Palette Software was acquired by Altor Funds.

Palette Software, a Stockholm, Sweden-based market-leading vendor for financial process automation, announced that it was acquired by Altor Funds, a Swedish investment company.

Financial details were not disclosed. The deal was made in a secondary transaction made with previous owner Monterro, founders and management. Monterro had acquired Palette Software in 2015.

Palette, founded in 2013 and led by CEO Mats Ferm, is an Accounts Payable automation (AP Automation) software company offering procure-to-pay and digital invoice processing solutions for the SME and mid-market segments. The company, which has 12o employees and is headquartered in Stockholm, has more than 1,500 customers predominantly in Sweden and Finland. Palette has annual recurring revenue (ARR) of approximately 200 MSEK.