Amsterdam-based xxllnc, a leader in GovTech software, announced on Friday, October 13, that it has expanded its market position by acquiring Dutch tax software company Processfive.
This move enhances xxllnc’s portfolio of tax applications and allows them to offer comprehensive solutions within the tax domain.
This acquisition marks the 11th move for xxllnc since its collaboration with software investor Main Capital Partners.
More about Processfive
Founded in 2013, Processfive specialises in providing software and services for (semi) government clients in the tax domain.
The company’s solutions assist with tasks like object registration, process analysis, quality checks, and reporting data to basic registers. Its clients include companies such as the Municipality of Rotterdam, the Municipality of The Hague, Waternet, and BghU.
Processfive is located in Alphen aan den Rijn and has 18 employees.
Aim of the acquisition
xxllnc and Processfive have joined forces to expand their product offerings and services in the tax segment. This collaboration strengthens xxllnc’s leading position in the market by incorporating Processfive’s expertise.
Customers and employees can expect a seamless transition, with continued support and familiar services from Processfive. This partnership aims to enhance customer experiences and drive innovation in the tax sector.
Michel Veenhuis, CEO of xxllnc says, “We are very enthusiastic about the collaboration with the Processfive team, which will allow us to further broaden and substantively strengthen our product range.”
With this acquisition, Processfive’s shareholders and management team, including Rogier Noordam, Jeroen Prins, and Maarten Stam, will become co-shareholders in xxllnc and continue their roles within the organisation.
Brief about xxllnc
xxllnc, formerly known as Exxellence Group, is a software supplier specialising in providing smart and scalable applications for (semi-)government entities.
Established in 2001 as a spin-off from the University of Twente, xxllnc claims to have grown into a major player in the industry, with over 400 employees. Its applications support case-oriented working, data integration, taxes, social affairs, and spatial planning.
Since being acquired by Main Capital Partners in 2020, xxllnc has expanded through the addition of 11 software companies. Its clients include notable entities such as the Municipality of The Hague, the Municipality of Utrecht, UWV, and the Municipality of Leiden.
Charly Zwemstra, Managing Partner Main Capital Partners & Chief Investment Officer, says, “The combination between xxllnc and Processfive is another step for the company to strengthen its position as a complete and innovative player. Processfive has made good progress in recent years and is therefore a valuable addition to the organisation.”
About Main Capital Partners
Main Capital Partners is a software investor in the Benelux, DACH, and Scandinavian regions, with almost 20 years of experience. The firm works closely with management teams to foster sustainable growth in software companies.
As of October 2021, Main Capital manages over €2.2B in assets and has invested in more than 150 software companies, forming a portfolio of around 40 software groups with over 10,000 employees.
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