Hamburg/Paris, June 29, 2021. – The French company Auxiga International, a traditional player in warehousing collateral, will now utilize LABESTonline for digital monitoring and evaluation of warehouses for its international clients.
The Software-as-a-Service (SaaS) tool developed by LABEST since 2017 enables banks and other lenders to have real-time access to their borrowers’ warehouse inventories. Simultaneously, it links these inventories to current market values, providing an instant assessment of the warehouse’s worth. This enhanced transparency allows lenders to use the warehouse inventories as reliable collateral, leading to reduced risk costs. For entrepreneurs, this means they can utilize their working capital stored in warehouses as their own security for loans, resulting in lower credit costs.
Thanks to the collaboration with Auxiga, LABEST can now expand into new markets beyond Germany and Austria, including France, Benelux, Great Britain, and Ireland. Auxiga International has been a service partner for banks, facilitating the use of warehouse inventories as collateral, for over 50 years. With their expertise in on-site inventory control (Floor Checking), thousands of companies gain access to additional liquidity each year.
The group is considered a market leader in France and Belgium. In May, Auxiga expanded to the United Kingdom with the acquisition of the British company Vehicle & Asset Solutions Ltd (VAS). Prior to this acquisition, both companies had collaborated closely on customer projects for over four years.
“LABEST allows us to expand our comprehensive range of warehouse monitoring services innovatively and digitally, benefiting our corporate customers and banking partners in all industries and countries we serve,” says Arben Bora, CEO of Auxiga International. “We were particularly impressed with the digital market price determination and the comprehensive interactive risk analysis options.”
“Auxiga International is the perfect partner for us. With their extensive international expertise in warehouse monitoring, we can generate significant synergies in our joint business across Europe through the additional use of our digital solution,” confirms Dirk Piethe, Co-Managing Director of LABESTonline GmbH. Co-Managing Director Stefan Franke adds: “Prior to the cooperation, we have expanded our SaaS offering
to include multilingual capabilities. This enables us to quickly enter new markets. Furthermore, we continuously expand our features to cater to various industries in the fields of manufacturing, trade, and logistics on an international scale.”
LABEST, a Hamburg-based startup founded in late 2016, started as a SaaS provider for digital risk monitoring for banks and insurance companies. Today, it secures credit volumes in the triple-digit million range (€) through its innovative cloud solution. Since 2019, LABEST has been bridging the gap between physical warehouse controls and digital warehouse logistics systems. Since then, the FinTech company has been working with banks, financial institutions, and debt funds to bring warehouse financing into the digital world for asset-heavy industries across the DACH region, ranging from trade to production.
The Auxiga Group was founded in Belgium in 1919 and has been active in France since 1975. The group offers financial institutions and corporate borrowers access to a wider range of financing solutions for activating a portion of their inventory. Additionally, they conduct regular warehouse audits. The group is the undisputed market leader in France and Belgium, operating through three subsidiaries: Auxiga, Sofigarant, and Eurogage, the latter of which was acquired in January 2019. Recently, the Auxiga Group began its international expansion with the establishment of a subsidiary in the Netherlands in 2020, aiming to utilize its expertise in equipment inspections and on-site controls to support international customers, particularly automotive manufacturers. In April 2021, the Auxiga Group acquired VAS (Vehicle & Asset Solutions Ltd),
the primary provider of warehouse audits and on-site controls in the UK and Ireland.
Thomas Müller, DIE PR-BERATER GmbH
Tel.: +49 (0)221 800 471 11