Archive for Merger, Acquisition, Funding

Foriba completed its second, USD 5mln round of investments with IFC leadership

Foriba currently serves more than 5,000 customers and manages 60% of all e-Invoices in Turkey. Growing steadily every year since the first investment from Revo Capital, Foriba aims to obtain new investments in the future, and also to make its own investments as a company

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Basware sells its Financial Performance Solutions and Banking businesses

Basware Corporation has signed an agreement to sell its Financial Performance Solutions and Banking businesses to Verdane Capital, an active owner of technology-enabled growth companies in Northern Europe.

The combined sale price of the two businesses is approximately EUR 35.0 million, subject to certain adjustments. In 2017, the net sales of the business operations agreed to be sold were approximately EUR 15 million and direct carved out costs approximately EUR 7 million.

The transaction is expected to be completed as soon as possible in the first quarter of 2018. There are no conditions precedents for transaction closing. The transaction price will be paid in cash in connection with the closing of the transaction. 95 employees will be transferred to the buyer.

Vesa Tykkylainen, CEO, Basware Corporation:
“The sale is aligned with our cloud-focused global growth strategy. Financial Performance Solutions and Banking have been part of our heritage and we are proud of the solutions. However, they have been primarily Finland specific non-cloud businesses and are thus not aligned with our strategy. The disposal enables us to simplify and focus our energy and attention fully on our high growing cloud business.”

 

Sovos continues expansion with the acquisition of FiscalReps

By acquiring FiscalReps, Sovos can better prepare insurers for the digital future of tax compliance and reporting as it expands its European operations to support its global clients.

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Opus Capita acquires Swiss e-invoicing portal Billexco

The Billexco network is used by 15 000 supplier companies and 70 buyer organizations in Switzerland and Central Europe, and it is one of the three e-invoicing gateways to the Swiss government.

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Sovos acquires Paperless, creating the 1st global solution for B2G reporting 

With the acquisition, Sovos adds eReceipts to its real-time tax reporting solution, expands its presence in Brazil and extends Latin American operations to Chile, Colombia and Peru.

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Pagero raises EUR 10 million for international growth

The company says it will use the funding to expand in Europe and North America, and to expand its workforce to 250 employees.

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Thomas Bravo / Hyland buys Readsoft, Kofax, Perceptive Software from Lexmark

Kofax and ReadSoft will unite to create a single, independent company under the Kofax brand. The Perceptive Software business will become part of Hyland.

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Robotic Accounting start up raises USD30 million investment

UiPath, a New York-based company that uses computer-vision to automate repetitive business processes involving software, has raised $30 million to help expand globally, according to DigitalCommerce360.

The move comes as companies increasingly look to artificial intelligence to solve the sorts of routine tasks, such as checking invoices and inputting data from human resource forms into databases, that they once outsourced to low-cost human contractors.

UiPath’s software, unlike most macros, can carry out tasks across any software the business is using. In addition, users can train the tool with a set of rules or steps for analyzing the data it is handling. For instance, it could look up data from an SAP system, check if it meets certain conditions, and then input it into a Salesforce database.

UiPath says that it has 200 customers, including Lufthansa, Generali, Telenor and Dong Energy. It also has partnerships with consulting firms Deloitte and Capgemini, which often recommend its products to their clients.

The market for what is known as robotic process automation software is expected to reach $8.75 billion annually by 2024, up from about $125 million in 2015, tech research firm Grand View Research wrote in an October 2016 report. Grand View estimated that these software solutions are, on average, 60 percent cheaper than using humans to perform the same tasks and cost 30 percent less than using contractors in low-paid countries, such as India.

With the $30 million new investment, UiPath said it will be adding more “cognitive capabilities” to its product, such as natural-language processing and document sorting, so that it can handle both structured and unstructured data.

UnifiedPost acquires Onea and Nomadesk

April 7, 2017  |  Merger, Acquisition, Funding

With the acquisitions UnifiedPost moves a step forward in its aims to offer a one-stop-shop portfolio of B2B services to its customers.

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Tradeshift buys the IBX Platform from CapGemini

March 10, 2017  |  Merger, Acquisition, Funding

What started as a partnership with Tradeshift to complement the IBX platform and address the full source-to-pay needs of clients, ended up in a acquisition.

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