French multinational Sodexo has acquired XXImo, a Netherlands based FinTech startup. The deal – financial terms have not been disclosed – was advised on by corporate finance firm LD&A Jupiter.
With 380,000 employees in over 80 countries, Sodexo is one of the largest food services and facilities management corporations of the globe.
As part of the French listed multinational’s expansion strategy, the company recently completed the purchase of XXImo. Founded in 2011, the Netherlands based startup provides a digital platform which helps users manage a wide range of their business travel & expenses. The so-called XXImo mobility cards support multi modular expenses, spanning fuelling, charging, car and bike sharing, toll and parking, as well as public transport and taxi services (including Uber). The platform allows organisations and users to digitalise the whole expense process, from transaction, authorisation and cost allocation to direct processing in the accounts. According to XXImo, the company has 65 cards in use in the Netherlands, while it also boasts a rapidly growing user base in Belgium.
With the capital investment by Sodexo, XXImo can further advance its digital platform, expand its commercial network and fund several innovations pinpointed to bolster its product portfolio. As part of the deal, Sodexo has committed to support an accelerated international rollout of XXImo’s offerings, with the German market earmarked as the first stop. Behind the scenes strategic plans are already being drafted for further pan-European roll-outs.
XXImo’s roughly 30 employees will be integrated into Sodexo’s Benefits and Rewards division, and its propositions will be added as a bolt-on to the buyer’s broader suite of mobility services. In terms of management structure the FinTech firm will retain its make-up: founders Patrick Bunnik (CEO) and Lex Broekhuizen (CFO) will hold their position – both have signed an agreement that commits them to the firm for a minimum of five years. The XXImo headquarters will remain in Den Bosch, although a search has been launched for larger premises.
During the acquisition process, XXImo was advised by LD&A Jupiter, a corporate finance firm that specialises in transactions in the Technology and Digital segments. Globally the network has offices in Munich, Paris, London, Amsterdam, New York, Berlin and Los Angeles – the XXImo deal was assisted by the Dutch team, who served as the exclusive advisor to the shareholders and founders of XXImo. “We are delighted to have worked for a disruptive company like XXImo enabling the company to further grow under the wings of Sodexo”, comments Frank Verbeek Managing Partner of LD&A Jupiter in the Netherlands.