BaltCap invests in Fitekin and ONEA software platforms
BaltCap Private Equity Fund III acquired Fitekin and ONEA, which are pre-accounting software platforms for invoice management and approval workflow, from Unifiedpost Group. BaltCap is backing the business in further developing the platforms’ AI and machine-learning capabilities, and expanding into new regions to help an increasing number of companies on their path to digital transformation.
Fitekin and ONEA offer automatisation and digitisation solutions for invoice management that streamline processes and reduce manual labour. Fitekin is a digital purchase invoice management system facilitating the management and workflow of e-invoices, PDFs, and paper invoices. ONEA creates unique, cloud-based pre-accounting solutions that provide real-time insight from financial data. Fitekin and ONEA serve customers in 13 countries across Europe.
“The automation and digitisation solutions offered by Fitekin and ONEA are crucial in the digital transformation of companies. We see strong growth potential in this segment across Europe. With a solid market position in 13 European countries, skilled team, and experienced management, the business is well-equipped to expand their customer base and enter new markets,” Kristjan Kalda, partner at BaltCap, commented.
Mait Sooaru, founder and CEO of Fitek: ”Our strategic goal is to achieve a prominent market position in Europe by consistently enhancing the platforms in alignment with industry trends and market needs. Additionally, we plan to introduce new services, including AI-driven tools, to automate accounting even further. We are happy to embark on this new growth phase with BaltCap, and trust that their long-term experience in internationalising businesses helps us to reach our growth ambitions.”
The buy-side advisers in the transaction were Cobalt (legal) and FlowIT (technical).
“The automation and digitisation solutions offered by Fitekin and ONEA are crucial in the digital transformation of companies. We see strong growth potential in this segment across Europe. With a solid market position in 13 European countries, skilled team, and experienced management, the business is well-equipped to expand their customer base and enter new markets,” Kristjan Kalda, partner at BaltCap, commented.
Mait Sooaru, founder and CEO of Fitek: ”Our strategic goal is to achieve a prominent market position in Europe by consistently enhancing the platforms in alignment with industry trends and market needs. Additionally, we plan to introduce new services, including AI-driven tools, to automate accounting even further. We are happy to embark on this new growth phase with BaltCap, and trust that their long-term experience in internationalising businesses helps us to reach our growth ambitions.”
The buy-side advisers in the transaction were Cobalt (legal) and FlowIT (technical).