Acquisition marks first exit for Endeavor Catalyst Fund II
In a major milestone, Istanbul-based enterprise solutions provider Foriba was acquired this May by global tax software provider, Sovos. The acquisition marks the first successful exit from Endeavor Catalyst Fund II, the second fund raised by rules-based co-investment fund Endeavor Catalyst, which was set up to invest exclusively in Endeavor Entrepreneurs.
Co-founded by Endeavor Entrepreneurs Koray Bahar and Ahmet Bilgen, Foriba’s digital solutions and expertise in digital tax compliance help Sovos provide expanded services to customers around the world as more businesses move their transactions and records online.
Founded in 1999, Foriba moves invoice and ledger procedures from paper to digital, allowing companies to manage their B2B transactions online. Its platforms enhance business productivity by increasing labor efficiency, decreasing transportation costs, and facilitating time management.
Foriba entered the Endeavor network in 2015, and in 2018, raised a successful Series B funding round led by IFC Venture Capital with participation from Endeavor Catalyst. The company’s acquisition is the sixth exit for Endeavor Catalyst overall.
“It’s been great to witness Foriba’s growth journey and to partner with them especially on their international expansion,” said Aslı Türkmen, Endeavor Turkey Managing Director. “This exit is an important milestone for the Turkish technology ecosystem and for Endeavor Catalyst. We are looking forward to working with Koray and Ahmet as they continue their journey both as entrepreneurs and also leaders for the Turkish entrepreneurial community.”
Since its selection into the Endeavor network, Foriba has scaled significantly. Today, the company serves the top 450 multinational companies in the world, including giants such as Procter & Gamble and Shell Oil, and continues to grow, conquering the Turkish market and collaborating with thousands of SMEs. The acquisition by Sovos will increase the brand’s presence in the Turkish market and will see continued growth for the company.
Learn more about the acquisition in the official press release here.