Juuri Partners Invests Attido
- 02.12.2016 10:15 am
The Finnish private equity company Juuri Partners invests in IT company Attido, which develops financial automation solutions. The company’s new solutions help companies to increase the efficiency of financial administration, improve the accuracy of reporting by automating the routines and free resources for higher value-add work. The estimated value of the global market is 17 billion dollars.
Attido has developed advanced, world-class automation products for financial administration. Attido’s products enhance routines; generate cost savings and free resources for work with a higher added value. The financial administrations of large-scale enterprises can have tens of work phases that can be automated. Financial automation solutions are forming a new industry, which is predicted to grow at an annual rate of more than 50% on the international scale. Attido is pursuing robust international growth, and was supported in this effort in October when it received funding for internationalisation from Tekes, the Finnish Funding Agency for Innovation.
“Up to 50 per cent of businesses’ monthly, quarterly or financial statements-related routines could be automated. Substituting manual work phases with automation not only increases the efficiency of financial administration, but provides answers for increasing regulation of financial administration and transparency requirements,” says Attido’s CEO Marko Voutilainen.
Financial automation is a new field that is still being shaped. In Finland, Attido is the clear market leader in the automation of period end closing. On the international level, its competitors have only just been established – primarily in the United States. The estimated global market is approximately 17 billion dollars.
Juuri Partners invests in small and medium-sized enterprises in their growth phase
“Financial automation, robotics and analytics are current growth areas in information technology. In addition to our desire to be involved in this growth, we also want to do our part in supporting Attido’s growth in the international marketplace with its cutting-edge products. We are likewise enthusiastic about the company’s excellent customer base and extensive knowledge of the processes of financial administration,” says Tapani Varjas, a Partner of Juuri Partners.
Established in 2015, Juuri Partners is a Finnish private equity company that seeks well-established and profitable SMEs in Finland. Juuri is an active minority owner that supports a company’s development and growth and wants to undertake a strong commitment to the company by acting as an external sparring partner. The fund amounts to approximately 80 million euros and its investors include major Finnish institutional investors.