Pagero Acquisition, Valuation, Funding & Investors

Pagero was acquired by Thomson Reuters for $800M in January 2024.

Pagero acquisition price

$800M

Acquired by Thomson Reuters ยท Jan 2024

Cumulative funding Pagero raised

$11M

across 1 funding round

Key investors in Pagero

  • Total

Pagero Overview

About Pagero

Pagero is a Gothenburg-headquartered e-invoicing network connecting buyers and suppliers in over 50 countries for compliant document exchange. Its platform automates order-to-cash and purchase-to-pay workflows, supporting PEPPOL standards and local tax rules in Europe and Asia. Pagero processes 500 million transactions yearly for clients like Coca-Cola. Founded in 1997, it offers APIs for ERP systems such as SAP.


Founded

1990

HQ

SwedenGothenburg

Website

pagero.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Valuation

$800M (acquired Jan 2024)

Pagero Acquisition

Pagero was acquired by Thomson Reuters for $800M on 11 January 2024.

Before the acquisition Pagero had raised $11M across 1 funding round.

Pagero, a Swedish company and global leader in e-invoicing and indirect tax solutions, operates the Smart Business Network that connects 90,000 customers to a platform reaching 14 million companies, enabling automated, secure, and compliant exchange of invoices and documents integrated with ERP systems. The network complies with e-invoicing mandates in over 75 countries amid over 80 countries planning or implementing such regulations. Thomson Reuters, a content and technology giant, completed the acquisition of Pagero for approximately $800 million in February 2024, following a public tender offer announced January 11, 2024, at SEK 50 per share after topping a rival bid from Vertex and securing majority ownership at 53.81% through agreements with key shareholders including Bengt Nilsson and Summa Equity. The deal builds on a commercial partnership started in February 2023, enhancing Thomson Reuters' ONESOURCE indirect tax determination and reporting with Pagero's e-invoicing compliance for improved workflow automation, global scale, and single-vendor solutions. Strategic rationale includes leveraging Pagero's open network for additional compliance offerings in global trade management, supply chain, and vendor risk, positioning the combined entity to build the world's largest business network for automated transactions. This marks Thomson Reuters' sixth acquisition since January 2023, totaling $2.1 billion, with plans for gradual integration while maintaining Pagero's brand and continuity for customers and partners. Executives highlighted cultural and strategic fit: Steve Hasker, Thomson Reuters President and CEO, emphasized investment in Pagero's ecosystem for shared benefits, while Pagero CEO Bengt Nilsson noted the validation of Pagero's market position and joint potential amid rapidly evolving industry regulations.

Pagero acquisition details
AcquirerDateTypePrice
11 Jan 2024Strategic M&A$800M

Pagero Funding History

Pagero has raised a total of $11M across 1 funding round, plus 1 secondary share sale.

Pagero funding rounds

Pagero funding rounds
DateStageInvestorsRaised
May 2017Series ATotal (lead)$11M
May 2017Secondary-$11M

Who has invested in Pagero?

1 investor has backed Pagero across its funding rounds, including Total.

Lead investors include Total.


Pagero Investors

Investors in Pagero by funding rounds participated
InvestorHQRoundsRoleFirst check

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Pagero Competitors

Pagero competitors include listed companies like Upwork and Izumi Co, and private ones like Reibus, Globality, Medikabazaar and Huochebang.

Public and private companies comparable to Pagero
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ReibusUnited StatesAtlanta, GAPrivate--$750M-
GlobalityUnited StatesSan Francisco, CAPrivate--$900M-
MedikabazaarIndiaMumbaiPrivate$166M$3M$700M4.2x
HuochebangChinaGuizhouPrivate--$1B-
UpworkUnited StatesUnited StatesPublicly listed$788M$180M$1.1B1.1x
Izumi CoJapanJapanPublicly listed$3.7B$300M$1.4B0.6x

Pagero Public Comps

Pagero is no longer listed, but its public comps include EverQuote, Bengo4.com, AUCNET, Timee, Ixigo, WeBuyCars, ATRenew, UT Group, Trainline and Web Travel Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
EverQuote$693M$62M0.9x0.8x9.9x5.5x
Bengo4.com$105M$19M7.7x6.9x43.8x33.0x
AUCNET$412M$63M1.4x1.3x9.3x7.5x
Timee$132M$23M6.3x2.8x36.0x13.5x
Ixigo$128M$8M5.0x4.5x83.7x57.8x
WeBuyCars$1.6B$90M0.5x0.5x9.7x8.6x
ATRenew$3.1B$84M0.2x0.2x8.2x6.6x
UT Group$1.1B$82M0.7x0.7x9.4x9.2x

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Common questions about Pagero

When was Pagero founded?Pagero was founded in 1990.
Where is Pagero headquartered?Pagero is headquartered in Gothenburg, Sweden.
Is Pagero publicly listed?No, Pagero was acquired by Thomson Reuters in January 2024.
Who acquired Pagero?Pagero was acquired by Thomson Reuters in January 2024.
How much was Pagero acquired for?Pagero was acquired for $800M in January 2024.
How much funding has Pagero raised?Pagero has raised $11M across 1 funding round.
What was Pagero's last funding round?Pagero's last funding round was a $11M Series A in May 2017, led by Total.
Who are Pagero's investors?Pagero's investors include Total.
Which companies are comparable to Pagero?Companies comparable to Pagero include Reibus, Globality, Medikabazaar, Huochebang, Upwork and Izumi Co.

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