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With the recent acquisition of Crossinx, the leading German provider for digital document exchange, Banqup Group confirms its commitment to European expansion. Not only is our Group now also tapping into the German market - and by extension the Austrian, Swiss and Hungarian markets as well - but we are also enriching our value proposition, covering the full order-to-cash and procure-to-pay cycles, to all customer types in Europe.
As Hans Leybaert, our former CEO, stresses;
“The acquisition of Crossinx means a significant expansion of Banqup. It is crucial for our pan-European roll out in 26 countries this year. Moreover, important and new synergies are created by this combination of businesses.”
Complementary solutions and markets
To begin with, the solutions of both our companies are highly complementary, as are the specific markets we operate in. By joining forces, our combined FinTech group can now offer full order-to-cash and procure-to-pay solutions to small businesses, medium-sized corporates and large enterprises alike.
With the acquisition of Crossinx, our network today has grown to include almost one million businesses. Adding a further 350,000 Crossinx SMEs to our own already substantial customer base of mid-size businesses, our potential in the mid-sized market has become particularly large. What’s more, our own strength in that specific market segment will be strongly complemented from now on by Crossinx' expertise with corporate customers.
The combination of both our solutions will create an extensive offering for the crucial business processes of procure-to-pay and order-to-cash. We are convinced that our joint value proposition will lead to a more robust integrated offering, in comparison to other market players. Crossinx customer base will be leveraged especially by our payment and supply-chain finance (SCF) solutions. Whereas our customers will benefit from process automation in the areas such as invoice approval, order reconciliation and worldwide tax compliance.
Combining both our solutions, for the first time then, comprehensive and scalable out-of-the-box products will be available for all our customer segments. We believe this will also lead to an increasing interest of partners looking to resell and integrate those products with their offerings, including financial institutions and ERP providers.
Complementary sales
Last but definitely not least: given the aforementioned access to a dense network of local enterprises, our up- and cross-selling opportunities in Germany, Switzerland, Austria and Hungary are also quite significant. As this acquisition launches us in those important new markets, it constitutes a significant strategic expansion and another key milestone in the pan-European roll out of our FinTech platform.
In the end, it is through targeted acquisitions like this that we have been able to continually strengthen our position as a leading European FinTech company.
Since our first acquisition in 2012 Banqup had an intense and well thought-out acquisition path, of which six strategic ones were done after going public on Euronext Brussels only just last September. They have helped us develop our one-stop-shop platform and expand our activities to 26 European countries. But most of all, they have allowed us to create ever more value for our customers.