STAVANGER, Norway and Nantes, France, January 17, 2022 /PRNewswire/ — Norwegian tendering software specialist Xait acquires French proposal management specialist Jack in the Box as part of a drive to diversify internationally across multiple industry sectors and geographies. The current leaders of Jack in the Box will continue to lead the company in France.
“Our collaboration software XaitPorter has proven its value for large companies in the energy and renewable energy industry and is ideally suited for large, complex proposals in any sector. Jack in the Box has a product that is adapts to most regular public and private tender processes for multi-industry and service companies, and has a very good track record on the French market. very complementary from a technological, industrial and geographical point of view”, declares Erik Gudmundsen, CEO of Xait.
Xait offers a complete all-in-one co-authoring software solution allowing teams to create, manage and produce documents collaboratively. XaitPorter, the company’s primary co-authoring software, allows hundreds of people across multiple locations to work together simultaneously on, for example, complex RFP documents. With XaitPorter, document creation is completed up to 70% faster, with better document quality and higher success rates. The stronghold of the company is in the energy and renewable energy sector in Europe and United States, but with a growing footprint in other industries.
First French player
Jack in the Box was established in 2000. Since then, the company’s proposal software – Proposal Studio – has been used on projects in 21 countries around the world. It is the preferred software for French companies bidding on projects in the construction and engineering, business services, finance and energy sectors. The company’s software has more than 150 customers and 7,000 users.
Jack in the Box has offices in Nantes and Paris, France. The company employs 26 people and has achieved annual recurring revenue (ARR) of approximately 3 million euros in 2021, more 1 million euros in services and consultancy income.
“The growth of recent years confirms that the software adapts to the French market and covers a wide range of effective functionalities. Indeed, most Jack in the Box customers consider the software to be what they need and more,” says Fabrice Peim, CEO of Jack in the Box.
“Being part of the Xait Group will facilitate an even more comprehensive product and service offering to our customers. Additionally, Xait has a global footprint that we aim to leverage. Combining the technology skills of both companies will also enable us to continuously develop efficient and easy-to-use solutions, allowing our customers to win new contracts in the most economical way possible,” says Eric Legrand, president of Jack in the Box.
Rapid growth
Xait has identified a three-pronged growth strategy that consists of organic growth of existing and new customers, as well as acquisitions.
Xait’s organic ARR grew over 20% in 2021, ending at around NOK 100 million. Xait Group revenue was approximately NOK 85 million in 2021, with a good profit margin.
“The purchase of Jack in the Box is Xait’s third acquisition in just over twelve months. This acquisition is the largest to date and will increase Xait’s ARR by approximately 30% and bring the total number of employees to nearly 90. In just three years, we have tripled our ARR, placing us among the largest global players in proposal software,” says Frank Skavland, CFO of Xait.
The parties have agreed not to disclose financial details of the transaction, which was settled partly in cash and partly in shares of Xait. The current officers and shareholders of Jack in the Box, President Eric Legrand and general manager Fabrice Peim, invests in Xait and will continue to lead Jack in the Box.
“Retaining specialist competence in Jack in the Box is critical to us, so we are very pleased that key members of the Jack in the Box management team will continue as both technical and business resources and shareholders of Xait. Together, we aim to achieve growth synergies and capitalize on the untapped potential of our technologies in order to achieve significant international growth in the years to come,” states Erik Gudmundsen.
For more information please contact:
Erik Gudmundsen, Chief executive officer,
Mobile: +47 971 44 836, e-mail: [email protected]
Silje Stensland, Global Media Contact and Marketing and Communication Director,
Mobile: +47 922 65 803, e-mail: [email protected]
Claire-Anne Lardiere, French press contact,
Mobile: +33 7 68 84 38 07 e-mail: [email protected]
About Jack in the Box
Jack in the Box is the only proposal management expert in France. Proposal Management develops methods and tools to improve the drafting of commercial proposals, technical briefs and responses to calls for tenders. With 150 customers and over 7,000 reps equipped, Proposal Studio has produced over 1 million sales documents since its launch in 2001.
www.jack.fr
About Xait
Xait is a global software technology company that provides enterprise customers with document co-authoring, automation, collaboration and smart pricing software.
Our cloud-based software XaitPorter is a complete all-in-one co-authoring solution allowing companies to create high-quality documents with contributions from multiple authors simultaneously. XaitPorter simplifies and streamlines document production, so a company can maximize revenue from bids and proposals and other business-critical documents.
Our second product, XaitCPQ, helps organizations close more deals with better margins by simplifying and accelerating the correct creation and pricing of product and service combinations at scale.
- Automate complex pricing
- Prevent people from making mistakes
- Applies best practices to your prices and quotes
In a nutshell, we help our clients win business by supporting their sales enablement efforts from quote to contract.
Xait was founded in 2000
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/xait-as/r/xait-acquires-leading-french-proposal-software-company,c3487144
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SOURCE Xait AS
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