LogicSource, a provider of technology solutions and procurement services, has raised $180 million, the Connecticut-based company announced Thursday (April 7).
The funding will allow LogicSource to enhance its tech and data offerings, introduce new verticals and invest in client-focused growth initiatives to drive profits for the world’s most recognizable brands, the firm said.
This investment was secured from FTV Capital, a New York-based, sector-focused growth equity investor.
“FTV Capital is the ideal partner for LogicSource as we look to expand into new verticals and rapidly scale our business,” said LogicSource CEO David Pennino in a statement. “The FTV team shares our vision and possesses the unique ability to help us accelerate our growth.”
The investment comes as the procurement sector is seeking solutions to combat rising costs and supply chain constraints.
To exacerbate these challenges, price hikes in gas, food and shelter last month caused 40-year record high inflation, as the consumer price index, a key indicator of U.S. inflation, hit 7.9%, up from 7.5% in January, according to the Consumer Price Index (CPI) Summary from the U.S. Bureau of Labor Statistics.
Read more: Inflation Soars 7.9% to Another 40-Year High
Economists surveyed by The Wall Street Journal (WSJ) were expecting a 7.8% inflation rate. Bloomberg economists forecasted a headline number of 7.9%, except for a few economists who were anticipating the report to come in at 8%, with increases up to 10% in the upcoming months.
The CPI measures the prices people pay for goods and services, including groceries, clothes, restaurant meals, recreation and vehicles. Headline inflation refers to overall inflation, while core inflation strips out food and energy.
LogicSource said it helps companies increase profits through better buying. By focusing on the sourcing and procurement of indirect goods and services, about 20% of a company’s revenue, LogicSource works to remedy areas of greatest spending inefficiency within most organizations.