Mirakl Acquires Invoice Compliance Startup Octobat
Mirakl, the industry’s first and most advanced enterprise marketplace SaaS platform, announced the acquisition of Octobat, a French startup specializing in invoice compliance for enterprises throughout the world. The acquisition – the company’s first – will make it easier for Mirakl marketplace operators to manage local and global regulations as they expand and operate across multiple geographies.
Simplifying Invoicing and Compliance Across Borders
As marketplaces become a critical component of enterprise digital transformation strategies, businesses need both the platform and the knowledge to help them navigate global and domestic legal and compliance requirements in a seamless manner. Using Mirakl’s technology, expertise and partner ecosystem, marketplace operators can expand their assortment geographically, faster than they could on their own. However, with international expansion comes greater complexity in invoicing and compliance. Online marketplace operators and sellers are challenged to understand and comply with geographic tax regulation, adhere to region-specific invoicing content and formatting rules, and manage the storage and filing of invoices and the transition to e-invoicing. The acquisition will allow Mirakl-powered Marketplace operators to manage invoicing compliance directly as part of the Mirakl solution, removing the need for customers to invest in expertise in-house or develop a custom solution.
“For the first acquisition in Mirakl’s history, we looked for an opportunity that would keep us ahead of customer needs,” said Philippe Corrot, co-founder and CEO of Mirakl. “With Octobat, we saw we could simplify and automate complex invoicing for marketplace operators across the globe, enabling them to scale faster than ever. Mirakl already leads the market in advanced payments and financial flows, and this acquisition extends the capabilities of our open, flexible marketplace platform even further.”
“Since our founding in 2014, we’ve had success helping online merchants more easily manage the complexities of e-invoicing compliance,” said Gaultier Laperche, co-founder and CEO at Octobat. “We were eager to see our unique solution in use by customers around the world, so joining forces with Mirakl fulfills that vision. Like us, Mirakl believes invoicing is a critical aspect of the marketplace buying and selling process and an essential capability for the future direction of the entire enterprise marketplace category. Our team is proud to be joining one of the fastest-growing and most innovative French tech companies.”
In September, Mirakl announced the conclusion of a $555 million Series E funding round, bringing the company’s total valuation to over $3.5 billion. The company’s flagship enterprise marketplace platform powers billions in gross merchandise value for more than 300 of the world’s leading brands.
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