U.S. software company Vertex has made a significant move in the e-invoicing industry with a cash bid of $557 million for Swedish provider Pagero. This offer represents a 71% premium to Pagero's closing price on Tuesday, valuing the company at SEK5.8 billion.
The Importance of E-Invoicing
According to Vertex, the increasing demand for real-time and near-real time digital tax reporting requirements has made e-invoicing an essential tool for businesses operating across multiple jurisdictions. Compliance requirements in regions like Latin America, as well as the emergence of new and proposed e-invoicing mandates in Europe, Asia-Pacific, and the Middle East, highlight the necessity of digitizing indirect taxes.
No Changes to Offer Price
Vertex has clarified that it will not increase the offer price or purchase any Pagero shares above the offered amount. However, the independent bid committee of Pagero strongly recommends that shareholders accept the offer.
Pagero's Global Presence and Financial Performance
Pagero, headquartered in Gothenburg, Sweden, boasts a global presence with offices worldwide and employs over 850 people. The company achieved sales of approximately SEK600.1 million in 2022.