Mirakl Acquires Octobat to Enhance Invoice Compliance

Software-as-a-Service (SaaS) platform Mirakl on Tuesday (Nov. 9) said it’s adding invoice compliance expertise through its acquisition of French startup Octobat, a move that will help Mirakl customers manage local and global regulations as they expand around the world.

Mirakl’s technology and network of industry partners allows operators to expand their global offerings faster than they could have on their own. It also means Mirakl-powered Marketplace operators can better manage invoicing compliance as part of the Mirakl 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, in the company announcement. “With Octobat, we saw we could simplify and automate complex invoicing for marketplace operators across the globe, enabling them to scale faster than ever.

“This acquisition extends the capabilities of our open, flexible marketplace platform even further,” he said.

Gaultier Laperche, co-founder and CEO at Octobat, said the company was “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,” he said. “Our team is proud to be joining one of the fastest-growing and most innovative French tech companies.”

In September, Mirakl wrapped up a $555 million Series E funding round led by Silver Lake, bringing the company’s total valuation to more than $3.5 billion, more than twice the valuation from a year earlier.

Its enterprise marketplace platform is behind billions in gross merchandise value for more than 300 brands.

Mirakl is using the money to invest in technology, expertise, and the partner ecosystem and add to its teams to better meet the need for digital commerce. The company is looking to hire 350 engineers by 2023 to grow its team to 500 to help with extending its end-to-end capabilities and scalability, including boosting artificial intelligence (AI) and automation.

It is also looking to double the size of its customer success team and expand the Mirakl Connect ecosystem of marketplace-ready sellers.

Originally posted on November 9, 2021, on the PYMNTS.com