NEW YORK, NY — October 8, 2025 — Leads & Copy — Tropic has launched Purchase Prep, an AI-powered solution automating software renewal preparation, following a record-breaking Q3 driven by customer demand for automation and savings. The Purchase Prep Assistant addresses spending blind spots, aiding teams overwhelmed by annual renewals. The average company deals with 200-600 software renewals annually but lacks the bandwidth to effectively negotiate, leading to avoidable costs.
According to Russell Lester, President and CFO of Tropic, finance and procurement teams are overwhelmed with SaaS renewals, while vendors have advantages in usage data and market intelligence. Justin Etkin, Co-Founder and COO of Tropic, stated that they are leveling the procurement playing field by making procurement specialists’ knowledge instantly available.
Tropic’s Purchase Prep Assistant transforms renewal preparation from manual research to strategic decision-making. The platform identifies contracts for negotiation, benchmarks pricing against a $15B+ spend database, finds compliance gaps, and offers supplier-specific negotiation tactics. It automates renewal preparation through smart prioritization, automatic price benchmarking, negotiation intelligence, contract/compliance analysis, and usage analysis.
Nick Troia, Senior Financial Analyst at CompanyCam, noted that Purchase Prep saves time on renewal preparation by providing recommendations and vendor intelligence.
Tropic’s survey indicates that 86% of finance and procurement leaders plan to implement or scale AI by 2026, primarily for operational efficiency. Purchase Prep leverages Tropic’s procurement platform, which has processed over $15B in customer spend with a 21% average savings rate.
The solution is available for all Tropic customers. Companies can attend a live webinar on October 28th at 1 pm ET to see it in action.
Elissa Walters
elissa@tropicapp.io
Source: Tropic
