B2B trade and spend management firm Tradeshift is not only expanding its operations in Australia, but it's setting up new offices there.
The company announced Friday (Oct. 28) that it will open offices in Sydney to focus on serving Australian and New Zealand businesses, banking on the region's solid economy.
"As a global company that connects businesses in more than 190 countries, setting up a presence in Australia was the next logical step in our international strategy," the company's CEO and cofounder, Christian Lanng, said in a statement. "Our marketplace includes thousands of suppliers based in Australia and New Zealand. Both countries are growing economically and are key to how we will support the global supply chain going forward."
Tradeshift noted that Australia hasn't endured a recession for a quarter century. Its focus on Australia and New Zealand will include its tax and cross-border trade compliance solutions for buyers and suppliers, as it has done in other regions of expansion — most recently, Japan and China. The company noted that it will be exploring further entry into the Asia-Pacific region in the future.
In another statement, CEO of Procurement and Supply Australasia (PASA) Nigel Wardropper said Tradeshift's establishment in Australia will help SMEs in the region gain a better grip on global operations.
"We may be isolated geographically, but we're hyperconnected to world markets, and just like everyone else, we're seeing our entire industries transformed by digitalization," he said.
In addition to geographic expansion, Tradeshift has broadened its product offerings in recent months. Earlier this year, the company rolled out Tradeshift Go following the takeover of Hyper Travel. The tool uses artificial intelligence to aid professionals in their trade and expense management needs.