PunchOut2Go—a provider of punchout software that automates B2B commerce transactions between suppliers’ ecommerce platforms and buyers’ procurement systems for goods ranging from medical supplies to heavy equipment—reports that it facilitated more than $200 billion in transaction volume last year for global customers like GE Healthcare, Coupa Software, and Lowe’s Companies Inc. “Since our inception, we’ve been at the center of reducing transaction friction between buyers and sellers,” says Brady Behrman, who co-founded PunchOut2Go in 2011 and, until this month, served as its first CEO.
Now, the company is positioned for its next stage of growth, following a “significant investment” by investment firm Susquehanna Growth Equity, which also invests in such ecommerce companies as Payoneer, a provider of cross-border online payment services, and B-Stock Solutions, which provides online liquidation websites for such companies as Amazon.com Inc., Unilever, and Walmart Liquidation Auctions. PunchOut2Go and Susquehanna, or SGE, did not disclose the amount of SGE’s investment.
As a result of the investment, Behrman has taken the position of chief strategy officer. Succeeding him as CEO is Troy Lynch, who was PunchOut2Go’s president and chief strategy officer from August 2019 through May 2021. Prior to PunchOut2Go, Lynch spent several years in Asia as president of Metanet Inc., a privately-held holding company focusing on investments, acquisitions and ventures in professional services and technology businesses. As part of his role as president of Metanet, Lynch also served as CEO of Deloitte Consulting, global liaison of A.T. Kearney, and CEO of Convergys Korea.
Earlier, according to his LinkedIn page, Lynch founded Peak Beyond, a consulting firm that helps companies deploy B2B and retail ecommerce technology and strategies. Peak Beyond lists such clients as beverage companies MillerCoors and Leinenkugel’s.
Steve Shaffer, a B2B ecommerce veteran who joined PunchOut2Go as president this spring, has added the title of chief operating officer. Shaffer is former president and CEO of B2B ecommerce software company Insite Software, which was acquired by in 2019 by Episerver, a provider of ecommerce and content management technology. In 2020, Episerver acquired Optimizely and eventually took Optimizely as its corporate name.
“We are humbled by what Brady and the team have built, and incredibly excited to partner with the Susquehanna Growth Equity team,” Lynch said in a statement this week announcing SGE’s investment. “SGE’s investment will be used to extend our platform, support deeper connections with our customers and their trading partners, and expand our team’s global footprint so we can better serve PunchOut2Go’s global network of customers and partners.”
Ben Weinberg, managing director at SGE, added, “B2B commerce is moving online at an incredibly rapid pace. At the same time, it is difficult for buyers and suppliers to connect their systems. PunchOut2Go makes these connections easy, which is why thousands of suppliers and buyers use PunchOut2Go to connect with their trading partners.”
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