Wax Digital, a leading global eProcurement solutions provider, announces new private equity backing from August Equity designed to support the UK based software company in accelerating growth, delivering product and customer excellence and international expansion.
Paul Ellis, MD, Wax Digital, said, “This is a win-win for Wax Digital’s existing customers, employees and partners as well as those of tomorrow. In August Equity we have a highly supportive backer who will help us continue to evolve our eProcurement solutions market leadership, focus on customer service excellence and deliver the most intuitive and integrated Source-to-Pay solution.
August Equity will also help us further develop our international credentials, accelerating our penetration of overseas markets and building our appeal with large multinationals, as well as seeking out targeted acquisition opportunities to enhance our solutions and market presence.
Paul Ellis, Managing Director, Wax Digital
Daniel Ball, Business Development Director, Wax Digital, added “We were excited when August Equity approached us because they invest very selectively in UK businesses that have the potential to outperform in their market. It was vital to us that any external investor is there to enhance the Wax Digital business and what we deliver to our customers. We could see that match in August Equity due to the very active role they have had in building success for the other businesses in their portfolio.”
Mehul Patel, Director, August Equity, said, “Wax has delivered 30% growth in its recurring revenue and now manages £5bn worth of indirect spend, in a market where the adoption of eProcurement solutions is set to double over the next few years. We had met with several companies in this space and Wax Digital stood out as a leader with significant potential. We look forward to working with Wax’s management team to accelerate its growth in both UK and overseas markets, through organic measures and select acquisitions, to create the market leading independent eProcurement business.”
Daniel Ball continued, “Procurement teams have realised the benefits of not only automating their base processes through technology but also enhancing how procurement can support the wider business through a more integrated approach. We welcome August Equity at a time ripe for growth. Our integrated Source to Pay solutions and unique Integration Platform as a Service positon Wax Digital at the head of the market, with industry analysts endorsing broad, integrated sourcing and procurement suites as defining characteristics of where the market is moving.”
In press: Manchester Evening News, The Business Desk