NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) -- Tropic, the intelligent procurement platform, today announced strong first-half results and accelerated quarter-over-quarter growth, fueled by rising customer demand for automation and measurable savings. In the first half of 2025, Tropic negotiated $362 million in customer spend, delivering $56 million in verified savings, a nearly 15.5% average savings rate.
In Q2 2025, Tropic showed increasing traction, closing 43% more deals, booking 84% more ARR, and seeing 73% growth in supplier intelligence usage compared to Q1. The company added new customers, including Ivanti, Virtu, Brainrocket, Boompop, and Entech, further expanding its reach across sectors. The performance marks Tropic’s most productive quarter in over a year, and reflects its growing role as the intelligence and execution layer for modern procurement and finance teams.
"We evolved from a services-driven startup to a sophisticated AI platform that automates complex procurement tasks," said Russell Lester, recently promoted to President and CFO. "We built our platform by first understanding exactly how procurement should work, then systematically automating those processes with AI. This growth is the result of a clear strategy and relentless focus. Our customers are under pressure to find savings and work more efficiently. We're delivering on both fronts."
From Human Expertise to AI Scale
Tropic's journey illustrates how AI creates genuine value when applied to well-understood problems. The company initially just provided human procurement experts to handle complex negotiations and supplier management, work that revealed precisely where AI could eliminate inefficiencies while maintaining quality outcomes.
That foundation now powers a robust procurement platform, and five specialized AI agents, in addition to its unrivaled human expertise. Usage metrics from the first half of the year highlight the organization’s effectiveness:
- 80,000 hours of manual work saved across procurement, compliance, contract, and invoicing workflows
- Processed more than 51,655 instant price checks,
- Analyzed nearly 17,650 agreements
- 73% of new customers submitted a request within 60 days
- 93% received a pricing benchmark in that same period
"Our AI agents don't replace human expertise, they democratize it," said Justin Etkin, Co-Founder and COO. "Every insight our procurement specialists developed over thousands of negotiations is now available instantly to any finance team, around the clock."
Strategic Leadership Expansion
To support long-term growth and operational execution, Tropic expanded its leadership team in H1 2025:
- Russell Lester was promoted to President and CFO, now overseeing daily operations of Tropic with a focus on customer strategy
- Jordana Greenberg was named VP of Sales & Solutions, leading to a breakout Q2 and rapid sales expansion
- Srinivas Somayajula was promoted Chief Product Officer to lead platform development and intelligence infrastructure
“Russell’s operational expertise and customer relationships make him the ideal leader to help scale our business,” said Dave Campbell, CEO of Tropic. “His promotion allows me to focus on strategic vision, while he ensures we maintain the execution quality that drives our growth.”
These leadership moves reflect a company preparing for sustained momentum while preserving the customer focus that defined Tropic’s early success. With depth across operations, sales, and product, Tropic is positioned to grow without compromising what differentiates its platform.
Product Innovation Anchored in Execution
Tropic’s has drastically expanded its product capabilities in the first half of 2025, focused on eliminating manual work, accelerating decision-making, and improving interoperability across procurement workflows.
In June, the company launched five AI agents designed to automate high-friction tasks across intake, compliance, negotiation, contract management, and invoicing:
- Smart Request Assistant — simplifies procurement intake
- Compliance Copilot — flags out-of-policy issues in real time
- Contract Intelligence Engine — extracts key contract data and dates
- Negotiation Navigator — delivers live price benchmarks and supplier intelligence
- AI Invoice Match — automates invoice validation against contracts and requests
These agents are trained on nearly $14B in spend intelligence and are fully embedded into the platform, driving both adoption and measurable time savings.
Beyond automation, Tropic also expanded its integration capabilities to help finance and legal teams move faster. The platform now supports:
- Native Ironclad integration for streamlined contract review
- Flexible API and webhook support for deeper interoperability across finance and procurement systems
The product is not only easier to use, it’s easier to integrate, scale, and trust.
Market Momentum and Operational Excellence Drives Growth
Tropic's performance coincides with accelerating enterprise AI adoption. The company's recent survey of finance leaders found that 86% plan to implement or scale AI initiatives by 2026, with 66% citing operational efficiency as their primary driver.
However, early AI implementations have produced mixed results. While 73% of surveyed leaders report AI has somewhat improved productivity, only 4% cite significant gains—a gap that explains why 47% now require proven ROI before scaling AI initiatives.
"Finance leaders want to see measurable results," Lester noted. "We've built our platform to deliver the documented outcomes that justify AI investment."
That focus on measurable outcomes has enabled Tropic to maintain its 15.5% average savings rate while reducing implementation complexity. The company's database of nearly $14B in spend intelligence provides the foundation for AI agents that improve with scale, with each negotiation and pricing decision adding data that benefits all users.
Tropic's approach extends beyond customer results to internal operations, using its own procurement platform to optimize spending and demonstrate efficiency gains. "We're delivering more value because we're users of our own product," Etkin explained. "That operational efficiency allows us to invest more resources in the technology and customer success that drive continued growth."
As enterprise procurement faces increasing scrutiny and AI adoption accelerates, Tropic has positioned itself at the intersection of two powerful trends, with its services-to-software evolution providing a roadmap for organizational AI that delivers results.
About Tropic:
Tropic is your intelligent procurement partner, purpose-built to help modern finance and procurement teams save time, cut costs, and drive impact. Whether you’re a solo finance leader or part of a larger team, Tropic combines AI agents and expert services to handle the procurement work you don’t have time for, from complex negotiations to renewal headaches. Powered by nearly $14B (and growing) in software spend intelligence, Tropic gives you unmatched visibility, automation, and negotiation leverage across your stack. We don’t just flag problems, we solve them, transforming procurement into a strategic advantage that scales with your business. Learn more at tropicapp.io and follow us on LinkedIn.
Media Contact:
Elissa Walters
elissa@tropicapp.io
