Tail spend — the purchases enterprises make outside their large, ongoing expenses — is a tricky business. While direct spend is usually well managed, that’s rarely true of indirect spend, despite the fact that an estimated 40% of U.S. businesses devote 40% of procurement to it. In fact, a recent survey from Deloitte found that 65% of companies have limited or no visibility beyond tier 1 suppliers.
That’s where Boston, Massachusetts-based Fairmarkit comes in. The startup, which offers a suite of tools for optimizing enterprise tail spend end to end, today announced that it has secured $11 million in a