With the support of 3i Group plc, the software manufacturer will continue to raise its international profile as a leading provider of accounts payable invoice automation.
AHRENSBURG, Germany, August 10, 2022--(BUSINESS WIRE)--xSuite Group, a leading provider of software applications in the field of accounts payable invoice automation ("APIA"), has gained a new investor. 3i Group plc ("3i") is an international investment management company that specializes in helping medium-sized enterprises internationalize and tap into new markets. 3i will invest alongside the previous owners, funds advised by Pinova Capital GmbH ("PINOVA") and the management team, who are reinvesting in the business as minority shareholders.
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From left to right: Michael Specht (3i), Matthias Lemenkühler (xSuite), Ulf von Haacke (3i), Richard Nagorny (xSuite), Thomas Radestock (xSuite) and Andreas Nowottka (xSuite). Photo: xSuite Group
3i invests in medium-sized companies whose technological expertise, pronounced growth potential, motivated employees, and proven track records set them apart from the competition. Fitting this bill every respect, xSuite was seen as an ideal investment by 3i.
xSuite operates within the growing market for APIA solutions. Across the business landscape, more and more companies are looking to implement solutions for automated invoice processing, spurred in part by the need to comply with corresponding statutory requirements. Indeed, forecasts predict an annual growth rate for the segment of over ten percent. xSuite offers such companies a mature, future-proof solution for digitization and automation. 3i will help xSuite accelerate its transition to a subscription-based business model.
Part of the SAP ecosystem, xSuite Group boasts strong technical expertise and already partners many highly complex global organizations. The company has a growing customer base of over 1,200 companies across more than 60 countries, to which it provides industry-leading technological expertise, top-notch service, and value creation through automation. 3i's investment will enable xSuite to accelerate its growth plans in North America and become a market leader in the US.
Ulf von Haacke, Partner and Managing Director of 3i in Germany: "We see significant potential to further develop and internationalize xSuite, working closely with its experienced management team and its motivated, highly skilled employees."
Matthias Lemenkühler, xSuite Group CEO: "With its long-standing focus on international growth strategies and its deep industry expertise, 3i is an excellent fit for us. Working with them will allow us to take our ideas and technology further into new markets, and we very much look forward to that. The move is also in keeping with our objective of achieving long-term security for our customers and employees."
3i’s accession to the company will not result in any changes at management level. Matthias Lemenkühler, Richard Nagorny, Andreas Nowottka and Thomas Radestock will continue to lead xSuite Group. With a view to further driving its growth trajectory, xSuite is currently looking for new employees across its various business areas and will be supported by 3i in this endeavor.
About 3i Group
3i is a leading international investment management company focused on mid-market private equity and infrastructure. Its main investment markets are Northern Europe and North America. The company has been active in German-speaking countries since 1984. www.3i.com
About xSuite Group
With offices in the U.S., Europe and Asia, experience across industries and multiple SAP solutions to boot, xSuite is a top innovator in optimizing SAP-based P2P workflows, providing software and implementing solutions for over 1,200 clients. The company has become a trusted partner in modernizing AP systems and automating manual, paper-based processes.
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