Springtime Technologies, an Austrian startup specialising in accounts payable automation software, has secured a “significant investment” from UK-based growth equity investor, Scottish Equity Partners (SEP). The funding will drive Springtime’s product development and support its plans for global expansion.
Springtime’s flagship product, Invoicetrack, automates complex finance and operations workflows. The platform integrates advanced data extraction, an AI-powered matching engine, and country-specific processing expertise, enabling invoice management across more than 70 countries. The company has attracted clients such as Boehringer Ingelheim, Essity, Festo, and Evonik.
With accounts payable often being a resource-intensive task for large enterprises—especially in sectors with complex, multi-line invoices like manufacturing, life sciences, and chemicals—Invoicetrack promises to handle intricate use cases.
Markus Hübl, Founder and CEO of Springtime Technologies, shared his excitement about the partnership with SEP: “Our mission is to transform financial accounting operations by leveraging cutting-edge technology to drive efficiency and accuracy for global enterprises. SEP is a great fit for Springtime because their strategic expertise in high growth software companies and commitment to innovation align perfectly with our goals of expanding our reach and enhancing our product capabilities.”
According to SEP, the accounts payable automation market is expanding rapidly, valued at over €2.8 million and growing at approximately 20% per year. This is driven by stricter procurement regulations and the challenges posed by increasingly fragmented global supply chains.
The investment from SEP is expected to enable Springtime to scale its operations, further enhancing its AI-enabled platform and expanding its global footprint.
SEP’s Principal, Taylor Rampton, praised Springtime’s achievements and potential: “Sprinacgtime has a differentiated and market-leading product offering for large enterprises, and its new AI-enabled framework is delivering significant performance improvements for its customers. Markus, Stefan, and the broader Springtime team have built an outstanding business, which aligns with our strategy to partner with capital efficient software scaleups, particularly where they are delivering clear productivity benefits within large organisations. We are delighted to support the team in the next phase of their journey.”
Read the orginal article: https://www.eu-startups.com/2024/11/modling-based-springtime-technologies-secures-growth-investment-from-sep-for-global-expansion/
