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- Pagero
Pagero Acquisition, Valuation, Funding & Investors
Pagero was acquired by Thomson Reuters for $800M in January 2024.
Cumulative funding Pagero raised
$11M
across 1 funding round
Key investors in Pagero
Total
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
Website
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 11 Jan 2024 | Strategic 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
| Date | Stage | Investors | Raised |
|---|---|---|---|
| May 2017 | Series A | Total (lead) | $11M |
| May 2017 | Secondary | - | $11M |
Who has invested in Pagero?
1 investor has backed Pagero across its funding rounds, including Total.
Lead investors include Total.
Pagero Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Pagero investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialPagero Competitors
Pagero competitors include listed companies like Upwork and Izumi Co, and private ones like Reibus, Globality, Medikabazaar and Huochebang.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $750M | - | ||
| Private | - | - | $900M | - | ||
| Private | $166M | $3M | $700M | 4.2x | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $788M | $180M | $1.1B | 1.1x | ||
| Publicly listed | $3.7B | $300M | $1.4B | 0.6x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $693M | $62M | 0.9x | 0.8x | 9.9x | 5.5x | |||
| $105M | $19M | 7.7x | 6.9x | 43.8x | 33.0x | |||
| $412M | $63M | 1.4x | 1.3x | 9.3x | 7.5x | |||
| $132M | $23M | 6.3x | 2.8x | 36.0x | 13.5x | |||
| $128M | $8M | 5.0x | 4.5x | 83.7x | 57.8x | |||
| $1.6B | $90M | 0.5x | 0.5x | 9.7x | 8.6x | |||
| $3.1B | $84M | 0.2x | 0.2x | 8.2x | 6.6x | |||
| $1.1B | $82M | 0.7x | 0.7x | 9.4x | 9.2x | |||
This data is available for Pro users. Sign up to see all Pagero competitors and their valuation data. Start Free Trial | ||||||||
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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