Reepay joins forces with PSG-backed billwerk
The combination is expected to create a leading pan-European software provider of subscription management, billing and payment solutions to subscription businesses and webshops of all sizes
Copenhagen, Denmark — Reepay, a leading Danish cloud-based SaaS platform that allows companies to manage their payment processes and subscriptions, today announced that it has joined forces with billwerk, a leading European provider of subscription management and recurring billing software solutions. PSG, a leading growth equity firm that focuses on partnering with lower, middle-market software and technology-enabled services companies, will hold a majority stake in the combined company.
Reepay’s platform provides European businesses with an all-in-one billing and payments solution consisting of both a payment gateway, built to cater to both small and large businesses, and a subscription management product for SMBs. Headquartered in Copenhagen, Reepay’s customer base extends across Europe with a particularly strong presence in the Nordics, including Denmark, Norway and Sweden.
The combination of Reepay and billwerk is expected to create a scalable subscription management and payment software product suitable to service businesses of all sizes, ranging from SMBs, SMEs to global enterprise stage companies. Reepay’s all-in-one billing and payments solution, well-suited to smaller businesses, is anticipated to complement billwerk’s offering, which is focused on more complex subscription management solutions. In addition, Reepay’s strong presence in the Nordic region is expected to add to billwerk’s existing position in the DACH market and support the platform’s ambitions of becoming a pan-European leader in the recurring market economy. The group’s solutions are also designed to integrate with a wide range of payment services and ERP & CRM systems and tailored to meet European regulations.
Following the transaction, Reepay’s management team, led by Co-Founders CEO Robert Mygind and CTO Ole Borup, will continue to oversee the business, which expects to have 1,400 customers, and plans to work closely with the billwerk leadership team and billwerk CEO Dr. Ricco Deutscher, who will become Group CEO.
Dr. Ricco Deutscher, CEO and Co-Founder of billwerk, said: “We are excited to combine forces with Reepay as we believe the company’s product suite can take our existing offering to the next level and help make us a European leader in subscription management. Not only is the combination anticipated to help us service companies of all sizes, but it can also help us add to our strong market position in the DACH region by significantly growing our presence in the Nordics.”
“In billwerk and PSG, we believe we have found the perfect partners to support the continued growth of Reepay and particularly its expansion beyond the Nordic region.” said Robert Mygind. “We believe that the combination will help us move closer to our shared objective of creating a leading subscription management and payment service provider in Europe,” noted Ole Borup, CTO and Co-Founder of Reepay.
Romain Railhac, Managing Director at PSG, said: “While the European subscription management market remains both fragmented and in its early stages, we believe that the uptake of subscription management tools will continue to grow as companies continue to move their business models online. It is our ambition to service this market by transforming billwerk, now in combination with Reepay, into a scaled European player offering leading solutions to support businesses by growing and optimising their subscription and payment management operations.”
PSG announced its majority growth investment in billwerk, headquartered in Frankfurt, in May 2021.
The financial terms of the transaction are not disclosed.
About Reepay
Reepay was founded in 2015 by Robert Mygind and Ole Borup. Reepay is a subscription management platform as well as a payment gateway, serving all parts of running a webshop and/or a subscription business. Today Reepay employs more than 10 people from its office in Copenhagen, Denmark. The platform serves large webshops and subscription businesses in Denmark like Danske Spil, Øresundsbron, Interflora, Coolshop, Saxo.com and many more. https://reepay.com
About billwerk
billwerk was founded in 2015 by Dr. Ricco Deutscher and his Co-Founders. With its subscription management platform, billwerk reliably provides a significant part of the digital value chain for recurring business models. Today billwerk employs 67 employees across its headquarters in Frankfurt, Germany, and offices in Minsk, Belarus and Gdansk, Poland. Its subscription management platform is currently used by several hundred midsize and enterprise customers as well as fast expanding start-ups across Germany, Switzerland and France, with a growing presence in other European regions including the Nordics and Benelux. https://billwerk.io/
About PSG
PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 85 companies and facilitated over 325 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London. To learn more about PSG, visit www.psgequity.com.