Scottish Equity Partners (“SEP”), a UK based growth equity investor, on 26 November 2024, announced a strategic growth investment in Springtime Technologies (“Springtime”), a leading accounts payable automation software company based in Vienna, Austria. The significant investment from SEP will accelerate Springtime’s product development and expand its market presence globally.
Springtime’s flagship software product, Invoicetrack, streamlines finance and operations workflows through 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 often a resource-intensive process for large enterprises, particularly where there are numerous corporate entities operating across different jurisdictions. The problem is particularly acute in process heavy industries, such as manufacturing, life sciences and chemicals, where multi-line, complex invoices are commonplace.
The core strength of Springtime’s Invoicetrack product is its ability to address complex use cases, with customers typically processing millions of invoices per annum. Its blue-chip customer base includes Boehringer Ingelheim, Essity, Festo, and Evonik. The company has achieved profitable growth since inception, and now employs over 190 people.
The global accounts payable automation market is worth more than $3 billion annually and is growing at c.20% per year. Trends towards more 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 is a great fit for Springtime because their strategic expertise in high growth software companies and commitment to innovation align perfectly with our goals of expanding our reach and enhancing our product capabilities.”
SEP’s investment was led by Taylor Rampton, Daniel Muranda, and Angus Conroy.
Taylor Rampton, Principal at SEP, said, “Springtime has a differentiated and market-leading 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 organisations. We are delighted to support the team in the next phase of their journey.”
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