Private equity firm Keensight Capital has become the new owner of Dublin’s software firm, SoftCo in a transaction rumoured to be worth in excess of €100 million, according to insiders from the industry. The disposition wasn’t only completed by Keensight Capital, CEO Anton Scott and his management cohort also made investments.
While the amount involved in the transaction was not disclosed, industry insiders confirmed that the sales value surpassed €100 million. This could mean a sizeable payout for co-founders Jim Coffey and Susan Spence who, prior to this deal, owned approximately 87.5% of the business with the rest falling under the control of Mr. Scott and sales director Killian McCarthy.
An important part of SoftCo’s future intentions is to expedite its development into the North American market, and to ensure sustained investment in its tech platform to facilitate business growth.
Mr. Coffey confirmed that other potential buyers showed interest, however, Keensight Capital won them over due to its demonstrated ability to assist the current management team in driving the company towards its next growth stage.
With its conception in 1990 by Mr. Coffey and Ms. Spence, SoftCo specialises in a procure-to-pay solution, a software platform that systematizes crucial financial procedures such as procurement, invoice automation, supplier management and reporting. The software is capable of boosting the efficiency of financial processes, granting businesses greater control and transparency over their expenditure and diminishing the necessity for manual intervention. The company boasts of an annual recurring revenue growth rate exceeding 25%, a trend projected to continue improving. Based in Dublin and having branches in the UK, US and Finland, SoftCo serves over a million global business users, which include PwC, Volkswagen, Primark, Logitech and the Finnish government.
Keensight Capital’s expertise in the source-to-pay sector ensures SoftCo’s successful transition into its next growth stage. As Ms. Spence asserted, the company, at its current strength, remains unmatched in the market, credit to its top-quality technology and continually expanding international customer base.
Throughout their association, Yuri Mikhalev, a partner at Keensight Capital, has recognised the remarkable expertise and leadership demonstrated by SoftCo, leading to impressive profit-driven growth and expansion, particularly in the North American market. Keensight Capital’s substantial experience in the sector, gained from successful investments in Onventis and e-Attestation, positions them well to understand and contribute to SoftCo’s market position and growth strategy.
Being one of the prominent growth buyout firms in Europe, Keensight Capital is known for its commitment to providing support to entrepreneurs executing their growth plans. The company has a proclivity for investing in profitable firms ranging in revenues from €10 million to €400 million for an extended term. With specific expertise in technology and healthcare, the firm is adept at identifying and investing in the most lucrative opportunities throughout Europe, forming strong partnerships with management teams to realise their vision.
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