SignUp Software powers growth with broader international presence, product advances in e-invoicing and travel & expense

In May 2023, SignUp Software transitioned from being public traded back to private held. Company CEO Olof Hedin recently spoke with MSDW about the company’s new ownership by a private equity firm and the team’s product planning across traditional and new areas to meet the needs of Microsoft Dynamics 365 customers.

SignUp Software started in 1999 as a family business and went public in 2021 in a bid to grow as an ISV. The company was then acquired in May 2023 by Insight Venture Management. While a big effort that proved to be short-lived, the IPO helped the company to garner attention and position itself for this next stage, CEO Olof Hedin tells MSDW.

“We considered 40 or 50 different investors, but we found that Insight is a dedicated investor for SaaS companies. They have over 600 SaaS companies in their portfolio. They’re really good at scaling companies the size of SignUp Software,” Hedin said.

SignUp has grown its annual recurring revenue nearly 100 percent since its IPO, according to Hedin, going from $17 million ARR around the IPO to now closing in on $30 million, with revenue growth of 30 percent growth in 2022. They now have more than 1,500 clients in 60 countries. The company recently announced two new solutions, ExFlow Travel & Expense and ExFlow E-Invoicing, adding to their existing AP automation capabilities.

“We're constantly adding new countries and the organic growth is going really well,” he said. In addition to the new product launches, the company has also built out operations in APAC, Spain and Portugal, with plans in Germany and investment in growing its presence in the US, Canada, and the UK.

SignUp’s traditional markets are still growing, says Hedin, like in Australia, where the company already has a strong market presence for Dynamics ERP customers but still saw revenues rise 50 percent in 2022. In the North American market, which they believe has even higher growth prospects, the company reports strong adoption of AP Automation and is working to set up support for emerging e-invoicing standards and adapt to new government directives.

Hedin acknowledged that competition in the AP and invoice management segment is becoming more intense but he noted that the company considers the architecture of ExFlow being built in Dynamics 365 Business Central and F&O as a competitive advantage.