Basware Company Research Report

Company Overview

Name and Mission of the Company

• Name: Basware Oy

• Mission: To automate complex, labor-intensive invoice processes for finance leaders in global enterprises.

Founding Details

• When Founded: Mid-1980s

• Founded by: No information available

Key People

• CEO: Jason Kurtz

• Chief Product Officer: Perttu Nihti

• Chief Marketing Officer: Lars Madsen

• Chief HR Officer: Jane Broberg

• Chief Financial Officer: Martti Nurminen

• Chief Customer Support Officer: Matthias Lippert

• Chief Revenue Officer: Steve Canning

• Chief Customer Success Officer: Mark Johnston

• Chief Information Officer: Barrett Schiwitz

• Chief Professional Services Officer: Bob Booth

Headquarters

• Location: No information available

Number of Employees

• No information available

Revenue

• No information available

Known For

• Basware is known for its AP automation and invoicing platform that helps finance leaders automate complex, manual invoice processes, reducing errors and risks.

Products

AP Automation

• Description: A complete solution to automate AP processes, eliminating manual tasks with AI/ML-powered technologies.

• Key Features: Touchless Invoice Processing, Smart Coding, SmartPDF, AP Protect, AP Audit & Recovery, Statement Matching.

Touchless Invoice Processing

• Description: Processes invoices automatically without human intervention.

• Key Features: High level of automation, reduces errors, speeds up processing time.

SmartCoding

• Description: Uses AI/ML to accurately code invoices.

• Key Features: Enhances accuracy and efficiency in invoice coding.

SmartPDF

• Description: Converts PDF invoices into structured data.

• Key Features: Automates extraction, improves accuracy and efficiency.

AP Protect

• Description: Protects against fraud and errors in the AP process.

• Key Features: AI-powered fraud detection, enhances security.

AP Audit & Recovery

• Description: Helps recover costs and ensures compliance through auditing.

• Key Features: Automated auditing, cost recovery features.

Statement Matching

• Description: Automates the reconciliation of supplier statements with invoices.

• Key Features: Increases accuracy, reduces manual workload.

e-Invoicing Network

• Description: A network for sending and receiving e-invoices globally.

• Key Features: Global compliance, integration with 250 ERP systems, and interoperability across 190+ countries.

Recent Developments

New Products Launched

• Basware Insights Tool: Launches a tool to deliver a completely touchless invoice process, analyzing touchless rates to improve hands-off processes for invoice management.

New Features Added to Existing Products

• Carbon Footprint Tracker: Added to the e-invoicing platform to help customers reduce paper invoices by 80%.

New Partnerships

• Deloitte Partnership: Formed an alliance to transform e-invoicing, accelerating AP automation and touchless invoice processing.

• Amazon Business Integration: Integrated Amazon Business for a one-stop shopping experience.

Acquisitions

• AP Matching: Acquired AP Matching to unify invoice processing and statement reconciliation to drive accuracy and cost savings for customers.

Awards and Recognitions

• Gartner Market Guide: Recognized in the Gartner®️ Market Guide for Accounts Payable Invoice Automation Solutions.

• Forrester Report: Featured in the Forrester 2024 report for The Total Economic Impact of Basware’s AP Automation Solution.

• IDC MarketScape: Named a Leader in the inaugural IDC Accounts Payable MarketScape reports.

Others

• Global Expansion: Announced plans for major global expansion as bookings grew 52% and recurring revenue growth accelerated year-over-year in 2023.