Holten-based Xential initiates its buy-and-build strategy by acquiring Alblasserdam’s Eformity

The Netherlands-based Xential, a software developer in the field of document creation, has acquired Eformity, a Dutch specialist in document creation and template management. 

This acquisition is the first step in Xential’s buy-and-build strategy since partnering with Main Capital Partners in June 2023.

Eformity was founded in 2013 and provides a multi-tenant SaaS document creation and template management platform. The product integrates with the Microsoft suite and other software systems. 

Serving a sector-agnostic customer base, Eformity’s platform is used in over 20 countries.

Ronald Bode, CEO and founder of Eformity, says, “Xential is an excellent strategic and cultural match for Eformity. We share similar cultures and ambitions and we are finally bringing together all of the smartest experts within the field of document creation to establish an even stronger offering for our combined customers.”

Building a document creation software group

Xential, founded in 2009 and headquartered in Holten (Netherlands), offers solutions for creating and managing documents anytime, anywhere, and enhancing information control. 

Serving over 250 customers across various sectors, Xential claims to have a “strong market position” in the Netherlands and over 100 customers in Germany. In 2023, Xential partnered with Main Capital Partners to accelerate its growth strategy.

Eformity is Xential’s first add-on acquisition, enabling expansion into new verticals and geographies while solidifying its position in the Benelux and DACH regions. 

With over 350 combined customers, the group aims to become a leading document creation software provider in Europe, enhancing its value proposition in a competitive market.

Speaking on this strategic partnership, Ruud Vos, CEO of Xential, says, “The acquisition of Eformity is a strategic choice and a natural step in the direction of building a solid powerhouse within document creation.”

“Eformity focuses more on ad-hoc creation and Xential focuses more on complex documents in different processes, therefore seamlessly complementing each other. I am very much looking forward to collaborating with Ronald and the rest of the Eformity team.”

Ivo van Deudekom, Investment Director at Main Capital Partners and Chairman of the Supervisory Board of Xential, adds, “Various trends and drivers, including the increasing need for efficiency in the workspace and the increasing importance of retaining and managing historical records, are expected to drive the estimated 15-20 per cent annual growth of the document management & creation software market in the upcoming years.”

“Eformity is capitalising on these market trends via their strong position within the Microsoft ecosystem, offering even more growth, scalability and internationalisation opportunities following the combination.”

“With Eformity and Xential, we combine two leading organisations in the document creation & template management software market, resulting in a strong foundation for additional European expansion.”

Brief about Main Capital Partners

Main Capital Partners is a software investor in the Benelux, DACH, Nordics, and the US, with €6B in assets. With over 20 years of experience, Main partners with management teams to drive growth in its portfolio of 45+ software companies. 

Headquartered in The Hague, Main has offices in Düsseldorf, Stockholm, Antwerp, and Boston, employing 75 people. 

Main also supports students pursuing IT and Computer Science studies at Technical Universities and Universities of Applied Sciences through its Main Social Institute, providing grants and scholarships.