unique attributes:
- Browser-native analytics engine with local data processing
- Editable mapping and familying rules with full visibility
- Workspace inheritance and unlimited filtering
- Provenance-tracking for audit trails
Spendata stands apart through its fully decentralised, user-owned analytics model, offering complete data control and real-time responsiveness without ever uploading data to the cloud.
Key Data:
- Founder / CEO: Eric Strovink
- Date Founded: 2015
- Visit Spendata profile in our Software Finder
9. Simfoni
Founded in 2015 and headquartered in San Francisco, CA. Recently launched Strategic Spend Hub on the Snowflake AI Data Cloud, becoming the first and only native procurement app available on Snowflake. For Snowflake customers, it sits directly on their Snowflake environment, whilst non-Snowflake customers can access the same capabilities in a Simfoni-hosted solution.
Integrations:
- Native app in the Snowflake Marketplace
- Pre-built connectors for ERP and finance systems (specific platforms not listed)
- External apps for data meshing
- Push-to-task capabilities with Slack and Outlook
Unique attributes:
- First native procurement app on Snowflake
- Conversational AI command centre with natural language querying
- Always-on opportunity discovery with 24/7 real-time analysis
- Closed-loop execution from insights to sourcing events
Simfoni stands apart by making the shift towards interconnected, intelligent data flows a reality, creating a closed-loop, AI and data-driven experience that eliminates data silos.
Key Data:
- Founder / CEO: Chirag Shah
- Date Founded: 2015
- Visit Simfoni profile in our Software Finder
10. Ignite
Founded in 2017 and headquartered in Oslo, Norway. Supports construction, oil & gas, manufacturing, and retail industries. Consolidates data from spend, contracts, suppliers, and emissions into a single system, focusing on deep insights rather than transactional workflows.
Integrations:
- SAP, Microsoft Dynamics, and Xledger
Unique attributes:
- Deep integration of procurement and ESG data
- Focus on sustainability intelligence
- Emissions data consolidation
- Industry focus on construction, oil & gas, manufacturing, and retail
Ignite stands apart through its deep integration of procurement and ESG data, helping businesses align purchasing decisions with sustainability targets.
Key Data:
- Founder / CEO: Sigbjørn Nome
- Date Founded: 2017
- Visit Ignite Procurement profile in our Software Finder
