Scottish Equity Partners (SEP), a UK based growth equity investor, announced a growth investment in Springtime Technologies, an accounts payable automation software company operating in Vienna, Austria.
The investment from SEP will now aim to accelerate Springtime’s product development and expand its market presence.
Springtime’s software product, Invoicetrack, streamlines finance and operations workflows via automated data extraction and ingestion capabilities, “an AI-powered matching engine, and country-specific processing expertise which has been embedded in the solution.”
These capabilities enable customers to efficiently “process invoices across more than 70 countries.”
Accounts payable is a resource-intensive process for large firms, particularly where there are numerous corporate entities “operating across different jurisdictions.”
The problem is acute in process heavy industries, such as manufacturing, life sciences and chemicals, where “multi-line, complex invoices are commonplace.”
The strength of Springtime’s Invoicetrack product is its ability to address complex use cases, with customers typically “processing millions of invoices per annum.”
Its customer base reportedly includes Boehringer Ingelheim, Essity, Festo, and Evonik.
The firm claims that it achieved “profitable” growth since inception, and now “employs over 190 people.”
The global accounts payable automation market is reportedly worth $3 billion+ annually and is growing at c.20% per year.
Trends towards prescriptive procurement regulation, combined with increasingly fragmented and volatile global supply chains, are “expected to further drive demand for modern software in this market.”
Markus Hübl, Founder and CEO at Springtime Technologies, said:
“Our mission is to transform financial accounting operations by leveraging cutting-edge technology to drive efficiency and accuracy for global enterprises.”
SEP’s investment has reportedly been led by Taylor Rampton, Daniel Muranda, and Angus Conroy.
Taylor Rampton, Principal at SEP, said that springtime has a differentiated and product offering for large enterprises, and its new AI-enabled framework is delivering “significant performance improvements for its customers. Markus, Stefan, and the broader Springtime team have built an outstanding business, which aligns with our strategy to partner with capital efficient software scaleups, particularly where they are delivering clear productivity benefits within large organizations.”
As noted in the update, SEP is a growth investor, focused on specializing in enterprise software and technology scaleup firms operating in the United Kingdom as well as Europe.
As stated in a release, SEP works with the founders and teams it partners with, and provides support, expertise and “access to its international network.” SEP claims that it has built a track record and takes a “long-term” collaborative approach to create value.
