Surepact was announced the Lendlease B2B Startup of the Year at a Sydney awards ceremony last month, for its cloud-based contract risk management software.
This comes at a time when the budding Queensland startup is launching its first software product to 10% of the Queensland Local Government Councils and is soon to hold its official company launch, on 26 November.
An enterprise SaaS solution that concentrates on government and corporate requirements for contract risk identification and mitigation, SurePact includes project risk and procurement processes to support visibility, transparency and accountability in contract delivery - ultimately saving organistations millions of dollars.
Founder Megan Avard says the solution has seen proven outcomes of helping reduce budget, time and scope blowouts in contract delivery.
“SurePact standardises risk delivery while managing the compounding risk through workﬂow approvals and gateway processes.
“It enables machine learning to drive innovation, improve productivity and enhance data integrity to highlight actionable business intelligence decisions while providing value for money.
“The software also provides a key focus in supporting the economic and social beneﬁts in procurement eﬃciency and contract delivery by enhancing job growth and providing opportunities for reinvestment into program delivery to support community outcomes.”
Megan says the statistics support the need for such a solution, including the “lost visibility of $10.9B in contract overspend in 2017 across multiple Queensland Government agencies” and a “singular variation of $60M in contract scope blowout within a large SEQ Council in 2017”.
She also points out that in 2015-2016 the Australian construction industry recorded variation losses of $153B, and over the past 15 years major infrastructure projects in Queensland have overspent on average 26 per cent.
With 25 years’ experience working in private and public sector management, Megan identified this problem and had a vision to find a way to deliver contracts and save money.
“I had spent years witnessing millions of taxpayer dollars being squandered through the systemic failure of poorly managed infrastructure contracts. There was a clear gap in the market so I resigned my day job in August 2017 and started a software company the following week to build the solution.”
In its first year, in 2017, SurePact became a successful recipient of the Ignite Ideas Grant Fund program for Round 3, and last month was announced as a successful recipient of Round 4 (2018).
This Ignite funding has provided SurePact a major support in allowing the company to grow and commercialise the SurePact software product suite faster than originally anticipated.
Megan says it also allowed her to “validate the assumptions through client engagement, establish a client base, support regional and remote communities and strategically position SurePact for national and global growth”.
Now, Surepact is a team of five and by the end of the year, will be at least a team of seven.
Going forwards, SurePact plans to enter the UK, US and NZ markets via their channel partner Microsoft with their ‘go to market’ strategy support.
“As they are the largest provider to governments globally I see this as a strong approach to scale globally.
As well as connecting with startup landing programs in the UK and US SurePact is shortlisted for Swiftscale in London for 2019 which boasts 100% success for corporate client uptake.