24SevenOffice

Done.ai Group AB (“the Company”) proudly announces the acquisition of a UK-based spend management company with an annual customer card volume exceeding SEK 120 million and an annual revenue of approximately SEK 4 million. The acquisition is valued at approximately SEK 9 million, settled in a combination of cash and shares. This strategic acquisition represents a pivotal advancement in the Company’s strategy to deliver integrated financial solutions, combining cutting-edge spend management capabilities with financing solutions to support businesses' financial management and growth.

The spend management market has already demonstrated significant product-market fit through integration with ERP systems. By leveraging the exclusive distribution through 24SevenOffice’s extensive customer base, Done.ai Group is poised to accelerate revenue growth and expand its presence in the Nordic region.

Spend Management

The acquired spend management software is designed to help businesses efficiently track, control, and optimize expenses through corporate credit or debit cards. It provides real-time visibility into company spending, automates expense reporting, and enforces spending policies, all while seamlessly integrating with accounting and ERP systems. Additionally, the software includes carbon tracking capabilities, offering insights into environmental impact alongside financial management.

The global spend management software market is currently valued at $21 billion and is projected to grow at a compound annual growth rate of 11.8%, reaching $57 billion by 2032. Done.ai, equipped with AI-driven tools for expense management and financing capabilities, is well-positioned to capitalize on this fast-growing market in the Nordics within the year.

There are several examples of international players in the spend management software industry such as Ramp, Spendesk, Pleo, and Payhawk. In Sweden, Mynt is a prominent player offering corporate cards and spend management solutions tailored for SMEs, seamlessly integrated with accounting systems such as Fortnox and Visma SPCS. In December 2024, Mynt secured a €22 million Series B funding round, bringing its total funding to over €50 million and valuing the company at approximately €175 million, proving the value of spend management combined with ERP integration.

Exclusive Distribution through 24SevenOffice

Through this acquisition, Done.ai will integrate the spend management system into its existing platform and offer it to 24SevenOffice clients as part of the exclusive distribution agreement for Fintech offerings following Done.ai Group’s divestment of 24SevenOffice ERP units to KKR. Together with the strategic bank partnership with Nordiska Kreditmarknadsaktiebolaget (publ), announced earlier this year, Done.ai will work to combine spend management payment cards with financing solutions for its clients.

Strengthening Done.ai Group’s Fintech Vision Through Strategic Acquisitions

This acquisition represents a strategic investment, reinforcing Done.ai's commitment to expanding its Fintech offerings as part of a long-term strategy to deliver a comprehensive range of financial services to ERP customers through a single, integrated Fintech platform. By enhancing our product suite with cutting-edge spend management solutions, we are solidifying our Fintech offering.

The Company will continue to pursue acquisition opportunities that align with our vision, seeking out technology-driven companies that have invested significantly in product development but encountered challenges in commercializing their solutions. With our unique and exclusive distribution to tens of thousands of businesses, Done.ai is confident that we can unlock value for both our customers and shareholders rapidly and effectively.

Done.ai is confident that this acquisition will unlock new growth opportunities and reinforce the Company's position as a provider of integrated Fintech solutions.