Draft:SoftCo
| Company type | Private |
|---|---|
| Industry | Financial automation software |
| Founded | 1990 |
| Headquarters | Dublin, Ireland |
Area served | Europe, North America |
Key people | Anton Scott (CEO), Susan Spence (Co‑Founder), Jim Coffey (Co‑Founder) |
| Website | www |
SoftCo is a cloud-based platform that automates key finance processes from procurement and purchase orders to invoice processing, supplier management, payments, and compliance reporting.[1] The company operates in Europe and North America, with offices in Dublin, the United States, the United Kingdom, and Finland..[2]
History
[edit]SoftCo was founded in 1990 in Dublin by Susan Spence and Jim Coffey to address inefficiencies in manual finance workflows.[3] It began as a provider of document management systems before expanding into procure‑to‑pay and accounts payable automation.
In the 2000s, the company launched workflow‑based invoice approval tools and introduced ERP integrations with platforms such as SAP and Oracle.[4] In the 2010s, SoftCo added vendor management and e‑invoicing capabilities, supporting compliance with tax and procurement regulations in multiple jurisdictions.
In 2016, SoftCo secured a €17 million contract with the Government of Finland to digitize procurement across more than 70 departments as part of the national "Handi" program.[5][6] In 2020, the company launched ExpressAP, a cloud‑based accounts payable automation product for rapid deployment.[7]
In March 2024, SoftCo was acquired by European private equity firm Keensight Capital in a deal valued at over €100 million. The acquisition was intended to support further expansion in North America and continued product development, with Anton Scott leading the company as CEO.[8]
Products
[edit]SoftCo’s platform includes modules for:
- Procurement and purchase order management
- Invoice capture, processing, and approval workflows
- Vendor Management
- E‑invoicing
- Payment processing
- Compliance reporting
The software incorporates machine learning and artificial intelligence for features such as 3‑way invoice matching, auto‑coding, and compliance validation.[9] SoftCo integrates with ERP systems including SAP, Oracle, Microsoft Dynamics, and Infor.
Notable Implementations
[edit]SoftCo’s public sector work includes the Finnish government procurement project, which achieved an estimated 80% reduction in invoice processing costs.[10]
Corporate clients include Primark, PwC, Logitech, Lloyds Bank, and Volkswagen.[11]
Reception
[edit]In 2024, SoftCo received Microsoft Ireland’s “ISV Innovation Partner of the Year” award for its cloud software built on Microsoft Azure and integration with Dynamics 365.[12] The company has been listed among the top accounts payable solution providers in Europe by CFO Tech Outlook.[13]
Sponsorships
[edit]SoftCo has sponsored the Ireland women's national field hockey team since 2018, gaining national attention during the team’s run to the World Cup final.[14] In 2024, the sponsorship was extended to support both the men’s and women’s teams through 2025.[15]
References
[edit]- ^ "Dublin-based software firm SoftCo acquired in deal estimated to be worth more than €100m". The Irish Times. 5 March 2024.
- ^ "SoftCo expands into United States".
- ^ "SoftCo - Keensight Capital".
- ^ "Tech firm SoftCo wins €17m contract with Finnish government". The Irish Times.
- ^ "Tech firm SoftCo wins €17m contract with Finnish government". The Irish Times.
- ^ "Unlocking Nordic Public Procurement: A Gateway for Irish Innovation".
- ^ "SoftCo Rolls Out ExpressAP For Invoices". PYMNTS. June 2020.
- ^ "SoftCo acquired by Keensight Capital". Irish Independent. 5 March 2024.
- ^ "Unlocking Nordic Public Procurement: A Gateway for Irish Innovation".
- ^ "Unlocking Nordic Public Procurement: A Gateway for Irish Innovation".
- ^ "Business Person of the Month May 2022: Susan Spence, Co-Founder and President, SoftCo". Business & Finance.
- ^ "Microsoft Ireland Announces 2024 Partner of the Year Award Winners". Irish Tech News.
- ^ "Top Accounts Payable and Receivable Solution Companies in Europe".
- ^ "Jolly hockey sticks: SoftCo scores big with sponsorship of women's team". The Irish Times.
- ^ "SoftCo Extends Partnership with Hockey Ireland to end of 2025".