Main Capital supports Onventis in the acquisition of process and e-invoicing specialist WorkFlowWise
Onventis management acquires the Dutch specialist for workflow automation and invoice and expense management with majority shareholder Main Capital. WorkFlowWise’s founders and managers share a common vision and will become co-partners in the growing group as part of the acquisition.
WorkFlowWise, headquartered in Rijswijk, the Netherlands, was founded in 1997 and has become one of the leading low-code platforms for workflow automation of procure-to-pay processes. The company’s core products include GO-Spend (invoice processing, invoice reconciliation, contract management, budget control, purchase management), GO-Expense (mobile receipting, expense reporting, approval management) and GO-Check (checklists, responsibilities, progress mapping). The low-code development environment enables rapid configurations and enhancements that flexibly adapt to customer needs. WorkFlowWise has a diverse customer base with more than 150 companies across a wide range of industries, including Adecco, CBRE, Thyssen Krupp, Hilton Food Group, SDU Publishers, K Line, Sysmex, Kennedy Van der Laan and WTH.
Many procurement managers and CPOs are struggling with globalization while facing simultaneous risks along the supply chain and cost reduction programs. The resulting complexity is forcing more companies to invest in digitizing and automating their procurement processes. Industry analysts predict that this growing pressure will increase the number of organizations turning to e-procurement solutions, fueling overall market growth in the coming years.
By merging with WorkFlowWise, Onventis will primarily expand the Open Procurement Network to include high-value, fully cloud-based invoice and expense management solutions that best fit into its existing platform. Onventis’ current and future customers will benefit from the integrated suite through additional functionality and improved flexibility across the entire procurement lifecycle – but especially from the “Procure-to-Pay” sub-suite “Pay”. In addition, Onventis is expanding its customer base to include the Benelux countries, paving the way for an international end-to-end platform. The management teams of Onventis and WorkFlowWise are excited about the shared vision and are working closely with Main Capital as the majority owner of the group.
Partnership Onventis – WorkFlowWise – Main Capital
Frank Schmidt (CEO of Onventis):
“We are very pleased to welcome the WorkFlowWise team to our company. From the beginning, we were impressed by the intelligent invoicing solutions, customer references and deep process know-how developed over the years. The combination of both product portfolios will enhance our e-procurement offering, especially in the fast growing market for fully automated invoicing solutions.”
Harm Poelen (Managing Director of WorkFlowWise):
“It is great that through the merger agreement with Onventis we can now offer one of the most advanced and comprehensive procurement suites for the mid-market. We see far-reaching synergies for the entire group that will help drive growth and further expand our international presence.”
Sven van Berge Henegouwen (Partner at Main Capital Partners):
“Since the start of Main’s partnership with Onventis in June 2019, we have worked hard to find the perfect invoicing and workflow automation software provider to complement Onventis’ product suite with a perfect fit. We are very excited to now be able to offer even better products and services to our customers through the merger with WorkFlowWise and their experienced management team.”
WorkFlowWise was founded in 1997 and has quickly become one of the leading cloud-based workflow automation companies in the Netherlands. With a particular strength in procurement and invoicing processes, WorkFlowWise helps its more than 150, mostly small to mid-sized customers reduce labor-intensive tasks and ease pressure on supply chain managers. In addition, budget control solutions ensure that users have full visibility and control over their spend. To meet even the most complex requirements, the underlying low-code platform enables easy customization and flexibility across the standardized product suite.
Cloud provider Onventis supports cross-sector customers from industry, service and trade in digitizing purchasing, including Berlin Hyp, Conrad, Deutz, Engie, Federal Mogul, GEA Group, Kühne & Nagel, Steigenberger, Schott and Techem. Onventis has optimized its e-procurement solutions for SMEs. The Onventis Open Procurement Network links B2B business processes of buyers and suppliers – simply and securely. In addition to holistic 360° purchasing processes for strategic and operational procurement, the all-in-one procurement network offers needs-based content integration and networking options across company boundaries. Worldwide, approximately 850 purchasing organizations with around 450,000 users and 50,000 suppliers handle over 10 billion euros in business volume annually via the Onventis platform.
Onventis Buyer supports purchasing in increasing corporate success through material cost savings and process optimization. Onventis Supplier helps suppliers win customers and capitalize on revenue opportunities.
The modular Onventis product portfolio has been awarded the BME seals of approval for “Supplier Relationship Management” and “Mobile Procurement” as well as the BITMI seals of approval for “Software Made in Germany” and “Software Hosted in Germany”. The information security management systems (ISMS) at Onventis are also certified according to ISO/IEC 27001.
About Main Capital
Main Capital is a strategic investor focusing exclusively on the software sector in the Benelux, Germany and Scandinavia. In this sector, Main Capital is one of the largest specialists in management buyouts and later-stage growth capital. Main Capital manages approximately one billion euros for investments in established but growing software companies in the Netherlands, Germany and Scandinavia. A team of experienced professionals manages the portfolio of software groups from The Hague, Düsseldorf and Stockholm.
Besides Onventis, Main Capital’s current investment portfolio consists of fast growing (SaaS) software companies such as Alfa (SE), WoodWing (NL), Exxcellence (NL), GBTEC (DE), Assessio (SE), Optimizers (NL), HYPE Innovation (DE), cleversoft (DE), Enovation (NL), SDB Ayton (NL), GOconnectIT (NL), JobRouter (DE), Inergy (NL), MUIS Software (NL), artegic (DE), OBI4wan (NL), b+m Informatik (DE), ChainPoint (NL) and RVC (NL). Main Capital also holds a stake in the managed hosting provider Denit. Main Capital has a long-term investment strategy with the intention to build larger and stronger software groups. Former successful Main Capital group companies include Roxit, Axxerion and Regas.