Facilitating global business through a single connection

Pagero at a glance

Pagero develops a cloud-based, automated global communications network that enables business to send, receive and handle documents in the purchase-to-pay, order-to-cash, and logistics-to-pay processes, ensuring compliance with local regulatory and reporting requirements. The company is a global leader operating in a growing market supported by digitalization, ESG, and regulatory tailwinds. Pagero has 850+ employees across more than 30 offices serving over 90k client accounts in approximately 140 countries.

Year acquired



SaaS, Compliance


EUR 72 m





Investment themes

Tech-Enabled Transformation

Key developments in 2023

2023 was a record year for Pagero at many levels. Organic revenue grew 33% (vs 23% in 2022) and its customer base exceeded 95k businesses reaching a network of 14m+ businesses. Pagero continued to expand its global footprint as more countries introduced e-invoicing and reporting mandates. In early 2024, Thomson Reuters acquired Pagero, ending Summa’s seven-year ownership. During this period, revenues have more than quadrupled through best-in-class product development and significant geographical expansion.

What are the challenges Pagero addresses


of expected VAT revenue lost due to non-compliance across the EU 27, amounting to EUR 61 bn in 2021


of companies in 2025 expected to be forced to only use e-invoices

How does Pagero help?

Reality today

Corporates struggle to meet compliance regulations due to a lack of a standardized process for business communications, leading to a widened VAT gap.

Pagero approach

Pagero automates business transactions between stakeholders to ensure compliance regulations are met across markets.

Aspirational future

Non-compliance and VAT loss is mitigated and efficiencies in transactions are realized, benefitting the government and the environment.

Who is impacted?

Civilians benefit as the VAT gap is diminished, generating more resources for governments. Emerging economies benefit disproportionately from expanded financial infrastructure. The planet benefits from minimizing the carbon footprint of financial transactions.


Pagero enables corporate stakeholders to comply with regulations across markets and contributes to the ability of public institutions to minimize the VAT gap through automated transactions software.


Impact is less clear if Pagero primarily works in markets where the VAT gap is meaningfully more present.

SDG alignments

SDG 12
SDG 16

KPI reporting

Revenue (EURm)


Change from '22-'23: 33%

Client accounts in Pagero Network


Change from '22-'23: 14%

Client connected to Pagero Network for a digital, fully compliant exchange of orders, invoices, payment instructions and other business ­ documents.

Number of markets


Change from '22-'23: 3%

Markets connected to Pagero Network ­ mitigating VAT loss and realizing efficiencies in transactions, benefitting the government and environment.

Trees saved


Change from '22-'23: 76%

By going paperless Pagero helps customers move towards more efficient business practices and protection of the environment.