Summa Equity has acquired a majority stake in Pagero Online, a cloud-based network platform for communication of business documents within the purchase-to-pay, order-to-cash and logistic-to-pay processes.
Pagero Online’s chief executive officer Bengt Nilsson and management will reinvest alongside Summa Equity.
The investment will be made through a rights issue of SEK100m (€10.39m) and the acquisition of shares from existing shareholders.
Summa Equity will support Pagero through continued investment in R&D, new markets, and people.
Pagero is expected to benefit from the global trends towards increasing digitalisation and automation of business processes, and increasing regulatory demands on compliance.
The company offers a SaaS provider with more than 80 per cent recurring revenues, over 20,000 customers, more than 1.5 million transactions per month, and a network that reaches millions of companies directly and via roaming agreements.
Pagero has over 190 employees, 50 of which work in R&D. It is headquartered in Gothenburg, Sweden, with offices in Stockholm, Oslo, Copenhagen, Helsinki, London, Dublin, Amsterdam, Rome, Madrid, Paris, Istanbul and Dubai.
Pagero saw revenues grow to SEK168m (€17.46m) in 2016.