BrazilSpendLab embarks on next growth chapter with US investor
Investor group Story Capital has acquired a majority stake in SpendLab, a Netherlands-based company specialised in accounts payable transformations.
With the added financial muscle of Story Capital, SpendLab aims to accelerating its growth agenda, among others through investing in its product suite, expanding its international presence, and expanding its team.
“This strategic investment from Story Capital will further cement our leadership in the account payables audit and recovery space,” said Jos Houben, Founder of SpendLab.
US-based Story Capital has acquired a majority stake in SpendLab, with the remaining equity ownership staying in the hands of the previous owner group. Financial terms and conditions have not been disclosed.
Founded in 2002, SpendLab helps companies (public and private sector) with rapidly gaining insight in which claims are still outstanding, and which invoices have been paid incorrectly (due to for example fraud or double-paid invoices). With these insights, organisations can then bring in these funds through recovery processes.
According to its own records, SpendLab has since its inception analysed over 1 billion customer invoices, recovering more than €500 million for enterprise customers across various sectors such as technology, consumer, healthcare, finance, automotive and public sectors.
Shuo Zheng, General Partner at Story Capital, described SpendLab as the “epitome of innovation and leadership” in the accounts payable market. “We are thrilled to support their trailblazing path towards a global technology powerhouse, and delivering unparalleled value to customers worldwide.”
“We chose Story Capital because of their unique blend of entrepreneurial experiences, technological value-add in multiple facets such as artificial intelligence, engineering and product, category expertise, and a shared vision for the future of SpendLab,” said Houben.
Sebastian Morales, the newly appointed CEO of SpendLab, shared his excitement about the alliance: “Partnering with Story Capital marks a historic milestone for SpendLab. This investment transcends financial support, representing a strategic alliance to amplify our technology and expand our market presence. Together, we are committed to accelerate our growth trajectory.”
