Press release -
Monterro divests AP Automation Platform Palette Software to Altor
Monterro, the leading Nordic growth investor into B2B software companies, has signed an agreement to divest its stake in Palette Software to Altor Fund V.
Palette Software was acquired by Monterro in 2015 and, under Monterro’s ownership, the company has been transformed into a next generation Accounts Payable Automation platform.
- “We are really pleased with the outcome of this growth journey we have taken together with the Palette team”, says Thomas Bill, Co-Founder of Monterro and Chairman of the Board at Palette Software. “We are happy to see how successfully Palette’s CEO Mats Ferm and the management team have scaled the company’s product and business model to become a leader in AP Automation. We look forward to following their continued journey ahead”.
- “Monterro has offered tremendous support in scaling our company and preparing us for global leadership”, says Mats Ferm, CEO of Palette Software. “We’ve gone from offering an on-premise solution with an upfront pricing model to a subscription-based cloud offering. We’ve quadrupled our recurring revenue, established a strong footprint in the Nordics and successfully entered the US market. This wouldn’t have been possible without the support from Monterro”, he continues.
Petter Samlin, Partner at Altor, adds “We are excited to bring Palette Software into our portfolio of companies. We are truly impressed by what Palette and all of its employees have achieved over the past years and look forward to helping them to reach their goal of becoming a global champion within AP Automation”.
EY acted as financial advisor to Monterro and Setterwalls as its legal advisor.
Monterro is the leading B2B software investor in the Nordics, with a mission to turn Nordic software companies into market leaders and global players within their niches. Our team has successfully developed and led companies such as Pointsec, Episerver and Orc Software – and we bring this operational experience to the Monterro portfolio, supporting the companies in all aspects of growth. We also bring significant financial commitment to our partnerships, with 30% of capital coming from our partners and employees.