Main Capital Partners has acquired a majority stake in document processing software provider Whitevision and plans to make its first add-on to the platform investment in September, said Sjoerd Aarts, managing partner and head of Benelux. PE Hub Europe.

Whitevision has a turnover of over €10 million and is experiencing strong growth and profitability, says Aarts. The company’s software enables companies to automatically capture, recognize, match and approve documents. Based in Breda, the Netherlands, the company has over 1,600 customers in various document-intensive industries, including construction and installation, professional services, technology, logistics and automotive. The SaaS platform processes over 18 million documents annually.

The deal is one of Main’s larger platform investments and was made from the recently launched €1.9 billion flagship fund, Aarts said.

Main will focus on organic growth and internationalization, where it has already taken initial steps, as well as a buy-and-build strategy to drive the company’s growth, he said. “We see the market for intelligent document processing as highly fragmented and expect an active B&B strategy.”

“The increasing need for digitization and automation of processes as well as cross-border eProcurement opportunities are expected to drive the growth of this market in the coming years,” Aarts said in a statement.

Business process management is one of Main’s key product-market combinations, he said, with investments including Bizzdesign and Softproject.

Whitevision is Main’s 30th transaction in 2024, including platform investments, add-on acquisitions and exits. “We also expect a busy period in the second half of the year,” Aarts added.

The company’s platform deals include MPS Public Solutions, Xitres and Nextway. Additional deals include Xential buying Eformity, Paragin Group acquiring Xebic, Pro4all buying Byggeprojekt and the exits of Textkernel and Optimizers.

Main is a software investor in the Benelux, DACH region, Nordic countries and the USA with assets under management of around EUR 6 billion.