Smart Sourcing Platform Globality Raises $138.3 Million

By Dan Anderson ● Feb 1, 2021
  • Globality — a leading AI-powered digital solution for sourcing strategic services — announced recently that it closed an investment of $138.3 million from Sienna Capital. These are the details.

Globality — a leading AI-powered digital solution for sourcing strategic services — announced recently that it closed an investment of $138.3 million from Sienna Capital, a wholly-owned subsidiary of Groupe Bruxelles Lambert (GBL) and the SoftBank Vision Fund. And this new investment brings Globality’s total funding to $310.3 million since being founded five years ago. As part of the funding, 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. And 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 in order to acquire additional enterprise customers and channel partners.

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, the former chief financial officer of Yahoo; John Joyce, the 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 of 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. And 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.

KEY QUOTES:

“Having Sienna Capital join SoftBank as investors in our company is further validation of the momentum we are achieving in the marketplace. 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.”

“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.”

— Joel Hyatt, co-founder, chairman and CEO of Globality

“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.”

— Colin Hall, vice-chairman of Sienna Capital