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      <p>
        xSuite Group, a German accounting process automation solutions provider, has acquired tangro, a document process automation platform, for an undisclosed sum.
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      <p>
        Based in Germany, Tangro offers a range of intelligent document processing solutions that can be embedded in the SAP ERP and S/4HANA environments to digitize incoming documents and business processes. The acquisition will enable xSuite to add tangro&rsquo;s order-to-cash and purchase-to-pay document processing capabilities to its suite of solutions and create a new strategic location in southern Germany, where tangro is located.
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      <p>
        xSuite offers a range of automation solutions for document-based accounting processes, focusing on the SAP ecosystem. Its range of solutions includes 1) xSuite invoice, which enables users to capture, interpret automatically, and route invoices; 2) xSuite Procurement, which enables users to automate their procure-to-pay workflows; and 3) xSuite Orders, which enables users to automate order entry.
      </p>
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  </ul>
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  <p>
    <a href="https://www.morningstar.com/news/business-wire/20240516485817/xsuite-group-expands-sap-solution-portfolio-through-acquisition-of-tangro">
      Press release
    </a>
  </p>
</div>


Workflow Automation Platforms

<div>

<p>xSuite Group, a German provider of accounting process automation solutions, has bought tangro, a platform for document process automation. Although the value of the transaction is undisclosed, this acquisition will help xSuite Group incorporate tangro's order-to-cash and purchase-to-pay document processing capabilities in its suite of services. It will also establish a new strategic location for xSuite in southern Germany, where tangro is based.</p>

<p>The services tangro provides, which are easy to integrate into SAP ERP and S/4HANA systems, offer crucial support to businesses by digitizing incoming documents and processes. Meanwhile, xSuite Group provides automation solutions for document-based accounting processes, specifically within the SAP ecosystem. They have in their product line-up xSuite Invoice for automatic capture, interpretation, and routing of invoices; xSuite Procurement for the automation of procure-to-pay workflows; and xSuite Orders for automated order entry.</p>

</div>

xSuite Group acquires tangro for undisclosed sum to expand SAP solution portfolio

ANALYST_QUICK_TAKE

<div>
 
 <p>Numeric, an automation platform for accounting processes, successfully secured USD 10 million in seed funding. This was led by Founders Fund, and saw contributions from Menlo Ventures, 8VC, and Long Journey, amongst others.</p>
 <p>The fresh capital will be used by the company to back product development and increase its research and development workforce.</p>
 <p>The platform provided by Numeric relies on AI to enable users to automate a range of accounting processes. By using the platform, users can carry out technical accounting research, detect data discrepancies, compile variance explanations, and automate the regular ending of each month’s processes. The platform also incorporates an AI copilot. This is designed and educated on GAAP guidance, public company filings, and user data to help users automatically create initial drafts of flux explanations, accounting insights, and reports.</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> We have observed a recent increase in investor interest in the accounting and finance process automation space, with a number of startups raising funds over the last three months. These include relatively large companies such as <a href="https:<br>
//sp-edge.com/companies/125563"> FloQast </a> and <a href="https:<br>
//sp-edge.com/companies/1610557"> Datasnipper </a> (both of which raised <a href="https:<br>
//sp-edge.com/updates/26255"> USD 100 million </a> ), as well as smaller startups such as <a href="https:<br>
//sp-edge.com/companies/3542053"> Tabs </a> and <a href="https:<br>
//sp-edge.com/companies/3524052"> Nominal </a> , which raised <a href="https:<br>
//sp-edge.com/updates/28419"> USD 7 million </a> and <a href="https:<br>
//sp-edge.com/updates/27960"> USD 9.2 million </a> , respectively. While Numeric falls into the latter category, it differentiates itself with its AI copilot tool.</p>

Numeric raises USD 10 million in seed funding to support development and expand workforce

<div>
 
 <p>Konsolidator A/S, a provider of financial consolidation software, has secured DKK 6 million (around USD 0.8 million) in funding. This investment comes through a private placement, fully backed by 11 private investors, which include all members of the company's board of directors, CEO Claus Finderup Grove, and CFO Jack Skov. </p>
 <p>The company, based in Denmark, didn't specify the exact usage of the funds.  </p>
 <p>Konsolidator provides financial consolidation and reporting services to SMEs, offering cloud-based tools. These tools help in streamlining financial consolidation procedures, managing transactions in multiple currencies, and eases compliance with international accounting norms. </p>
 
</div>

Konsolidator raises USD 0.8 million in private placement

<div>

 <p>Tines, a Dublin-based cybersecurity workflow automation platform startup, has secured $50 million in an extension to its Series B funding round. The financial injection was led by Accel and Felicis, with participation from CrowdStrike Falcon Fund and SVCI. This investment brings Tines' total funding to over $146 million, reportedly giving it a post-money valuation of $600 million.</p>
 
 <p>The fresh funds will be used to enhance features for collaborative workflows and expand staff across various departments. These include engineering, product, operations, sales, and marketing sectors. Tines also announced impressive progress, with its annual recurring revenue (ARR) having grown by over 200% within just 18 months.</p> 
 
 <p>The startup's primary product offering is a no-code automation platform. This tool allows for the automation of intricate tasks such as threat detection, response, and vulnerability management, without the need for extensive programming knowledge. By building such tools, Tines aims to bridge the increasing cyber security skills gap. </p>

</div>

Tines raises USD 50 million in Series B funding extension

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

<div>
 
 <p>At its global conference, Relate, customer service platform Zendesk unveiled a new customer service automation solution powered by AI, named Zendesk AI.</p>
 <p>The AI offering includes autonomous AI agents able to interact with customers automatically, handle inquiries, and leverage workflow automation tools. In addition, its GenAI copilot uses historical conversation data to support human agents in enhancing customer interactions. </p>
 <p>Zendesk AI features personalized intents for a superior understanding of customer requirements and GenAI tools can effectively manage knowledge bases. AI reporting is available for monitoring key performance indicators. According to Zendesk, the tool is capable of automating nearly 80% of customer service requests, potentially reducing resolution times by 30%.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> &nbsp;While not explicitly disclosed, the launch of Zendesk AI seems to have directly resulted from the company’s <a href="https:<br>
//sp-edge.com/updates/27553"> recent acquisition of Ultimate </a> , a GenAI-powered customer service automation platform. At the time of the acquisition, the company stated its plans to integrate Ultimate’s AI agent technology into its platform and expand its AI capabilities. Moreover, the launch is in line with a wider technological trend of leading players deploying GenAI-powered automation tools during the past month.</p>

Zendesk launches new AI-powered workflow automation solution at 'Relate' conference

<div>

<p>In a recent product release, Pegasystems launched "Pega GenAI Coach," tailored to provide beneficial advice to users, aiming to optimize their results obtained from automated workflows. This intelligent solution functions by analyzing an organization's work and data, integrating this analysis into the workflow systems, and subsequently generating valuable insights, particularly for the key areas of sales, service, and operations.</p>

<p>It is noteworthy that the "Pega GenAI Coach" can be applied across multiple tasks. These include the optimization of sales team performance, bolstering back-office operations, and catalyzing the resolution process for healthcare claims. The product thus serves to enhance operational efficiency within an organization.</p>
  
</div> <p><b>Analyst QuickTake:<br>
</b> GenAI has become a prominent tech trend within the workflow automation space, with several leading players making strides within the past month. This includes 1) <a href="https:<br>
//sp-edge.com/companies/5881"> Appian </a> , which <a href="https:<br>
//sp-edge.com/updates/28503"> partnered with AWS </a> to integrate GenAI into its process automation platform, 2) <a href="https:<br>
//sp-edge.com/companies/32064"> Nintex </a> , which <a href="https:<br>
//sp-edge.com/updates/27959"> launched new GenAI-powered tools </a> for its platform, 3) <a href="https:<br>
//sp-edge.com/companies/289520"> UiPath </a> , which <a href="https:<br>
//sp-edge.com/updates/27785"> launched a series of new features </a> including context grounding and proprietary large language models, and 4) <a href="https:<br>
//sp-edge.com/companies/82921"> Zapier </a> , which <a href="https:<br>
//sp-edge.com/updates/27915"> launched a chatbot building tool </a> . Moreover, this release marks PegaSystems’ second GenAI product release in the past month since it <a href="https:<br>
//sp-edge.com/updates/26549"> launched a solution </a> for users to generate application blueprints.</p>

Pegasystems introduces GenAI-powered mentor tool

<div>
 
 <p>Canadian IT services company, TELUS International, has broadened its partnership with workflow automation firm, Appian. The joint venture aims to create an AI-powered automation-as-a-service (AaaS) platform.</p>
 <p>This system will unite Appian’s low-code application development features with AI/ML and robotic process automation technology. This will allow users to automate an array of tasks.</p>
 
</div>

TELUS International expands partnership with Appian to develop automation-as-a-service platform

<div>

 <p>Workflow automation platform Appian has collaborated with Amazon Web Services (AWS) to create new GenAI-powered workflow solutions. The partnership allows Appian to integrate its existing AI capabilities and data fabric with the LLMs and machine-learning services from Amazon Bedrock and SageMaker. Appian users can host LLMs with compliance and data security, and use their own data to develop, train, and adjust AI models. </p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> GenAI has become a prominent tech trend within the workflow automation space, with Appian joining a long list of leading players who have released their own GenAI features to their platforms within the past month. This includes 1) <a href="https:<br>
//sp-edge.com/companies/32064"> Nintex </a> , which <a href="https:<br>
//sp-edge.com/updates/27959"> launched new GenAI-powered tools </a> for its platform, 2) <a href="https:<br>
//sp-edge.com/companies/289520"> UiPath </a> , which <a href="https:<br>
//sp-edge.com/updates/27785"> launched a series of new features </a> including context grounding and proprietary LLMs, 2) <a href="https:<br>
//sp-edge.com/companies/82921"> Zapier </a> , which <a href="https:<br>
//sp-edge.com/updates/27915"> launched a chatbot building tool </a> , and 3) <a href="https:<br>
//sp-edge.com/companies/3426"> Pegasystems </a> , which <a href="https:<br>
//sp-edge.com/updates/26549"> launched its own solution </a> for users to generate application blueprints.</p>

Appian partners with AWS to integrate GenAI into process automation platform

<div>
 <p>Dapta, a South American no-code workflow automation platform, has raked in a pre-seed funding round of USD 1.2 million. The fundraise was spearheaded by Fen Ventures and LatinLeap, and saw contributing stakes from Seedstars International Ventures, Invariantes Fund, KuiperVC, and Páramo Partners.</p>
 <p>The company has clear-cut expansion and development plans for the utilisation of the raised capital. They have set their sights on amplifying the product development procedure and broadening their market base to United States. Objectives to enhance the platform’s user interface, ramp up its performance and bolster its security forms the company's immediate agenda.</p>
 <p>Columbia-based Dapta offers users a no-code platform capable of integrating several third-party platforms and facilitating AI-based automation of workflows. The platform is primarily targeted at marketing, finance, and IT sector. It specialises in enabling integration of product data with CRM platforms, tying up ecommerce, communication, and task management software, and generation of API endpoints, webhooks, and mock APIs.</p>
</div>

Dapta raises USD 1.2 million in pre-seed funding

<div>
 <p>An accounts receivable (AR) automation platform named Tabs has raised USD 7 million in seed funding. Investors include leaders Lightspeed Venture Partners and Primary Ventures, taking Tabs' total funding to USD 12 million.</p>
 <p>Providing an AI-powered platform, Tabs helps B2B businesses extract data from their B2B contracts. This data then informs the automation of their AR processes, creating a seamless pathway from contract to cash. Tabs' AI model has the capacity to structure, digest, and organise a plethora of contract data, sourced from emails, purchase orders, amendments, and renewals. In addition, Tabs ensures processes such as contract ingestion, invoicing, and payments are fully automated. Users can make use of the platform’s analytics and reporting tools to stay on top of key metrics such as ARR/MRR, cash forecasting, and deferred revenue.&nbsp;</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> The accounting and finance process automation space has seen a recent increase in investor interest, with several startups raising funds over the last three months. These include relatively large companies such as <a href="https:<br>
//sp-edge.com/companies/125563"> FloQast </a> and <a href="https:<br>
//sp-edge.com/companies/1610557"> Datasnipper </a> (both of which raised <a href="https:<br>
//sp-edge.com/updates/26255"> USD 100 million </a> ) as well as smaller startups such as <a href="https:<br>
//sp-edge.com/companies/3524052"> Nominal </a> (raised <a href="https:<br>
//sp-edge.com/updates/27960"> USD 9.2 million </a> ). While Tabs falls into the latter category, it differentiates itself with its proprietary AI model that can be used to extract and interpret contract data.</p>

All Updates

xSuite Group acquires tangro for undisclosed sum to expand SAP solution portfolio

Numeric raises USD 10 million in seed funding to support development and expand workforce

Konsolidator raises USD 0.8 million in private placement

Tines raises USD 50 million in Series B funding extension

Zendesk launches new AI-powered workflow automation solution at 'Relate' conference

Pegasystems introduces GenAI-powered mentor tool

TELUS International expands partnership with Appian to develop automation-as-a-service platform

Appian partners with AWS to integrate GenAI into process automation platform

Dapta raises USD 1.2 million in pre-seed funding

Tabs raises USD 7 million in seed funding

Workflow Automation Platforms

xSuite Group acquires tangro for undisclosed sum to expand SAP solution portfolio

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