American tax and compliance automation software maker Vertex has launched a cash bid to acquire in full Sweden’s Pagero Group in a deal valued at $555 million. The per-share offer represents an approximately 71 percent premium to Pagero’s closing price on December 12, 2023.
Update (02:00 CEST, January 15, 202t): Following a revised bid of $789 million from Thomson Reuters, Vertex has withdrawn its offer.
Headquartered in Gothenburg and employing approximately 850 people, Pagero provides B2B customers digitalisation and automation services, specifically in the purchase-to-pay and order-to-cash realm. The company has multiple offices distributed globally and whose history stems back to the early 1990s and includes a Nasdaq listing in late 2021.
In October of this year, Vertex and Pagero engaged in a partnership that sought to provide enterprise clients with a full-service business transactions automation solution, complete with indirect tax, reporting, and e-invoicing compliance.
On the partnership and now acquisition, Vertex CEO David DeStefano commented:
“E-invoicing has become one of the fastest growing challenges facing our global enterprise customers, making this transaction a logical next step.
"We are confident that together, we will create a best-in-class solution for all indirect tax and e-invoicing needs to help customers navigate complex and evolving compliance mandates, expand our international reach, and unlock additional value for shareholders.”
Pagero’s Board of Directors has unanimously agreed to recommend to its shareholders to accept Vertex’s offer.
Representing just over 40 percent of the company’s controlling interest, two largest shareholders, Vålåuggen Invest AB which is controlled by Summa Equity, and Greenfield AB and Norelia AB which are both controlled by Pagero’s CEO Bengt Nilsson, have submitted their approval of the offer set forth by Vertex.
The deal is expected to close on or around February 1, 2024.
Lead image via Pagero,