Irish software company SoftCo has been bought by private equity managers Keensight Capital in a deal reported to be worth around €100m.
Established in 1990 and headquartered in Dublin, SoftCo was founded by Jim Coffey and Susan Spence and operates in Ireland, the US, the UK and Finland.
The company makes software for automating business processes, purchase-to-pay, eHealthcare and cloud computing and its customers include PwC, Volkswagen, Primark, Logitech and the Finnish government.
It has over a million users worldwide with annual recurring revenues growing at over 25% a year and which are expected to further accelerate in the coming years.
"We are proud of how SoftCo has grown and as we step back, the company has never been as strong. SoftCo has the best technology in the market and a growing global customer base," Susan Spence, co-founder of SoftCo said today.
Jim Coffey, co-founder of SoftCo, said that while the company had approaches from many potential acquirers, Keensight Capital showed its ability to support the existing management team in achieving the next phase of growth.
"This was a major factor in our decision to select them," he added.
Yuri Mikhalev, Partner at Keensight Capital, said the company has been continuously impressed by SoftCo's unique know-how and leadership in the sector.
