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ICON Corporate Finance advises Muhimbi on its sale to Insight-backed PSPDFkit

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Deal Release:

With the acquisition of Muhimbi, we are broadening who can build innovative document solutions from IT specialists to a new group of builders who prefer easy-to-use low-code/no-code tools for automating repetitive document processing tasks.

Jonathan Rhyne, Co-Founder and CEO of PSPDFKit

Muhimbi image for website

26 Jan 2022

ICON Corporate Finance Advises The Shareholders of Muhimbi, a Low-Code/No-Code Workflow Automation Solution for Sharepoint, on its sale to Insight backed PSPDFKit.

PSPDFKit, the leading document processing and manipulation platform for developers and enterprise businesses, today announced the acquisition of U.K.-based Muhimbi, a leading software solution provider for cloud and on-premises document management systems. This 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 to fuel PSPDFKit’s next stage of growth. The acquisition advances PSPDFKit’s expansion into the low-code/no-code space, helping democratize robotic process automation, and enabling anyone to build document workflows that automate manual business processes.

Muhimbi’s software is trusted by thousands of leading enterprises across the globe (including Honeywell, NASA, the NHS, Fidelity the World Bank, the UN and CISCO). Clients of Muhimbi use the software 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. Their combined offering will further enable tomorrow’s engineers and businesses to innovate beyond paper.

“We are thrilled to welcome Jeroen and the entire Muhimbi team to the PSPDFKit family,” said Jonathan Rhyne, Co-Founder and CEO of PSPDFKit. “With the acquisition of Muhimbi, we are broadening who can build innovative document solutions from IT specialists to a new group of builders who prefer easy-to-use low-code/no-code tools for automating repetitive document processing tasks. Adding Muhimbi’s product line to PSPDFKit’s current offerings will continue to fuel the expansion of our world-class document processing platform. Today’s news is just the beginning, as PSPDFKit looks to expand the scope, reach, and robustness of our platform to cover the entire document lifecycle and further obsolete paper.”

Jeroen Ritmeijer, Founder and CEO of Muhimbi, said, “We are excited to join PSPDFKit and become an integral part of the growing PSPDFKit family. Joining 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."

Simon Moynagh, Partner at ICON Corporate Finance commented, “We’re delighted to have advised Jeroen on this transaction. Muhimbi has built a very popular and practical SaaS and on-premise 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.”

The Deal: