Houlihan Lokey Advises xSuite and PINOVA Capital

Houlihan Lokey is pleased to announce that xSuite, a leading accounts payable process automation specialist focused on the SAP ecosystem and a portfolio company of PINOVA Capital, has received an investment from 3i.

Headquartered in Ahrensburg near Hamburg, Germany, xSuite specialises in software applications for Accounts Payable Invoice Automation (APIA), which enable customers to digitalise, streamline and automate invoice processing, helping them to reduce costs, drive efficiencies, and improve quality. More than 230 employees at corporate offices in Germany, Denmark, the Netherlands, Singapore, Slovakia, Spain, and the US develop additional workflows and integration capabilities specific to the SAP ecosystem, in which the company serves many of the most complex, global organisations and has strong technical expertise.

xSuite has a growing customer base of more than 1,200 clients in over 60 countries with best-in-class retention. Customer satisfaction is high given the company’s industry-leading technological capabilities, strong service levels, and the value delivered with its automation capabilities. xSuite historically specialised in the DACH region but has a growing presence in the US where it has won several blue-chip clients such as Dole, Lionsgate, and Crocs, and is scaling rapidly.

3i specialises in helping mid-market businesses internationalise and tap into new markets. With its global network of experts, 3i will support xSuite to build on its emerging presence in the US market and scale its North American operations. Together with 3i, xSuite will also focus on accelerating the transition to more subscription software revenues. 3i will also be able to help the xSuite team accelerate growth by leveraging commercial best practices that it has implemented across other recent portfolio companies. 3i will invest alongside the previous owners, funds advised by PINOVA Capital and the management team, who are reinvesting in the business as minority shareholders.

Houlihan Lokey served as the exclusive financial advisor to xSuite and PINOVA Capital and assisted the management and shareholders throughout the transaction, including marketing document and business plan preparation, due diligence process coordination and transaction negotiations.