Tech-focused investment bank ICON Corporate Finance has advised on the sale of UK-based Muhimbi – a leading software solution provider for cloud and on-premises document management systems used by NASA, Microsoft, the NHS and the UN – to PSPDFKit, the leading document processing and manipulation platform for developers and enterprise businesses.
The acquisition of UK-based Muhimbi, which specialises in document conversion and manipulation functionality, accelerates PSPDFKit’s expansion into ‘low-code/no-code’ platforms, and marks PSPDFKit’s first acquisition, following a €100 million strategic investment from New York-based global venture capital and private equity firm Insight Partners in September 2021.
Muhimbi’s software is trusted by thousands of leading enterprises across the globe for automatic PDF conversion, merging, securing, watermarking, and optical character recognition (OCR) of most file types, including MS Office, emails, InfoPath, CAD, HTML, and images. Muhimbi’s flagship products, PDF Converter Online and PDF Converter for SharePoint, empower users with powerful actions for PDF conversion and document automation through SharePoint, Microsoft Power Platform, Nintex Workflow, and more.
Nearly 1 billion end users in more than 150 different countries rely on PSPDFKit’s software development kits every day while using web and mobile applications that are built on the company’s platform.
The combined offering resulting from the acquisition will continue to fuel the expansion of PSPDFKit’s world-class document processing platform, while further enabling tomorrow’s engineers and businesses to innovate beyond paper.
Commenting on the transaction, Simon Moynagh, Partner at ICON, said: “We’re delighted to have advised Jeroen on this transaction. Muhimbi has built a very popular and practical SaaS and on-premises solution within document management securing high numbers of prestigious multinationals as clients. The company has found a strong strategic partner in PSPDFkit and we wish them all the best in the next stage of growth together.”
Jeroen Ritmeijer, Founder and CEO of Muhimbi, said: “We are excited to join PSPDFKit and become an integral part of the growing PSPDFKit family. Combining forces will undoubtedly help us bring new innovations to our existing customers and facilitate growth in both our companies while maintaining product quality and continued best-in-class support. Thanks to Simon and the team at ICON, the process ran smoothly.”
The transaction further highlights ICON’s global track record in enterprise software. In addition, this deal further illustrates ICON’s expertise in international M&A – cross-border deals have accounted for five out of ICON’s last six deals, including the sale of 360 Science to US-based Syniti, Moody’s strategic investment in Fathom, Quantex’s sale to US Dover owned PSG, JoinedUp’s sale to US Beeline, and Crayon’s investment in Cloud Direct.
Ashfords served as legal advisor to Muhimbi.