Altor acquires a majority stake in Palette Software
Altor Fund V (“Altor”) has signed an agreement to acquire a majority stake in Palette Software AB (“Palette”). Altor acquires the company from previous owner Monterro, founders and management. The ambition is to accelerate investments in growing Palette into one of the leading accounts payable automation software providers globally.
Palette is an Accounts Payable automation (AP Automation) software company offering procure-to-pay and digital invoice processing solutions for the SME and mid-market segments. The company, which has 12o employees and is headquartered in Stockholm, has more than 1,500 customers predominantly in Sweden and Finland. Palette has annual recurring revenue (ARR) of approximately 200 MSEK.
“We see an ever-increasing demand for our AP Automation software across all markets globally” says Mats Ferm, CEO of Palette. “We look forward to partner with Altor in order to increase the investment pace in our product and sales organization and accelerate our international growth trajectory.”
Altor has a long track record of partnering with software companies and successfully support these companies on their growth journeys. “Palette’s best-in-class solutions gives organizations control over their spend, improves compliance, and delivers significant cost savings” says Petter Samlin, Partner at Altor, “We are truly impressed by what Palette and all employees have achieved over the past years and look forward to be part of the next phase of the growth journey and building a global champion within AP Automation”
For more information, please contact:
Tor Krusell, Head of Communications at Altor, email@example.com, +46 705 43 87 47
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 75 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Meltwater, QNTM, Ludvig & Co, Carnegie, and RevolutionRace. For more information visit www.altor.com