Pagero Due Diligence

Run due diligence on Pagero: check compliance and get alerts when suppliers change.

Sweden · www.pagero.com · 15 vendors

Pagero provides a Smart Business Network that connects buyers and sellers for automated, compliant, and secure exchange of orders, invoices, payment instructions, and other business documents. The company helps businesses streamline their order-to-cash and purchase-to-pay processes while ensuring compliance with local regulatory and reporting requirements.

Resilience scores

Technology vendors

Services catalogue

2 services in catalogue across 2 categories; runs on 15 sub-vendors.

Insights

Last updated 2026-07-30 · revision 3

15 direct vendors, 217 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

13 in-scope frameworks identified; showing 3.

ISAE 3000 (source) — Evidence found

Evidence: https://europe.thomsonreuters.com/trust-center/information-security, https://europe.thomsonreuters.com/trust-center

UK Cyber Essentials — Evidence found

Evidence: https://europe.thomsonreuters.com/trust-center/information-security, https://www.cyberessentials.ncsc.gov.uk/

ISO 27701 — Evidence found

Evidence: https://europe.thomsonreuters.com/trust-center/information-security, https://europe.thomsonreuters.com/trust-center

Financials

Three-year financials

Financial Resilience Score: 7/10

Pagero historically operated as a growth-stage SaaS company with strong top-line growth (22-23% CAGR from 2018-2023) but chronic operating losses driven by heavy investment in R&D, geographic expansion, and M&A. Cumulative losses eroded equity, requiring capital raises in 2022-2023 to shore up the balance sheet. However, the company demonstrated a clear pivot toward profitability in 2023, targeting adjusted EBITDA break-even in H2 2023 through a cost-savings program of approximately SEK 100-120 million in annualized savings. As of 2024, Pagero was acquired by Thomson Reuters, which fundamentally transforms its financial resilience profile. The company is now backed by a >US$7 billion-revenue, investment-grade parent, effectively eliminating prior financing risk. Combined with highly recurring subscription revenue (~80-85% of net sales), strong customer retention (NRR historically >110%), a blue-chip customer base, and structural regulatory tailwinds from global e-invoicing mandates (EU ViDA, Peppol, France, Poland, Saudi Arabia, Malaysia), the underlying business has significant durability. The score reflects strong business fundamentals and parent company backing offset by historical unprofitability and loss of standalone transparency.

Key strengths: Highly recurring SaaS/subscription revenue (~80-85% of net sales), Strong customer retention with NRR historically >110%, Global e-invoicing network with 14+ million connected businesses, Structural regulatory tailwinds (EU ViDA, Peppol, country mandates), Blue-chip customer base (HPE, J&J, Ricoh, Sandvik, Jotun), Now backed by Thomson Reuters (investment-grade parent), Pivot toward profitability with cost-savings program in 2023

Risk factors: Chronic operating losses and cash burn through 2023, Equity erosion from cumulative losses requiring capital raises, Competitive intensity from Tungsten, Basware, Sovos, Vertex, SAP Ariba, Coupa, Tradeshift, OpenText, Regulatory dependence - growth tied to government mandates that can be postponed, FX exposure across 30+ subsidiaries, Loss of standalone financial transparency post-acquisition, Brand/customer transition risk under Thomson Reuters

Revenue by geography

Revenue by product/service

Workforce by country

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