Basware
Streamlining Procurement Process via Purchase-to-Pay Suite

Basware Appoints CEO

Tuesday, August 29, 2023

The leader in financial technology and invoice automation appoints permanent CEO

CHARLOTTE, N.C.,-- Basware, the leader in making AP automation and invoice processing happen, has announced the appointment of a permanent CEO.

Jason Kurtz, who has served as Basware's interim CEO since the beginning of 2023, will now lead the company's growth initiatives on a permanent basis.

With a career spanning over 20 years, Jason brings deep expertise in B2B enterprise SaaS and a proven track record in managing global organizations to his role as CEO. In his previous role as interim CEO since January 2023, Jason played a pivotal role in steering Basware towards its focus on the office of the CFO, reinventing Basware's brand, and accelerating its growth.

Jason Kurtz, CEO at Basware, commented on the appointment:

"I am honored and excited to continue this journey with Basware. In the past several months, I've had the opportunity to dive deep into the company, its products, the partner ecosystem, our customers and our incredible team of over 1,200 at Basware. I want to thank everyone at Basware for their support in me and their commitment to our vision. Basware has deep expertise as a pioneer in AP automation for more than 40 years. The opportunity ahead is even bigger than I imagined, and this is why I'm excited to stay on. In this next chapter, we will continue to take ownership of new opportunities, be bold in our approach, drive unmatched value for our customers and ultimately unlock the power of finance for CFO teams. We're making it happen and just getting started."

Jason assumed the role of interim CEO earlier this year following the take-private transaction of Basware in August 2022, by a consortium of investors led by software private equity firm Accel-KKR. Jason previously served as a founding member of the operating team at Accel-KKR for more than ten years. Prior to this, Jason worked at Ariba, Inc. (acquired by SAP in 2012) for 11 years in a variety of executive roles.

Dean Jacobson, Chairman of the Board at Basware, and Managing Director at Accel-KKR, welcomed Jason's appointment:

"We are delighted to announce Jason Kurtz as the permanent CEO of Basware. Jason's deep industry experience and transformative leadership style align perfectly with Basware's mission and growth strategy. In just several months, under Jason's leadership, we have witnessed Basware advance in customer satisfaction, product enhancement, customer growth and financial performance. His deep expertise of the industry makes him the ideal choice to lead Basware into its next phase of growth. With Jason at the helm, we are confident that Basware will continue to revolutionize financial processes for enterprises around the world."

AP automation is fast growing. The global market is set to be worth $5.8bn by 2029, at a CAGR of 11%. This growth will be led by North America, where AP automation is set to be worth $2.1bn by 2029, more than a third of the global market.

Jason's appointment brings assurance that Basware will continue upon the improvements seen towards deeper expertise and growth in key markets. It will extend Basware's tech leadership in AP and invoice automation, through its commitment towards sustained innovation of the landscape and reshaping the future of financial processes. The announcement will also pave the way to accelerate Basware's pursuit of its strategic initiatives and investment activities.

Jason's appointment follows Basware's recent announcement of a firm intention to make an offer to acquire Glantus Holdings PLC.

Basware acquires invoice management and statement reconciliation platform AP Matching

Tuesday, May 21, 2024

Finnish fintech Basware is set to acquire AP Matching, a UK-based provider of invoice management and statement reconciliation solutions, for an undisclosed sum.

Basware says the combination of AP Matching’s tech with its AI-powered enterprise accounts payable (AP) automation and invoice processing platform – which it claims currently automates over 220 million invoices and $900 billion in spend annually – will “harmonise financial statements, reduce the risk of erroneous payments and increase the integrity of CFOs’ financial data”.

Formerly known as Statement Matching, AP Matching operates a platform which reconciles buyer and supplier statements for large enterprises across the UK and US and matches invoice data to customers’ enterprise resource planning (ERP) or source to pay (S2P) systems.

The acquisition will also see Basware integrate AP Matching’s managed services division, which “specialises in automated invoice processing and managed data capture services, specifically for SAP customers”.

The company says this integration will “further strengthen its solution for invoice capture, validation, and integration with existing ERP systems”.

Jason Kurtz, CEO of Basware, says the acquisition of AP Matching will enable CFOs – who “often struggle to oversee the complexities of invoicing processes end-to-end” – to “enhance their AP automation processes and increase the accuracy of financial recording”.

The move follows the company’s acquisition of Irish fintech Glantus last year to strengthen its AI-driven overpayment and fraud detection capabilities.

Basware Acquires AP Matching

Tuesday, June 04, 2024

The acquisition unifies invoice processing and statement reconciliation to drive accuracy and cost savings for customers

CHARLOTTE, N.C., -- Basware, a global leader in AP automation and invoice processing, today announced that it has acquired AP Matching.

The acquisition will expand Basware's market offering, bringing accurate financial data and increased cost savings to the entire invoice processing cycle. It will go beyond traditional AP (accounts payable) automation and solve a critical pain point for finance and accounting teams: ensuring the accuracy of financial records through automated statement reconciliation.

Based in the UK, AP Matching (formerly Statement Matching) is a provider of cloud-based solutions for managing invoices and reconciling statements. Its platform reconciles buyer and supplier statements and delivers matched invoices to customers' Enterprise Resource Planning (ERP) or Source to Pay (S2P) systems, requiring minimal input from the AP team.

Statement Reconciliation

The role of statement reconciliation in financial management is critical. Research with Ardent Partners recently found that a lack of visibility into invoice and payment data was the biggest AP hurdle for 1 in 5 (21% of) finance departments, working with unstructured or incorrect data. As a result, improving reporting and data analytics was the top priority selected by 53% of all AP leaders.

Statement reconciliation allows CFOs to accurately compare two sets of financial statements to ensure they match, such as a supplier invoice and the buyer's company records. Ensuring supplier invoices match and the data is accurate allows payments to be made on time, guarantees payments are processed correctly and improves cashflow forecasting.

However, up to 59% of a financial department's resources are allocated to managing transaction-intensive processes, emphasising the need for more efficient and accurate approaches, such as automated reconciliation software.

The integration of Basware and AP Matching will provide solutions to harmonise financial statements, reduce the risk of erroneous payments and increase the integrity of CFOs' financial data.

Unifying AP automation

For nearly 40 years, Basware has helped enterprises worldwide navigate the complexities of the invoice processing cycle. Powered by AI, Basware's platform automates the entire accounts payable journey – from receipt and matching through to approval and payment – reducing manual effort and ensuring regulatory compliance. Backed by Accel-KKR, Basware automates over 220 million invoices and $900bn in spend annually for thousands of customers.

Jason Kurtz, CEO of Basware, commented on the acquisition:

"CFOs often struggle to oversee the complexities of invoicing processes end-to-end, which can lead to erroneous payments slipping through the gaps. The repercussions of failure in statement reconciliation is money lost from a company's P&L (profit and loss statement). But it can be fixed and automated. We're excited to combine forces with AP Matching, so that CFOs can enhance their AP automation processes and increase the accuracy of financial recording. We're on a mission to unlock the future of finance and provide the best end-to-end technology to drive value for our customers. With AP Matching, we will do just that."

Managed Services Integration

Headquartered in the UK, AP Matching has been serving large enterprises since 2005, focused on the UK and US markets.

Through the acquisition, Basware will also integrate AP Matching's Managed Services division. The managed services team specialises in automated invoice processing and managed data capture services, specifically for SAP customers. Its solution eliminates the data capture process for customers, ensuring they receive 100% electronic data from invoices in their ERP systems, regardless of how suppliers submit invoices (e-invoicing, email or paper).

By integrating AP Matching's managed services and SAP capabilities, Basware will further strengthen its solution for invoice capture, validation, and integration with existing ERP systems.

Daniel Kimpton, Cofounder and Director at AP Matching, also commented:

"We're thrilled to join forces with Basware and offer a comprehensive solution that will improve the entire invoice processing cycle for enterprises worldwide. The acquisition will supercharge our growth and enable us to provide unmatched value to customers, as we combine our expertise in statement reconciliation with Basware's AP automation capabilities. Together, we will empower CFOs with a powerful end-to-end technology solution that ensures accuracy and efficiency in financial recording."

Basware Revolutionizes Office of the CFO, Named a Leader in Inaugural IDC Accounts Payable MarketScape Reports

Tuesday, August 06, 2024

New milestone exemplifies Basware’s strategy and capabilities to transform AP and invoice automation

Charlotte, North Carolina,: Basware, a global leader in accounts payable (AP) automation and invoice processing, unveils inclusion as a leader in two IDC MarketScape Reports.

IDC MarketScape uses a scoring system to assess the strengths and weaknesses of IT companies. The recognitions include:

• Leader in IDC Worldwide Accounts Payable Automation Software for Large Enterprise 2024 Vendor Assessment

• Leader in IDC Worldwide Accounts Payable Automation Software for Midmarket 2024 Vendor Assessment

For years, Basware has been recognized by analysts and customers for its ability to automate and enhance the entire AP and invoice journey – spanning fraud and risk management, global compliance, artificial intelligence (AI), and beyond.

Jason Kurtz, CEO at Basware, commented:

“The squeeze from macro-economic headwinds, expanding invoicing regulations, and the rapid evolution of AI are pressuring finance teams to deliver more than ever before, often without more resources. In response, Basware has strengthened its global offering, with significant investment in its technology and team. We’ve received cumulative recognition amongst analysts and customers, which is unprecedented in the accounts payable and invoice automation market. We’ll use this to continue empowering CFOs and their AP teams with efficiencies benefitting their organization to stay at the forefront of their industries.”

Basware’s solutions address the core pain points facing AP teams, helping customers move from manual invoice handling towards achieving 100% touchless invoice processing. According to IDC, Basware is “a partner that provides a truly automated experience with deeply rooted expertise in global compliance requirements.”

Stand alone, or seamlessly integrated with existing systems, Basware evolves AP workflows for some of the most complex global large enterprises that handle thousands of invoices per week:

• Paper packing and materials manufacturer Billerud experienced a 25% monthly cost reduction through automation from AI and machine learning

• Chemical company Huntsman prevented $5 million in duplicate payments through audit and recovery

• Materials processing machinery manufacturer Terex Corporation increased on-time payments to 85% with AI.

• Industrial materials producer Imerys expanded to 14 counties, while integrating 10 ERPs, in under six months with solutions for compliance.

The recognition from IDC follows Basware’s acquisition of statement reconciliation firm AP Matching and fraud prevention company Glantus, alongside key product upgrades to fraud solution AP Protect, and its Touchless Invoice Processing Discovery Dashboard.