Accounting software firm Glantus believes that its accounts payable analytics technology could become highly significant as companies look to invest in automation to make their cash generation more efficient. The accounts payable automation market is expected to grow at around 10% a year and it could be worth €3.3bn in 2027.
Management is experienced in the technology sector and the company has built up its own IP. Growth will come from cross-selling products to existing customers and securing new, large customers.
Existing shareholders raised £3.8m after expenses. The company receives £8.7m after expenses and that will be invested in sales and marketing, as well as customer management. There could also be acquisition activity. Glantus might even become an acquisition target.