eInvoicing firm Storecove lands in Asia Pacific

Netherlands-based SaaS eInvoicing solution provider Storecove has landed in Asia Pacific, after acquiring Squirrel Streets eInvoicing business for an undisclosed amount.

The company will initially be based in Australia, with plans to establish Singapore as its Asia Pacific centre of operations.

Australian tech entrepreneur and former Squirrel Street founder - CEO Simon Foster will lead Storecove as APAC general manager.

The acquisition was formalised in mid-October, with Squirrel Street completing the sale by sending Storecove the world's first Peppol e-invoice using the Australia and New Zealand specification which was released only hours beforehand.

Peppol is the eInvoicing standard adopted by the European Union. Singapore also adopted the standard in early 2019.

It has also been adopted by the Australian and New Zealand Governments as part of a trans-Tasman agreement to create an interoperability framework for eInvoicing that will increase opportunities for ANZ businesses to integrate with the global trading environment.

According to Storecove, the Australian Government estimates that with 1.2 billion invoices exchanged in Australia each year, the adoption of eInvoicing will generate savings to the economy of $28 billion over 10 years.

"The Australian Tax Office has identified a number of key benefits from eInvoicing," says Foster.

"For small to medium businesses, the biggest benefit will be reduced payment times and improved cash flow, especially with Federal and State Governments committing to faster payment terms for supplier invoices under $1 million from the start of 2020. Organisations are also expected to save up to 70% on invoice processing costs for eInvoicing compared to paper or PDF invoices.

Singapore is currently in negotiations with Australia to facilitate digital trade through cross-border eInvoicing and other digital initiatives under the Australia and Singapore Digital Economy Agreement.

Simon Foster Foster brings more than two decades' experience working for early stage and high growth technology startups, mid-size enterprises and multi-nationals across Australia, Europe, Asia and North America.

He founded Squirrel Street (formerly Shoeboxed Australia) in 2010. He is also the vice president and eInvoicing lead of ABSIA - Australian Business Software Industry Association, and the NSW chair of the Pearcey Foundation.

Squirrel Street will continue to operate its core Receipt - Invoice Management solution, with Foster retaining a seat on the board.