Irish tech firm SoftCo acquired by private equity firm

SoftCo co-founders Jim Coffey and Susan Spence will be stepping back from the company after the acquisition by Keensight Capital.

Irish procure-to-pay and compliance tech firm SoftCo has been acquired by private equity firm Keensight Capital for an undisclosed amount.

The company was established in 1990 by Jim Coffey and Susan Spence. It is headquartered in Dublin and has operations in the US, Finland, and the UK.

The company reports to have over 1m customers worldwide, including PwC, Volkswagen, Primark, and Logitech. 

Ms Spence and Mr Coffey will be stepping back from the company after the acquisition.

Mr Coffey said they were approached by a number of potential buyers but felt Keensight Capital “showed its ability to support the existing management team in achieving the next phase of growth”.

“This was a major factor in our decision to select them.” 

Ms Spence thanked the employees and customers who have been with the company over the years.

The company offers financial processes that allow businesses to have greater control and visibility of their spending.

Its management team, which is chief executive Anton Scott, will also be investing in SoftCo alongside Keensight Capital.

Keensight Capital is a pan-European growth buyout firm that has been in operation for 20 years.

Keensight Capital partner Yuri Mikhalev said, from its deep sector expertise from successful investments in Onventis and e-Attestation, "we understand SoftCo's market and are well placed to contribute to the company’s strategic vision and growth".