AgencySpotter.com, a prominent rating and review platform for marketing and IT agencies, has been acquired by a private investment group. This acquisition will allow AgencySpotter.com to zero in on its core mission of promoting verified customer reviews within the service provider selection process. The financial details of the deal were not disclosed.
Following this divestiture, the parent company of AgencySpotter.com, previously known as Agency Spotter Inc., will rebrand to SpotSource Inc. The name change signifies the company's strategic emphasis on its primary business: SpotSource, an enterprise service supplier management (SSM) software platform.
Brian Regienczuk, Founder and CEO of SpotSource Inc., expressed enthusiasm about the transition. "We are thrilled to see AgencySpotter.com continue its journey under new ownership. This move allows us to sharpen our focus on developing and scaling our enterprise SaaS solution, SpotSource," he stated.
Regienczuk highlighted the evolving service procurement landscape: "Spend on services continues to increase, and the business landscape is only getting more complex with regulation and other compliance issues. SpotSource believes it should be easy for any subject matter expert, like a marketer, to find the best service provider, manage and collaborate on their work together, and streamline payments. SpotSource is doing this while ensuring compliance, governance, and seamless integration with existing enterprise systems."
Reports by Grand View Research and MarketsandMarkets indicate a burgeoning demand for service supplier management solutions. The global workflow automation market is projected to reach $31.4 billion by 2028, growing at a CAGR of 23.2% from 2021 to 2028. Similarly, the professional services automation (PSA) software market was expected to hit $14.39 billion by 2023, growing at a CAGR of 10.8% from 2018 to 2023. These trends underscore the necessity for effective SSM tools in the professional services sector.
For over 12 years, AgencySpotter.com has been instrumental in linking marketing and advertising leaders at major companies with various businesses. The platform was a pioneer in championing verified customer reviews within the marketing industry. Under its new ownership as Agency Spotter LLC, led by the acquiring private investment group, the platform aims to continue its legacy of innovation and support for businesses seeking the right-fit service providers.
SpotSource Inc. continues to empower companies by creating private internal marketplaces for managing relationships with a diverse array of service providers. From marketing agencies and IT firms to R&D partners and external manufacturers, SpotSource simplifies the procurement process. This strategic shift ensures SpotSource remains a leader in service procurement, offering a user-friendly platform for managing the entire service provider lifecycle.
SpotSource's expanding client base, which includes some of the largest global consumer packaged goods (CPG) companies, highlights the platform's ability to meet the requirements of major enterprises.
