Dooap, an accounts payable software startup, announced today that it is moving its headquarters from New York City to Austin.
Subscribe to the Crunchbase Daily
Dooap is a subsidiary of Efima, a Finnish digital financial process automation company.
In a press release, Dooap’s co-founder Antti Kosunen said the company considered Austin to be “a growing hotbed for technology innovation.”
“We’re looking forward to drawing upon an innovative and experienced talent base and strategic partnership opportunities to build upon the growing market demand for AP automation,” he added.
Dooap told the Austin Business Journal that it “has a total of 19 employees, and it will start with seven people in its Austin HQ.”
The company also just tapped Mikko Hytönen to serve as its new CEO. Prior to joining Dooap, Hytönen served as CEO at two software companies that were later acquired: Toimitori; and Enoro Group, where he also served as CFO.
In the same release, Hytönen also gushed about the Texas capital.
“We have chosen Austin as our U.S. headquarters because of its dynamic tech environment, and we are looking forward to expanding our team there significantly in the months to come,” he said.
Hytönen also told Crunchbase News that the company has seen rapid growth since it was spun out in 2015. Specifically, he said revenue spiked by 300 percent in the company’s fiscal year ending this month, and he projected that revenue would grow by 200 percent in Dooap’s next fiscal year.
The move is part of a broader trend of companies, big and small, relocating headquarters to Austin or opening secondary offices in the city. Last month, we reported in-depth about just how many companies are moving to Austin and why.
Illustration: Li-Anne Dias