Foriba is a success story that soon reached an estimated M turnover from 10 countries and was recently sold to global tax software provider Sovos. Koray, founder of Foriba, offers a comprehensive e-billing solution. He was my guest in the episode. Even though I asked him at the end of the department if he would openly sell the company, Koray replied that he put me in the wrong corner:)
Foriba aims to grow internationally; It has different characteristics than a typical SaaS company by basing on this path in an area that arises with regulations in countries such as e-invoice, e-invoice and e-archive, which may vary from region to region. That’s why I wanted to summarize Foriba’s policy of expansion, which has been localized in every country he enters.
The Foriba team had unparalleled experience in SAP integrations. With this important weapon, it was inevitable that they would enter this area after Turkey decided to switch to e-invoice regulation. With easy and wide-ranging SAP integrations, Foriba set out targeting most, if not all, big SAP customers in Turkey. Foriba, who was recognized in the market with its successful results, continued to expand within the institutions by identifying the different needs of the institutions in these areas.
The picture above proves sap’s importance to Foriba’s growth. Foriba continues this platform game by working fully integrated with a widely known enterprise software, especially SAP.
Contrary to what we have seen in many software fields, Turkey has become one of the leading markets in electronic billing with its regulations. First, Foriba, which connects telecom operators in Turkey as customers, has ensured that millions of monthly invoices are automatically prepared and sent to customers before the regulation has been issued. Starting in a market that is advanced and mature in its field, Foriba has made it its most important weapon by creating products that offer a versatile solution.
As e-invoice regulation spread across different geographies, Foriba moved quickly to become one of the first players in these markets and created a similar SAP-oriented strategy.
From its early days, Foriba targeted large companies in Turkey and attached particular importance to international companies. The Turkish pillars of these companies used these multinational structures to their advantage, with the recommendation of Foriba to their offices in other regions. These firms are the backbone of Foriba’s strategy of expanding into new markets, becoming the first customers in new countries.
Of The Foriba’s more than 10,000 customers in Turkey, 450 are multinational companies. As you can see from the logos in the screenshot above, almost all of the companies you can think of are among the references.
Consultancy firms have become a natural sales partner by recommending Foriba to their customers. Accelerating sales on the end-of-customer side, this structure has pushed Foriba to allocate resources for sales partnerships.
Foriba, similar to the SME segment, wanted to enter with short and inexpensive sales cycles. Accordingly, by partnering with more than 200 accounting software, the company, which provides automatic e-billing services to SMEs, continued its growth. Considering that e-invoice regulation in Turkey will eventually spread to all 3 million SMEs, it is clear that this segment will be even more important.
Finally, uber and Shell have formed partnerships with each trip on automated e-billing and automated e-billing for resellers. These network projects allowed Foriba to reach hundreds of thousands of e-billed volumes faster each month and to include many users.
Recognizing the product and integration needs of corporate companies around the basic e-billing solution, Foriba went on to develop these products on their own. By providing services such as e-book, e-archive, e-backup and e-information solutions to its customers, it has increased its earnings per customer and also increased its advocacy.
Foriba will also work on the supply chain financing system, which will take its potential to a different level through its customer base. had begun . By developing horizontal products, Foriba continues to develop products with high revenue potential, making the customer even more dependent and preventing new competitors from coming out.
Foriba has acquired its biggest competitor, ISIS, to own the entire Turkish market. In my interview with Koray, he mentioned that mergers both locally and globally would continue, consolidating the market and that only large companies could dominate the market in this way. In this context, he also stated that it is open to acquisitions in the countries where it aims to grow, but underlined that they can make Foriba a leader in this field.
A few months later, Foriba was sold to Sovos. The strategic value of buying Foriba varies for different companies. Sovos has a platform that offers a wide range of enterprise solutions, including e-billing, and with more than 10 offices, it is playing to be a leader in this field. With this acquisition, I think that Sovos, which has taken the position of dominating the Turkish market, also values Foriba’s knowledge of SAP. Solutions to be created through SAP and a customer portfolio of international companies will also accelerate Sovos’ product development and growth in global markets.
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