Acquisition follows recent combination with Reepay to create a pan-European leader in the subscription management & recurring billing market
billwerk Group (“billwerk”), a leading European provider of subscription management and recurring billing software solutions, today announced the acquisition of Sofacto, a leading French Salesforce.com technology-based subscription management and recurring billing application provider.
PSG, a leading growth equity firm that focuses on partnering with middle-market software and technology-enabled services companies, will continue to hold a controlling stake in the billwerk Group, which also includes Reepay, a leading Danish cloud-based SaaS platform that allows companies to manage their payment processes and subscriptions.
Available on the AppExchange, the B2B application marketplace of the world leader in SaaS CRM, Sofacto’s subscription management and recurring billing application is built on and fully integrated with the Salesforce Lightning platform, allowing customers to manage billing, invoicing, subscriptions and payments directly within their CRM. Headquartered in Montpellier, the eponymous application is used by over 165 enterprises in France and their subsidiaries abroad.
The addition of Sofacto to the billwerk Group is expected to expand the group’s product offering by integrating the Salesforce ecosystem into the group’s existing suite of software solutions. Furthermore, Sofacto’s leading market position in France is expected to add to billwerk and Reepay’s strong presence in the DACH and Nordic regions respectively and support the platform’s ambitions of becoming a pan-European leader in the recurring market economy.
Following the transaction, Frederi Scotto, CEO of Sofacto, will continue to lead the company and plans to work closely with Dr. Ricco Deutscher, billwerk Group CEO, to integrate Sofacto into the billwerk platform.
Dr. Ricco Deutscher, Group CEO and Co-Founder of billwerk, said: “We are excited to be further strengthening billwerk’s product offering with the addition of Sofacto. As well as providing the existing platform with Salesforce integration, we believe the acquisition provides the group with a strong foothold in the French market which we expect will support us in meeting our goal of becoming the European leader in subscription management.”
“We are looking forward to working closely with the billwerk and PSG teams, who we believe are the right partners to support the next phase of Sofacto’s growth,” added Frederi Scotto, CEO of Sofacto. “We share Ricco and the team’s ambitions of creating a leading subscription management provider in Europe and are excited to be a part of billwerk’s journey going forward.”
Romain Railhac, Managing Director at PSG, said: “We believe that there is huge growth potential in the European subscription management market as companies continue to digitalise their business models. Adding Sofacto to the billwerk platform represents the next step in creating a scaled European player offering leading solutions to support businesses by growing and optimising their subscription and payment management operations.”
PSG announced its majority growth investment in billwerk, headquartered in Frankfurt, in May 2021. In November 2021, billwerk announced that it had joined forces with Reepay to create a leading pan-European software provider of subscription management, billing and payment solutions to subscription businesses and webshops of all sizes.
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybersecurity, go to AI-Techpark.com.