SoftCo’s expansion into North American market to be accelerated by acquisition by European growth buyout firm.
One of Ireland’s longest established and successful business software companies SoftCo has been acquired by Keensight Capital for an undisclosed sum.
Keensight Capital is one of the leading European growth buyout firms and invests in high growth potential firms with revenues in the range of between €10m and €400m.
“SoftCo has the best technology in the market and a growing global customer base”
SoftCo was established by Jim Coffey and Susan Spence in 1990 and is headquartered in Dublin.
Streamlining and automating finance
The business is a fast-growing provider of procure-to-pay (P2P) and compliance software that streamlines financial processes for organisations.
SoftCo is one of Ireland’s most successful international software companies with global blue-chip customers and operations in the US, Finland, the UK and Ireland. SoftCo has grown to over a million users worldwide with annual recurring revenues growing at over 25% per annum and expected to further accelerate in the coming years.
“We are proud of how SoftCo has grown and as we step back, the company has never been as strong,” said Susan Spence. “SoftCo has the best technology in the market and a growing global customer base. We would like to thank all our employees, customers and partners who joined us on the journey over the last 34 years.”
Jim Coffey, co-founder of SoftCo, added: “While we had approaches from many potential acquirers, Keensight Capital showed its ability to support the existing management team in achieving the next phase of growth. This was a major factor in our decision to select them.”
Keensight Capital says it intends to capitalise on its extensive knowledge of the Source-to-Pay sector, a large and fast-growing market characterised by increasing digitalization, to support SoftCo in its next phase of growth.
The company’s management team, led by CEO Anton Scott, is investing alongside Keensight Capital and the partnership will drive further value creation through accelerated expansion into the North American market, continued investments in the technology platform and further leveraging partner channels.
“Over the years, we got to know the Company and its team well, and have been continuously impressed by SoftCo’s unique know-how and leadership in the sector,” explained Yuri Mikhalev, Partner at Keensight Capital.
“This has allowed SoftCo to achieve strong profitable growth and remarkable expansion in North America. Leveraging our deep sector expertise from successful investments in Onventis and e-Attestation, we understand SoftCo’s market and are well placed to contribute to the company’s strategic vision and growth.”
Main image at top: SoftCo co-founders Jim Coffey and Susan Spence
