After 11 years of growth, receipt scanning firm Shoeboxed has been acquired by mail digitizing company Earth Class Mail for an undisclosed amount.
“We spoke with a number of potential strategic partners in the space; and Earth Class Mail really made the most sense — a great overlap in services, customer base, and a really good fit between the teams,” CEO and co-founder Tobias Walter told Hypepotamus.
Shoeboxed helps small businesses move towards a paperless office by providing receipt scanning and organization services, expense reporting, mileage tracking and more. The software extracts data from scanned files and turns it into fully searchable information. Last summer, the Durham, NC-based company released Fetch, a new product to help employees keep track of expenses.
At the time of sale, Shoeboxed was digitizing over five million documents per year for more than 1 million customers in 90 countries, with a strong focus on small businesses in the U.S. They have raised about $2 million total in venture capital.
Earth Class Mail focuses on digitizing the mail side of things by providing not only a scan of the outside of the envelope but also, upon receiving permission, a scan of all documents inside. The company welcomed a new CEO last December to encourage growth.
“Getting over 250,000 documents mailed to our Durham, NC office every month, we see a strange thing or two every now and then. One thing we see often is sealed mail, addressed to our customer,” wrote Walter in a blog post. Now within Earth Class Mail, Shoeboxed has the ability to offer this service to their customers without first returning the mail.
“Shoeboxed will expand our abilities beyond mail and further enable us to remove more paper from your office and make it useful to you, immediately,” Earth Class Mail CEO Jess Garza wrote in a blog post. “We couldn’t be happier about what this means for Earth Class Mail customers and Shoeboxed customers alike.”
“Right now everything stays the same for both customer bases, although we’d love to see some natural curiosity lead them to try the other service if they haven’t. As time passes, Jess will be planning out future opportunities to integrate,” says Walter. “We have two services that help small business owners digitize a very specific part of their business that is still on paper,” says Walter.
“Our hope is that by integrating the technologies, we can provide a full way to deal with all of the things that should be digitized and in ‘automated workflows’ from the time you receive them,” he says.