Expense management solution provider Rydoo has acquired Semine, an artificial intelligence (AI)-powered accounts payable automation platform. The terms of the acquisition have not been disclosed.
“We are excited to welcome Semine to the Rydoo family”, said Sebastien Marchon, CEO of Rydoo. “Both of our companies are rooted in the same essential values: customer obsession, product excellence, humility, collective intelligence and passion. This is a true convergence of visions, talents and cultures, bringing us closer to our ambition of building a world-class platform for finance teams.”
Belgium-based Rydoo, which caters to more than 1 million users across the globe, works to automate expense management, giving teams better control over employee spending in real time while cutting workload.
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The company said its acquisition of Norway-based Semine marks a step in its long-term growth strategy as it seeks to better position itself as a “leading spend management player across the globe.”
“Having established ourselves as the leading innovator and fastest-growing provider in accounts payable, I’m incredibly excited about our next chapter together with Rydoo,” said Bjørn Røsten, CEO of Semine.
“This partnership not only allows us to broaden our product portfolio but also accelerates our ability to bring cutting-edge solutions to a wider European market. What truly matters to me is that Rydoo shares our passion for technology and excellence—together, we’re poised to deliver the most advanced and future-ready offering in the industry.”
Together, Rydoo and Semine are developing a platform the provides finance teams with end-to-end visibility, real-time insights, built-in control and smoother integrations, the companies said.
“As a leading and fast-growing player in the accounts payable space serving a portfolio of blue chips, Semine’s acquisition lies at the core of Rydoo’s strategic roadmap: build a leading international spend management software,” said Benjamin Hara, partner at Eurazeo Elevate, which has a majority stake in Rydoo.
“After discussing with several parties, we were impressed by Semine’s robust technology, solid growth and outstanding management team. The two companies and teams share a lot in common, making the combination a great match. We’re proud to support Sebastien and Bjørn’s teams in the beginning of their common journey.”
In 2022, Rydoo sold its travel platform to CDS Groupe, and last year, Eurazeo invested in the company and became a majority stakeholder.
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