Irish secure-to-pay and compliance technology company Softco has been acquired by private equity firm Keensight Capital for an undisclosed sum.
The company was founded in 1990 by Jim Coffey and Susan Spence. The company is headquartered in Dublin and has operations in the United States, Finland and the United Kingdom.
The company reports more than 1 million customers worldwide, including PwC, Volkswagen, Primark and Logitech.
Mr. Spence and Mr. Coffey will step down from the company after the acquisition.
Coffey said he had been approached by a number of potential buyers, but felt Keensight Capital had “demonstrated the ability to support the existing management team to achieve the next stage of growth.” .
“That was a big factor in our decision to choose them.”
Spence thanked the company’s employees and customers for their many years of service.
The company provides financial processes that give businesses more control and visibility into their spending.
The company’s management team, led by CEO Anton Scott, will also invest in SoftCo along with Keensight Capital.
Keensight Capital is a pan-European growth buyout firm that has been in business for 20 years.
Yuri Mikhalev, partner at Keensight Capital, said that with deep domain expertise from successful investments in Onventis and e-Attestation, “we understand SoftCo’s market and are committed to contributing to the company’s strategic vision and growth.” “We are in a good position to do so.”