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SignUp Software plans for new stage of growth in Microsoft channel following IPO

by Jason Gumpert

SignUp Software, makers of AP and invoice automation software ExFlow, recently completed an IPO on the Nasdaq First North Growth Market. While acquisitions and equity investment deals have become routine in the Microsoft Business Applications partner space, the IPO route has remained rare. But by listing shares to the public, the leadership at SignUp believe they have positioned the firm for growth.

Company CEO Olof Hedin and North America subsidiary chairman Terry Petrzrelka spoke with MSDW about the company's decision to do an IPO, how they are executing on goals like geographic expansion, and ways they could advance their product offerings.

In search of growth

SignUp Software was an early adopter of a subscription-based software model and they fit the profile of a "Rule of 40" company (combined growth rate and profit margin greater than 40%) long before the term was developed, says Hedin.



In March 2021, the founders sold 18.5% of their shares to Stockholm-based Standout Capital to, in their words, "strengthen the board and help accelerate the growth". An IPO offered another way to accelerate growth, build the brand, and better serve their ecosystem of partners, customers, and employees, says Hedin. As part of the decision to pursue an IPO, Hedin became CEO and handed over the board chairman role to company founder Göran Garvner. Henrik Garvner, Göran's son, serves as a board member and as vice president of business development.

Hedin described the transition:

All of those stars converged when we sat and talked to some potential banks that could help us [get to] the listed environment in May 2021. I told Henrik, 'All right, I'll step in as CEO and leave the chairman of the board role, and we'll do it together. So I'll take some load off you, and we'll beef up with a great board.'

And since I knew the company so well, and I've been in the business a long time, we thought we would make a good team to do this, to take SignUp to the next level.

Upon making the decision to hold its IPO, company leaders alerted a range of their partners and supporters, including at Microsoft. Hedin says they received supportive messages in response, including from Microsoft leaders like James Phillips and Charles Lamanna.

We got a lot of positive feedback. I was a little bit worried, you know, contacting people in the Microsoft leadership team like that. But actually it was zero negative feedback. It was all positive  and cheering for us. So I'm really happy with that.

For SaaS firms, Hedin sees public listing as a good option.

We looked into trade sale as well. But [the market] goes a little bit up and down like a sinus curve. Sometimes it's better to go to private equity, and sometimes it's better to go to the stock exchange, but I think for SaaS companies now, the stock market is a good place to be.

Positioned for growth

SignUp continues to focus its work within the Microsoft channel, with a particular focus on Dynamics 365 applications, to deliver client solutions. Hedin says market opportunity abounds for financial automation.

There are still many paper invoices out there; it's ridiculous. Just the paper invoices, which many companies during the pandemic have also realized that we cannot send around anymore, that has to stop. So that is underlaying growth in a big portion of OECD countries.

He added:

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About Jason Gumpert

As the editor of, Jason oversees all editorial content on the site and at our events, as well as providing site management and strategy. He can be reached at

Prior to co-founding, Jason was a Principal Software Consultant at Parametric Technology Corporation (PTC), where he implemented solutions, trained customers, managed software development, and spent some time in the pre-sales engineering organization. He has also held consulting positions at CSC Consulting and Monitor Group.

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