LeaseQuery, a financial software provider, this week announced the acquisition of Stackshine, a SaaS spend management platform. Stackshine helps companies track and optimize their software spend and usage. With this acquisition, LeaseQuery said it hopes to address SaaS operations and spend management.
With SaaS spending growing by 15-20% annually, LeaseQuery said it looks forward to the added benefits of a larger post-acquisition product suite. The average company spends more than $343,000 annually on SaaS subscriptions, making it the third-largest cost behind payroll and real estate. LeaseQuery said that those companies that lack stringent oversight of their SaaS expenditures can overspend by a minimum of 25% through 2027 due to excess licenses or overlapping tools.
“We are committed to making our customers’ lives easier by simplifying the complex, and our acquisition of an innovative SaaS spend management platform allows the office of the CFO to address another significant pain point regarding one of their largest areas of spend outside of leases,” said George Azih, founder and CEO of LeaseQuery. “Expanding our offering beyond lease accounting gives our combined customer base something no other provider is offering in the market – centralized visibility into two of their biggest spend areas, SaaS subscriptions and leases, in one comprehensive platform, enabling them to identify and reduce unnecessary spending.”
Founded in 2019, the Y Combinator-backed Stackshine’s platform discovers the SaaS software used by a company, highlights available cost-cutting opportunities and uses artificial intelligence to automate employee onboarding and offboarding. By offering an expanded suite of solutions, the company hopes users will now centralize processes and accelerate innovation.
“This exciting partnership with LeaseQuery elevates Stackshine to the next level of SaaS spend management providers,” said Tyler Diaz, CEO and co-founder of Stackshine. “Together, we will tackle this growing challenge facing organizations of all sizes on a larger scale than we could have individually. This is an exciting opportunity to become a category leader in an emerging market.”