Leading enterprise Software investor has its sixth realization of the last year with sale of Webexpenses to Tenzing
MANHATTAN BEACH, California, November 30, 2023 – K1 Investment Management, the leading B2B software investment firm, today announced the sale of its portfolio company Webexpenses, a provider of expense management and accounts payable automation software, to Tenzing, a private equity investor in high-growth small-to-medium enterprises across the United Kingdom and Europe.
Founded in 2000, Webexpenses is a SaaS company headquartered in the United Kingdom with customers in over 70 countries. The company has grown into a leading player in online expense management serving over 300,000 users across the world.
“K1 has been a wonderful partner in helping us reach this new phase of growth. We’re grateful for the partnership and excited for what’s next with our new partners at Tenzing,” said Andy May, Webexpenses’ Managing Director.
“We first met the Webexpenses team in 2016 and I’m so proud of what they have accomplished. I am looking forward to seeing how they continue their journey with our friends at Tenzing,” said Hasan Askari, Managing Partner at K1.
Webexpenses is K1’s sixth company to be exited or partially exited in the past year. Other exits include Zapproved and TeamDynamix. The Webexpenses transaction builds on K1’s success in creating category-leading enterprise software companies, with more than 60 platform investments and over 150 add-on acquisitions.
K1 is a global investment firm that builds category-leading enterprise software companies. K1 partners with strong management teams of high-growth technology businesses to help them achieve successful outcomes. With over 131 professionals, K1 and its operating affiliate, K1 Operations LLC, change industry landscapes with operationally focused growth strategies designed to rapidly scale portfolio companies. Since inception of the firm, K1 has partnered with over 60 platform enterprise software companies and over 150 add-on acquisitions including industry leaders such as accessiBe, Atera, Checkmarx, Complysci, ControlUp, Emburse, Employ, Granicus, HR Acuity, IronScales, Onit, RethinkFirst, Reveal-Brainspace, Responsive, simPRO, Smarsh, Technomile, XTM International and Zapproved. For more information, visit k1im.com and follow on LinkedIn.
Founded in 2000 Webexpenses is a category leading expense management and AP automation SaaS provider, headquartered in United Kingdom with additional offices in Australia and North America.
As a private equity investor in high-growth UK and European SMEs valued between £10m and £200m, Tenzing works with niche market leaders and challenger businesses – ones that can transform themselves and disrupt the market in which they operate.
Named after Tenzing Norgay, the Nepalese mountaineer who guided Sir Edmund Hillary in the first-ever ascent of Mount Everest, his story represents our drive to support our portfolio businesses in reaching the summit of their ambitions, each and every time. Learn more at Tenzing.pe.