NY-SPENDLAB
SpendLab (the “Company”), the leading AI-enabled accounts payable auditing and recovery platform, today announced a transformative partnership with Story Capital (“Story”) through a strategic majority investment from Story. This partnership marks a pivotal step in SpendLab’s journey, accelerating its mission to redefine accounts payable (“AP”) management for global enterprises and the public sector with its market-leading technology solutions.
SpendLab has been at the forefront of the AP industry for decades, leveraging over 450 algorithms and proprietary AI models to detect and recover payment inaccuracies across AP processes, VAT, and vendor balance reconciliation. Since its inception, SpendLab has analyzed over 1 billion customer invoices, recovering more than €500 million for global enterprise customers across various sectors such as technology, consumer, healthcare, finance, automotive and public sectors. SpendLab is setting the standard in the AP industry by blending its proprietary technology with its in-house experts to ensure superior savings with unmatched speed and precision for its customers.
The strategic investment from Story Capital, an investment firm renowned for its focus on technology transformation, will accelerate SpendLab’s new product roadmap, global expansion, and team building, further cementing its leadership in the AP audit and recovery space.
Sebastian Morales, the newly appointed CEO of SpendLab, shared his excitement about the partnership, “Partnering with Story Capital marks a historic milestone for SpendLab. This investment transcends financial support, representing a strategic alliance to amplify our technology and expand our market presence. Together, we are committed to achieving unparalleled efficiency and substantial savings to our global clients and accelerate our growth trajectory.”
Jos Houben, Founder of SpendLab, added, “We chose Story Capital as our partner, because of Story’s unique blend of entrepreneurial experiences, technological value-add in multiple facets such as AI, engineering and product, category expertise, and a shared vision for the future of SpendLab. This partnership is our commitment to driving innovation and excellence in the AP space for our current and future customers.” As part of the transaction, the previous owner group led by Jos Houben will retain a significant equity ownership in the Company and continue to serve on the SpendLab Board.
Shuo Zheng, General Partner at Story Capital, remarked on the investment, “SpendLab represents the epitome of innovation and leadership in the accounts payable category. We are thrilled to support SpendLab’s trailblazing path towards a global technology powerhouse, and delivering unparalleled value to customers worldwide.”
About SpendLab
SpendLab is the leading AI-enabled accounts payable auditing and recovery platform, serving over 40 industries globally. With a focus on combining its market-leading AI technology with unparalleled know-how, SpendLab has maniacally focused on customer success, recovering over €500 million of savings to date for its customers. SpendLab is also ISO 27001 and 9001 certified.
About Story Capital
Story Capital is an investment firm that seeks to create enduring technology enterprises. As company builders, Story partners with profitably growing companies that can take step-function changes through technology transformation, and actively engages in driving and accelerating this transformation. With a deep understanding in technology and a commitment to collaborative growth, Story seeks to accelerate growth and expand profitability for its companies.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240216999736/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Ant International Partners with Barclays on Global Treasury Management with Proprietary AI-Powered FX Model9.5.2025 15:57:00 CEST | Press release
The Time-Series Transformer AI FX Model forecasts cashflow and FX exposure with more than 90% accuracy, helping businesses reduce FX-related fees Ant International has entered a partnership with leading UK bank Barclays to enhance efficiency and resilience in global treasury management for businesses. Under the partnership, the two sides will combine innovative solutions, including Ant’s proprietary Time-Series Transformer (TST) AI FX Model, to help businesses reduce FX-related costs and risks against global volatilities. At the initial stage of the collaboration, Ant International has successfully completed the first batch of its intra-group FX transactions with Barclays. Ant International’s TST Model is a transformer architecture-based big data model with close to 2 billion parameters. By integrating the latest time series forecasting algorithms, the TST Model predicts patterns over time. Ant also created new pre-training and Supervised Fine-Tuning (SFT) frameworks to train the model
IFF Completes Divestiture of Nitrocellulose Business9.5.2025 14:00:00 CEST | Press release
IFF (NYSE: IFF) today announced that it has completed the divestiture of its nitrocellulose business, including Walsrode Industrial Park in lower Saxony, Germany, to Czechoslovak Group (CSG). The business manufactures nitrocellulose strictly for industrial purposes, serving customers primarily in coatings and printing inks, and had been part of IFF’s Pharma Solutions business unit. “The divestiture of our nitrocellulose business builds upon our deleveraging journey and enables us to focus on our core businesses,” said Erik Fyrwald, IFF CEO. “I’d like to thank our nitrocellulose colleagues for their dedication and wish them continued success as part of CSG.” Welcome to IFF At IFF (NYSE: IFF), we make joy through science, creativity and heart. As the global leader in flavors, fragrances, food ingredients, health and biosciences, we deliver groundbreaking, sustainable innovations that elevate everyday products—advancing wellness, delighting the senses and enhancing the human experience.Le
Monument Re Transfers €1.4bn Greycastle Portfolio to RGA and Strengthens European Life Insurance Consolidation Platform9.5.2025 14:00:00 CEST | Press release
Monument Re Limited (“Monument”) announces today that it has transferred a legacy €1.4bn reinsurance portfolio, comprising annuity and other life insurance liabilities acquired as part of the 2020 Greycastle transaction, to RGA Americas Reinsurance Company, Ltd. (“RGA”). This transaction releases capital resources that Monument will redirect to its core strategy of consolidation in European life insurance markets. The transaction completed on 2May 2025 following approval by the Boards of Directors of both Monument and RGA and non-objection from the Bermuda Monetary Authority. Monument has taken significant steps in recent months to strengthen its business operations by consolidating its European group support functions in Dublin and by aligning with the recently strengthened regulatory regime in Bermuda. With its strong financial position and best in class capabilities in the Group, Monument remains ideally positioned to build on its success to date and grow its European footprint, del
CPAC Systems AB Announces Strategic Minority Investment in Flying Fish9.5.2025 12:33:00 CEST | Press release
Accelerating the shift toward sustainable and intelligent water mobility CPAC Systems AB, a leader in advanced control systems and embedded vessel and commercial vehicle technology, today announced a strategic minority investment in Flying Fish Maritime Innovations B.V., a pioneer in advanced shared water mobility solutions and robust, cost-effective hydrofoil technology. The investment underscores both companies’ commitment to redefining water-based transportation through innovation, sustainability, and seamless integration. It marks the beginning of a deeper collaboration aimed at enabling smarter, cleaner, and more connected mobility on the water — for both recreational and commercial applications. “We are thrilled to support Flying Fish and their impressive work in redefining water mobility,"saidMarcus Wingolf, CEO of CPAC Systems. "Our investment in Flying Fish represents a strategic alignment of our technical proficiencies and innovative ambitions. This partnership opens exciting
Kioxia Receives IEEE Corporate Innovation Award9.5.2025 09:00:00 CEST | Press release
Kioxia Corporation, a world leader in memory solutions, today announced that it has received the IEEE Corporate Innovation Award from the Institute of Electrical & Electronics Engineers (IEEE), the world’s largest technical professional organization dedicated to advancing technology for the benefit of humanity. This award recognizes Kioxia's outstanding contribution in the field of electrical and electronics engineering through its BiCS FLASH™ technology, a low-cost, high-capacity 3D flash memory innovation. The award ceremony was held on April 24 in Tokyo. The IEEE Corporate Innovation Award is a globally-recognized honor bestowed upon organizations that have developed innovative technologies, products or services that have made a substantial contribution to the advancement of electrical and electronics engineering. Since its inception in 1985, the award has been presented to leading electronics manufacturers and IT companies worldwide, and Kioxia is proud to be the seventh Japanese c
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom