Basware

Basware Corporation is a Finnish software company selling enterprise software for financial processes, purchase to pay and financial management. The company has operations across over 50 countries on six continents. Basware’s markets include Nordic countries, Europe, Russia, North America and Asia Pacific. The company has its own subsidiaries in Scandinavia, Western Europe and the United States. Additionally, Basware has over 70 value added resellers in Europe.

Basware Corporation
TypeJulkinen osakeyhtiö
Nasdaq Helsinki: BAS1V
Founded1985 (as Baltic Accounting Systems) in Espoo, FIN
Headquarters
Espoo, Finland
,
FIN
Key people
Klaus Andersen, CEO
Martti Nurminen, CFO[1]
RevenueEUR 148.3 million (2019)[2]
EUR 14.5 million (2019)[2]
Number of employees
1,349 (average 2019)[2]
SubsidiariesBasware International Oy (Finland),

Basware GmbH (Germany),
Basware AB (Sweden),
Basware B.V. (Netherlands),
Basware A/S (Denmark),
Basware, Inc. (United States),
Basware SAS (France),
Basware AS (Norway),
Basware Pty Ltd (Australia),
Basware SRL Iasi (Romania),
Basware India Private Limited,
Basware Belgium NV

In Great Britain there are several subsidiaries: Basware Holdings Ltd., Basware UK Ltd., Basware Shared Services Ltd., Basware Supplier Solutions Ltd., Procserve Solutions Ltd. and Procserve Services Ltd.[2]
Websitewww.basware.com

History

1985–1999

Basware was founded in 1985. It was then a Finnish subsidiary of an American corporation and it was called Baltic Accounting Systems.[3]

The Finnish management team (Hannu Vaajoensuu, Ilkka Sihvo, Kirsi Eräkangas, Antti Pöllänen and Sakari Perttunen) bought the company in 1990.[3]

In 1992 Basware introduced their first Financial Management software. In 1997 the company introduced their first Invoice Processing software. It contained Scan & Capture Workflow for Invoices (e-Flow). The first international customer was got in 1999, in Sweden.[4]

2000–

In 2000 the company had a public listing on the Helsinki Stock Exchange. They also introduced the first electronic invoicing, archiving and procurement products and intelligent OCR and got their first customers in Norway, Denmark and the Netherlands. Between 2001-2002 there were expansion into Central Europe, UK, USA and Australia.[4]

In 2005 Basware acquired Norway-based Iocore and Finnish Trivet Software, the following year they acquired Finnish Analyste and in 2007 UK-based Digital Vision Technologies Ltd.[4]

In 2008 Basware acquired Norwegian-based Contempus AS,[5] and the next year Itella's Norwegian invoice automation solution business [6] and TAG Services Pty Ltd in Australia.[7]

In 2010 Basware acquired TNT Post's Connectivity operations. Two years later it acquired German e-Invoice network First Businesspost (1stbp) GmbH [8] and network and e-Invoicing business of leading Benelux operator Certipost.

In 2013 there were over 60 million transactions in the Basware Commerce Network. Basware acquired Certipost, the leading e-invoice operator in the Benelux

In 2015 Basware acquired Procserve, a leading e-procurement operator in the UK [9] and the following year they acquired Verian, a leading e-procurement operator in the US[10]

In 2020 Basware introduced InvoiceReady, a business unit that provides small and medium-sized businesses with its procure-to-pay technology[11]

Products

Basware’s products are packaged composite applications (PCA) that are intended to interact with and complement the functionalities of existing systems, such as enterprise resource planning (ERP) systems, used across the organization to support daily processes. The company's software automates procurement, invoice receiving and invoice processing and can also be implemented as a software as a service (SaaS) delivery. These technologies are known as Cloud-Invoicing and guarantee a barrier-free exchange of structured documents. Basware claims that Cloud Invoicing will reform the whole way of business-to-business interoperability.

Market

Basware is selling enterprise software for financial processes, purchase to pay and financial management. Its main competitors in this arena included Coupa, SAP Ariba, GEP, iValua and Jaggaer in 2018 according to Gartner.[12] [13]

References
  1. "Executive team". investors.basware.com. Retrieved 2020-04-30.
  2. "Annual report 2019" (PDF). Basware. Retrieved 2020-04-30.
  3. Ihanus, Maija-liisa. "Menestyksiä: Hannu Vaajoensuu" [Success stories: Hannu Vaajoensuu]. Tivi (in Finnish). Retrieved 2020-04-30.
  4. Basware history Archived 2016-08-11 at the Wayback Machine
  5. Basware Stock Exchange Releases Archived 2011-02-13 at the Wayback Machine
  6. Basware Stock Exchange Releases Archived 2011-02-13 at the Wayback Machine
  7. Basware Stock Exchange Releases Archived 2011-02-13 at the Wayback Machine
  8. Hartig, Ossian. "Basware teki yli 12 miljoonan yrityskaupan Saksassa" [Basware made acquisitions in Germany worth more than 12 million euros]. Tivi (in Finnish). Retrieved 2020-05-01.
  9. http://www.basware.com/investors/stock-exchange-releases/basware-acquires-uks-leading-e-procurement-solution-provider-for-the-public-sector-procserve
  10. "www.bizjournals.com/charlotte/news/2016/03/31/basware-acquires-local-tech-firm-plans-to-hire-in.html". www.bizjournals.com. Retrieved 2017-11-15.
  11. PYMNTS (2020-01-15). "Basware Shifts SMB Procurement Into New Unit". PYMNTS.com. Retrieved 2020-03-12.
  12. "Magic Quadrant for Procure-to-Pay Suites". Gartner. 29 May 2018: 5. Cite journal requires |journal= (help)
  13. "Demystifying The 2018 Gartner Magic Quadrant For Procure-to-Pay Suites - Blog | Procurious". www.procurious.com. Retrieved 2020-05-01.
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