IDC MarketScape Names Tipalti a Worldwide Leader in Midmarket Accounts Payable Automation
San Mateo, CA – January 26, 2021 – Tipalti has been named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Midmarket Accounts Payable Applications 2020-2021 Vendor Assessment (doc #US47032620, December 2020) report.
The assessment was based on an evaluation of eleven SaaS and cloud-enabled AP vendors in the market. The IDC MarketScape used a wide range of criteria for evaluation, including product functionality, range of services, customer satisfaction, service delivery, cloud capabilities, technical architecture, innovation, and growth.
Tipalti, a leading global payables automation solution, helps more than 1,000 hyper-growth companies transform their back-end payables operations and run their mission-critical business processes in the cloud. With Tipalti, companies can eliminate 80 percent of their payables workload and accelerate their financial close by more than 25 percent—allowing them to focus more on mission-critical initiatives.
After a thorough evaluation of Tipalti’s strategies and capabilities, IDC placed Tipalti in the Leaders category of the IDC MarketScape report. The IDC MarketScape cited Tipalti’s Cross-Border Capabilities, Self-Service Supplier Management & Onboarding, and Tax Compliance as strengths in its report, noting the solution supports all phases of the AP and payment management workflow in one cloud platform.
The IDC MarketScape also highlighted Tipalti’s advanced AP capabilities like Early Payments, PO Matching, FX Solutions, and Multi-Entity AP, which are attractive to midmarket companies doing business around the globe.
The IDC MarketScape notes that companies should consider Tipalti when looking for an AP automation platform with robust payments capabilities from a provider with deep experience in various industries.
“The ground underneath the feet of today’s AP professional is rapidly shifting to digital. Software vendors that prioritize features that provide enhanced visibility, flexibility, and agility in these uncertain times will find themselves well-positioned for future growth,” says Kevin Permenter, research manager, Enterprise Applications at IDC.
“The accounts payable function can be complex and fraught with inefficiencies for companies of all sizes. Automating AP is an essential element of any CFO’s strategy to modernize the finance organization and focus on enabling business success. Tipalti prioritizes efficiency across an end-to-end global payables workflow and supports AP and payment management in one cloud platform—helping finance scale and adapt to their business’ changing needs,” says Kevin Permenter, research manager, Enterprise Applications at IDC.
“We are deeply honored to be recognized as a leader for our comprehensive and unified Accounts Payable Automation solution in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Midmarket Accounts Payable Applications,” said Chen Amit, Tipalti’s CEO and Co-founder. “We owe this recognition to our customers, who have helped us reach this leadership position through their active involvement and collaboration over the years. Looking forward, we will continue to focus on product innovation to help our customers scale their global financial operations efficiently, eliminate risk, and improve visibility. We look forward to many more milestone moments on the road ahead.”
For Tipalti customer Noom, an automated AP solution led to significant increases in efficiency and productivity. “With Tipalti, we’re saving two days on our accounting close,” says Marc Balcke, Corporate Controller at Noom. “The time savings alone is exponential. Automating payables allows my team to spend more time on strategic initiatives. Pre Tipalti, we couldn’t add new suppliers, vendors, and partners without adding finance headcount. Now, we can scale and have as many partners as we want.”
The IDC MarketScape is based on interviews and surveys with customers, discussions with vendors, and the research and expertise of its own market experts.
About IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
About Tipalti
Tipalti comes from the Hebrew expression for “We handled it.” Tipalti “handles it” by providing one comprehensive, global payables automation solution that automates all manual supplier payment processes. Tipalti’s commitment to being customer-first has culminated in an industry-leading 98% customer retention rate with trusted brands including Amplitude, Roku, Duolingo, Gitlab, Medium, ClassPass, Automattic, Twitter, Business Insider, GoDaddy, Zola, Boston Globe Media, Noom, Roblox, Headspace, Fiverr, Vimeo, Stack Overflow, AppLovin, Canva, and Indeed.
