SoftCo
SoftCo is an Irish financial automation provider specializing in procure-to-pay, accounts payable automation, and enterprise document management solutions.
Overview
SoftCo, founded in 1990 by Susan Spence and Jim Coffey and headquartered in Dublin, Ireland, develops financial process automation software focusing on procure-to-pay, accounts payable, and document management. The company serves over 1 million users across North America and Europe, including PwC, Finnish Government, Lloyds Bank, Volkswagen, and Primark, with annual recurring revenues growing above 25% annually. Keensight Capital acquired SoftCo in March 2024.
The SoftCo Platform combines document capture, workflow automation, and ERP integration to automate procurement, invoice processing, supplier management, vendor management, contract management, and payment processes. The solution offers cloud, on-premise, and hybrid deployment with pre-built connectors for major ERP and accounting systems.
Key Features
- Intelligent Document Capture: Advanced OCR and data extraction with machine learning
- Procure-to-Pay Automation: End-to-end purchasing and invoice processing workflows
- Accounts Payable Automation: Invoice capture, validation, approval, and posting
- Purchase Order Management: Creation, approval, and three-way matching
- Document Management: Secure storage and retrieval of financial documents
- Workflow Automation: Configurable approval processes with business rules
- Supplier Portal: Self-service vendor capabilities for invoice submission and status tracking
- Contract Management: Contract lifecycle management with automated renewals
- Mobile Access: Approvals and process management via iOS and Android
- Analytics and Reporting: Real-time insights into financial processes and spending patterns
- ERP Integration: Pre-built connectors for major financial systems
Use Cases
Accounts Payable Automation
Organizations automate invoice processing by capturing documents from email, scan, and EDI channels. SoftCo extracts header and line-item data, validates information against purchase orders and receiving documents, then routes invoices through approval workflows based on amount thresholds and cost centers. ERP integration enables straight-through processing for matched invoices with complete audit trails for compliance.
Procure-to-Pay Transformation
Financial departments streamline requisition creation, purchase order generation, supplier invoice processing, and payment execution through unified workflows. Three-way matching reconciles invoices with purchase orders and receipts automatically, while the supplier portal enables electronic invoice submission and status tracking. Analytics provide insights into spending patterns, supplier performance, and early payment discount opportunities.
Technical Specifications
| Feature | Specification |
|---|---|
| Platform | SoftCo Platform |
| Deployment Options | Cloud, on-premises, hybrid |
| Integration | REST APIs, pre-built ERP connectors |
| Supported Formats | PDF, XML, EDI, and all major document formats |
| OCR Technology | Advanced OCR with machine learning |
| Workflow Engine | Configurable, rules-based process automation |
| Mobile Support | iOS and Android applications |
| Security | Role-based access, encryption, audit trails, SOC 2 compliant |
| Languages | Multilingual support |
| Scalability | Enterprise-grade for high transaction volumes |
Getting Started
- Process Analysis: Assess current procure-to-pay and AP workflows
- Solution Design: Configure workflows, approval rules, and integrations
- ERP Integration: Connect with financial systems and accounting platforms
- Supplier Onboarding: Enable vendor portal access for electronic interactions
- Rollout: Deploy with user training and change management support
Resources
Company Information
Headquarters: Dublin, Ireland
Founded: 1990
Founders: Susan Spence, Jim Coffey
Users: 1 million+ (North America and Europe)
Customers: PwC, Finnish Government, Lloyds Bank, Volkswagen, Primark
Revenue Growth: 25%+ annually
Acquisition: Keensight Capital (March 2024)
Industries: Healthcare, financial services, manufacturing, public sector, retail
Specializations: Procure-to-pay, accounts payable automation, contract management
