China SaaS provider Xforceplus raises $200m
Chinese software-as-a-service (SaaS) provider Xforceplus has raised a $200 million round led by Silicon Valley’s Dragoneer Investment Group and Beijing-based MSA Capital.
Huatai Innovation Investment also contributed. It follows a $100 million investment in 2019 led by Temasek Holdings with support from Eastern Bell Capital and Hillhouse Capital.
Founded in 2015, Xforceplus, also known as Piaoyitong, focuses on tax invoice management related supply chain data services. The company’s cloud-based platform, said to be the China's largest of its kind in China, helps companies avoid fiscal risk, improve efficiencies, and reduces fees and taxes. It also provides data to financial institutions to support corporate risk assessments.
Xforceplus has served more than 150 Fortune 500 companies and connected with one million suppliers, according to a statement. Clients include large real estate companies Vanke Group, Country Garden Group, Poly Developments, China Resources Group, as well as State Grid, Wal-Mart, RT-Mart, and McDonald's.
The fresh capital will be applied to an expansion of the core customer base, as well as the upstream and downstream supply chain network. Xforceplus aims to strengthen cooperation with global consulting and financial service institutions to build a collaborative corporate services ecosystem.
Other players in China’s enterprise payment and expense management software space that have received private equity backing include Fenbeitong, Ekuaibao, and Huilianyi.
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