Altor acquires AP automation provider Rillion
Nordic accounts payable automation provider Rillion has been acquired by private equity firm Altor. The deal aims to accelerate international growth and solidify the company's global market position.
Private equity firm Altor has acquired Rillion, a provider of accounts payable (AP) automation solutions in the Nordics. The acquisition is intended to accelerate Rillion's international growth and strengthen its position as a global player in the AP automation market.
Rillion, formerly Palette Software, was founded in Sweden in 1993. It was acquired by Monterro in 2015, and under its ownership, the company has evolved into a next-generation AP automation platform serving over 2,500 customers worldwide.
"Monterro has offered tremendous support in scaling our company and preparing us for the next phase of our growth journey," said Rillion CEO Mats Ferm. He noted the company's shift from on-premise solutions to a subscription-based cloud offering, a quadrupling of recurring revenue, and expansion into European, Australian, and North American markets.
With Altor's backing, Rillion plans to continue investing to drive international expansion and serve its existing customer base. The company was previously owned by Monterro after operating as Palette Software.