Software firm Wax Digital has appointed industry veteran John Thompson as its new chair in a key appointment as it grows within the UK and internationally.

The company’s web3 software helps businesses make cost and efficiency gains by streamlining manual procurement processes.

Its customers include Virgin Atlantic, Warburtons, Britvic, CEVA Logistics, Exostar, Nissan and WPP. Thompson has an impressive track record in both the procurement space and in helping Software-as-a-Service (SaaS) businesses to secure funding, grow, change business model and expand into new territories.

With Wax Digital powering past SaaS revenues of $10m and securing its position in the Visionary quartile of the 2018 Gartner Magic Quadrant, Thompson recognises the company’s potential.

He joins the business to help it expand further internationally and continue to deliver service excellence to its growing list of global customers. “We are delighted that John has joined the business,” said Wax Digital CEO Paul Ellis.

“He brings a wealth of experience in growing SaaS companies and his depth of knowledge across our sector and beyond will be invaluable as we look to expand and build out our future growth strategy.

“He has successfully supported SaaS businesses on their growth paths and through international expansion and really understands the procurement space.

“The US in particular is an exciting market for us and working through our partner network we have managed to secure major contracts in specialist areas such as Aerospace and Defence.

"John’s experience of working with US enterprise customers will also help us as further business in this territory is key to our growth.”

Thompson said: “Wax Digital has enjoyed strong year-on-year growth in both revenues and profits, underpinned by a class-leading, highly intuitive product portfolio.

“With market adoption of cloud-based eProcurement on the rise, it is a dynamic and innovative business to be involved with and I’m looking forward to helping it achieve its ambitious targets.”

Since 2011, Thompson has worked in a number of non-executive and advisory roles for privately owned Venture Capital or Private Equity-backed tech businesses, including ProspectSoft and Vyre.

Before this he was co-founder and CEO of Commerce Decisions, a procurement SaaS business which was acquired by QinetiQ in 2008.

He subsequently became managing director of QinetiQ’s procurement services business unit.