Boyum IT Solutions acquires Paperflow, an AI-based software solution for e-procurement

Aarhus Denmark, 5^th August 2022 – Boyum IT, a leading software vendor in the SME supply chain, is acquiring Paperflow, an AI-based software solution for e-procurement.

Founded in 2015, Paperflow automates the process of scanning documents using artificial intelligence and drives efficiency for e-procurement users of ERP systems. The core functionality of the product is to convert paper invoices into machine readable text, and automatically post financial data to ERP databases. With its cutting-edge AI-based platform, Paperflow was recently announced as the “Top Digital Banking Solution Provider in UK 2022” by British finance magazine Financial Services Review. Today, the company has more than 30 employees and 1,000+ SME customers.

This acquisition enhances Boyum’s product portfolio with complementary functionality and is a key step in building a platform-agnostic portfolio of extended supply chain solutions. Paperflow will become an important element of the Boyum Cloud suite, with significant cross-sell opportunity. Its underlying AI-based technology enables synergies in other Boyum products to automate processes. As part of Boyum IT, Paperflow will also benefit from an extensive global network of software partners to drive the global expansion of Paperflow.

Commenting on the acquisition, Mikael Boyum, founder, and CEO of Boyum IT Solutions, is excited about the opportunity to offer an AI-powered A/P automation solution to Boyum IT’s +10,000 customers globally: “With their modern technology, highly sophisticated AI-engine, and skilled and visionary team, Paperflow is the perfect match for Boyum IT and our strategy to enable a digital supply chain for SMEs. With Paperflow as part of the Boyum family, we can seize new opportunities in the market by offering our customers a highly effective solution for digitalising and automating their document management to improve their efficiency, competitiveness, and profitability.”

Carsten Nørrevang, CEO of Paperflow looks forward to opportunities for Paperflow within Boyum IT Solutions: “For some time, Paperflow has been searching for the best new ownership. With Boyum IT, Paperflow has now found a new owner that fits all the criteria for an optimal owner. With their international network, Boyum IT can introduce Paperflow to the international market. Paperflow has been successful, especially in the SME market which fits perfectly with the users of Boyum IT’s solutions. Finally, Boyum IT brings a good cultural fit to the Paperflow organization. Put together, I expect these things to increase the volume of documents handled in our AI data capture solution.”