COMPANY PROFILE

Xforceplus

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Develops enterprise collaborative solutions for software as a service

Baoshan District, ChinaFounded 2015Other B2B Software

Valuation $1–2.5B Last recorded · 2021

Revenue $50–100M Latest reported FY

Headcount <100 Current team size

Total funding $100–500M Disclosed equity funding

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About Xforceplus

Shanghai Xforceplus Information Technology Co., Ltd., operating as Xforceplus (云砺信息科技), was established in 2015 by founder and CEO Will Woo (吴云). Woo, an expert in China's supply chain, finance, and tax informatization, previously led the development of a large-scale, cloud-deployed financial shared services platform for a major state-owned enterprise. This experience revealed the gap between local and global enterprise software standards and inspired him to launch Xforceplus just before China's comprehensive VAT reform in 2016.

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Xforceplus provides enterprise SaaS solutions focused on supply chain information collaboration and VAT invoice management. The company's core business revolves around its cloud platform, "Piaoyitong" (票易通), which facilitates efficient invoicing, payment reconciliation, and tax services for large enterprises and their extensive networks of suppliers. The platform addresses the complexities of China's tax regulations, helping businesses manage both paper and electronic invoices, streamline settlement processes, and improve tax compliance and risk control. By connecting core enterprises with their upstream and downstream partners, the platform creates a vast network that enhances supply chain efficiency. Revenue is generated through a subscription-based model for its software services.

The company serves a diverse client base of large corporations across sectors like real estate, retail, logistics, and food service, including prominent names such as Walmart, McDonald's, and Vanke. The platform connects over 150 global conglomerates with more than 2.4 million upstream and downstream suppliers. A significant milestone was achieved in November 2021 when Xforceplus acquired Shanglian (PowerE2E), a specialist in supply chain data integration for the consumer goods and retail sectors founded in 2001. This acquisition led to the 2024 launch of "Linktrade," a SaaS platform that integrates Piaoyitong and PowerE2E to offer a complete transaction lifecycle solution, from order management to payment.

Xforceplus has secured substantial funding from a roster of high-profile investors. After its Series A in 2015, it raised nearly $100 million in a Series C round in October 2019, led by Temasek and supported by Hillhouse Capital and Eastern Bell Capital. The company went on to raise an additional $200 million in its Series C+ and C++ rounds in 2021 from investors including Dragoneer Investment Group and MSA Capital, bringing its total Series C financing to approximately $300 million and achieving unicorn status. Keywords: supply chain collaboration, VAT invoice management, SaaS platform, financial software, Piaoyitong, tax compliance software, B2B enterprise services, electronic invoicing, FinTech, supply chain finance, procurement to pay, Shanghai, Will Woo, accounts payable automation, supplier relationship management, enterprise software, data integration, digital transformation, retail supply chain, real estate finance, logistics technology

Source: Dealroom company data