Amsterdam-based SpendLab, an AI-driven accounts payable auditing platform, has announced a partnership with New York’s Story Capital through a strategic majority investment.
This collaboration will help SpendLab propel its efforts to revolutionise accounts payable management for global enterprises and the public sector using its “market-leading” technology solutions.
Capital utilisation
Story Capital’s strategic investment, known for its emphasis on technology transformation, will expedite SpendLab’s new product development, global expansion, and team growth.
Sebastian Morales, the newly appointed CEO of SpendLab, says, “Partnering with Story Capital marks a historic milestone for SpendLab. This investment transcends financial support, representing a strategic alliance to amplify our technology and expand our market presence.”
“Together, we are committed to achieving unparalleled efficiency and substantial savings to our global clients and accelerate our growth trajectory.”
Jos Houben, Founder of SpendLab, adds, “We chose Story Capital as our partner, because of Story’s unique blend of entrepreneurial experiences, technological value-add in multiple facets such as AI, engineering and product, category expertise, and a shared vision for the future of SpendLab.”
“This partnership is our commitment to driving innovation and excellence in the AP space for our current and future customers.”
As part of the deal, the previous owner group, led by Jos Houben, will retain a substantial equity stake in the company and remain active on the SpendLab Board.
Analyse accounts payable, VAT, and vendor balances
Founded in 2002, SpendLab claims to be a pioneer in the accounts payable (AP) industry, utilising over 450 algorithms and proprietary AI models to identify and rectify payment inaccuracies spanning AP processes, VAT, and vendor balance reconciliation.
Since its inception, the company has scrutinised over 1 billion customer invoices, resulting in the recovery of more than €500M for global enterprise customers across diverse sectors, including technology, consumer, healthcare, finance, automotive, and public sectors.
SpendLab combines its technology with in-house expertise to deliver “superior” savings with “unparalleled” speed and precision for its customers.
Brief about Story Capital
Story Capital operates as an investment firm to establish enduring technology enterprises. Functioning as company builders, the firm collaborates with profitably growing businesses capable of achieving advancements through technology transformation.
The firm says, “As a mix of seasoned investors, entrepreneurs, and product builders, we are uniquely positioned to add value from Day 0.”
“Our expertise in product development, engineering, GTM, capital allocation and M&A equips us to immediately deliver comprehensive support, foster rapid growth and unlock efficiency for companies who are looking to transform their business through technology.”
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