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Danish AI-based platform is acquired by a global supply chain management software solutions provider

Copenhagen-born startup Paperflow is acquired by Boyum IT Solutions, the Software Solution Partner in the SAP Business One ERP ecosystem, targeting the upper SME segment globally. The Danish startup captures data from documents and imports it directly to the workflow or ERP-system. This acquisition makes it possible for Boyum IT to boost its growth on a global base which leads to new offices in Copenhagen and Sofia and new talents to support this expansion. The firm’s global network will also contribute to the Danish startup’s expansion globally.

Boyum IT Solutions acquires Paperflow and accelerates its digitalization strategy

Boyum IT Solutions, a global supply chain management software solutions provider, has acquired DK-based Paperflow, a software provider of award-winning, AI-powered document management solutions that digitize and fully automate document scanning and processing. With this acquisition, Boyum IT will expand its supply chain offering, accelerate its digitalization strategy, and fuel further growth across global markets and ERP systems. In addition, Boyum IT will add 31 highly skilled employees to their team, with new office locations in Copenhagen, Denmark, and Sofia, Bulgaria.

Paperflow was founded in Denmark in 2015 to create simple workflows with perfectly automated document scanning, making life easier for software partners in workflow/ERP systems by creating data-driven knowledge through the digitization of the entire document management system. With its cutting-edge AI-based platform, Paperflow was recently announced “Top Digital Banking Solution Provider in UK 2022” by British finance magazine
Financial Services Review, for leading the way toward digital banking with their scanning solution and use of AI in the processing of invoices, receipts, and credit notes.

Mikael Boyum, founder and CEO of Boyum IT Solutions, is excited about the opportunity to offer an AI-powered AP automation solution to Boyum IT’s +10,000 customers globally:

Paperflow, Boyum IT Solutions, Mikael Boyum“With their modern technology, highly sophisticated AI-engine, and skilled and visionary team, Paperflow is the perfect match for Boyum IT and our strategy to enable the digital supply chain for SMEs. With Paperflow as part of the Boyum family, we can seize new opportunities in the market by offering our customers a very effective solution for digitalizing and automating their document management to improve their efficiency, competitiveness, and profitability.”

Boyum IT Solutions has been on an impressive growth path, doubling revenues from 2016 to 2020, and coming out of 2021 as the best year ever in the company’s 25-years history. Since 2020, Boyum IT has partnered with majority investor, UK-based Volpi Capital, to further accelerate its organic and inorganic growth strategy. Today, with +100 employees in 7 global offices, Boyum IT is one of the key players in the global market for manufacturing
and logistics software solutions for SAP Business One, having just received the “SAP Global Software Partner of the Year” and “People’s Choice” awards for the fifth time.

As part of Boyum IT, Paperflow will benefit from an extensive global network of software partners to drive the global expansion of Paperflow.

Carsten Nørrevang, CEO of Paperflow looks forward to opportunities for Paperflow within Boyum IT Solutions:

Paperflow, Boyum IT Solutions, Carsten Nørrevang“For some time, Paperflow has been searching for the best new ownership. With Boyum IT, Paperflow has now found a new owner that fits all the criteria for an optimal owner. With their international network, Boyum IT can introduce Paperflow to the international market. Paperflow has been successful especially in the SME market which fits perfectly to the users of Boyum IT’s solutions. Finally, Boyum IT brings a good cultural fit to the Paperflow organization. Put together, I expect these things to increase the volume of documents handled in our AI data capture solution.”

Click here to read more M&A news.

Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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