SEP Announces Strategic Growth Investment in Springtime Technologies
LONDON–(BUSINESS WIRE)– Scottish Equity Partners (“SEP”), a UK based growth equity investor, today 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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241126507228/en/
Markus Hübl, CEO, Springtime Technologies (Photo: Business Wire)
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.”
About SEP
SEP is a leading growth investor, specialising in enterprise software and technology scaleup companies in the UK and Europe. As well as investment, SEP works closely with the founders and leadership teams it partners with, and provides hands-on support, expertise and access to its international network. SEP has built a successful track record over the last three decades and takes a long-term collaborative approach to create enduring value. Learn more at sep.co.uk.
About Springtime Technologies
Springtime Technologies, based in Vienna, Austria, specialises in accounts payable automation software for large enterprises. Its flagship product, Invoicetrack, streamlines finance and operations workflows by automating data extraction, leveraging AI-powered matching engines, and integrating country-specific expertise. With over 190 team members and customers in more than 70 countries, Springtime Technologies is a trusted partner for global businesses seeking operational excellence. Learn more at go-springtime.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241126507228/en/
Contacts
Sarah Lee, 07766542110, sarah@hottinroof.co.uk
Jen Richards, 07538154114, jen.richards@hottinroof.co.uk