Basware: Empowering Finance Leaders at Global Enterprises
Basware, which has established itself as a global leader in accounts payable (AP) automation and invoice processing, is a company showing little sign of slowing down.
In 2023, bookings rose by 52%, recurring revenue accelerated year-on-year and the business brought on board more than 100 high-profile brands.
Now, Basware looks set to embark on a major global expansion, looking to broaden its reach across the US, Europe and APAC.
Achieving a new level of efficiency
For almost 40 years, Basware’s AI-enabled AP automation and invoice processing platform has empowered CFOs and their finance teams at enterprise organisations as influential as HP and Mercedes-Benz.
Companies and their professionals have been supplied with the tools necessary to automate complex, labour-intensive tasks, automatically handling invoices and greatly reducing processing time.
Ultimately, Basware’s platform helps the finance function achieve a new level of efficiency within a matter of months, while reducing errors and risks.
What’s more, amidst increasing compliance demands for financial teams, the firm helps its customers keep up with regulatory mandates and e-invoicing requirements in specific markets around the world.
Across its portfolio of services, Basware brings a unique combination of true automation, complete coverage and deep expertise, which explains why it is relied upon by AP departments at thousands of companies to handle more than 220 million invoices per year.
Basware looks to build on successful year
Last year was a prosperous one for Basware, to say the least.
While expanding its footprint globally to include markets such as APAC and Southern Europe, the company acquired Irish fintech Glantus, a specialist in driving real time profitability, performance and progress within AP organisations.
Over the course of 2023, following a rebrand and focus on AP automation, Basware expanded with more than 100 high-profile brands including DHL Express and Alstom, while adding to its global portfolio of almost 1,000 AP customers.
Customer retention stood at an impressive 97.4% and the business handled US$900bn in invoice spend through its platform.
On the personnel front, Basware made several key hires in 2023 – including the recruitment of Jason Kurtz as CEO on a permanent basis to lead on growth strategy.
Steve Canning and Mark Johnston were welcomed as Chief Revenue Officer and Chief Customer Success Officer respectively in a bid to drive growth and value for customers throughout the sales and customer cycle.
Moreover, Basware was recognised as a Gartner Peer Insights Customers’ Choice for procure-to-pay suites based on customer reviews.
“Our commitment to supporting the office of the CFO continues to be a driving force behind Basware’s expansion,” comments Kurtz.
“Last year, we had one of the most successful financial years in Basware’s 40-year history, and what’s most satisfying about our accomplishments is the positive feedback we’ve received from our customers.
“Whether it’s Gartner’s Peer Insights or the direct comments we receive about our enhanced customer experience, we’re thrilled that the changes we’ve made are positively impacting our customers – and we know the best is yet to come.”
Ambitious plans for growth
Basware has ambitious plans to continue its expansion across the US, Europe and APAC regions this year, predominantly through further investment in customer growth, AI innovation, compliance and fraud prevention.
Bolstered by the recent appointment of Kevin Farrell as SVP, Business Development and Alliances, a partner-first strategy has been developed to drive innovation for finance teams at enterprises through Basware’s collaboration with professional services firms, financial consultancies and value-added resellers.
To enable this strategy, the firm is undertaking a modernisation of its knowledge management and e-learning tools to ensure integrated knowledge flows across its organisation and partner ecosystem.
Elsewhere, services to prevent fraud and ensure compliance are another core pillar of Basware's growth plans for 2024. By acquiring Glantus, the business expanded its AI-driven overpayment and fraud detection capabilities to alleviate pressures for more than 70% of businesses subject to invoice or payment fraud each year.
“Basware’s focus for 2024 centres on supporting enterprise businesses to elevate their finance processes to best practice levels and create value by meeting the ever-changing regulatory needs of financial teams,” continues Kurtz.
“With our partner-first strategy, we are fully aligned to showcase the quantifiable business value of Basware’s solutions, and our strategy continues in enabling all of our customers to be 100% touchless in their AP departments.”
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