Basware is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. We’ve introduced many innovations for businesses to simplify and streamline their key financial processes, strengthen control, reduce costs and boost cash flows since we were founded in 1985, and have complement our organic growth with key acquisitions.
Basware’s first software product for group consolidation was introduced in 1992, followed a year later by the first product for budgeting. In 1993, the company was renamed Basware.
Events began to move quickly from 1997 when Basware released an innovative product for electronic processing of purchase invoices that gained international prominence. Strong growth and expansion soon followed internationally. To support this rapid success, Basware decided to apply for a listing on the Helsinki Stock Exchange in 2000. With much fanfare, the stock was oversubscribed – leading to one of the most successful IPOs in Finnish history. Building on this momentum, the company quickly followed with several key acquisitions and signed a number of major contracts.
Basware launched its first US subsidiary in 2002. Since then, expansion has been truly global with offices opening in Russia and Singapore to accomodate customers in all time zones. Recent years has seen a flourish of acquisitions to strengthen Basware’s portfolio even further. Acquiring Iocore and Trivet Software brought new solutions such as a high-class travel management software.
Basware has since launched the full Purchase-to-Pay solution in 2005 as well as the Basware Mobile Client in 2007.
Basware was the first to introduce the concept of automated workflow in 2002. Following this, the company introduced a comprehensive invoice automation solution in 2004, including modules for automatically matching invoices with purchase orders. This was accompanied with the Connectivity Services for enabling e-invoicing and improved buyer-supplier relationships for 100% e-invoices from day one.
In 2010, Basware reported an all-time record-breaking result, a humbling achievement in the current economic climate. In similar terms, the last five years were marked with a number of key industry recognitions and accolades that place Basware as a leading provider of invoice automation and procurement solutions.
Basware has continued to support organic growth with acquisitions in its key markets. In 2012, Basware became the leading e-invoice operator in Germany with the acquisition of First Businesspost GmbH. The acquisition of Certipost’s network and e-invoicing business made Basware the market leader of e-invoicing in the Benelux market in early 2013. Basware is already the market leader in the Nordic countries.
Alusta, Basware’s open standard cloud-based platform for Purchase-to-Pay, launched in 2012, has been an important milestone in Basware’s strategic change and transition from software to service-oriented business.
Accelerated global growth strategy was published in 2012, emphasizing the objective of strong global growth, enabling Basware Network to become the largest, open business network in the world for buyers & suppliers.
In 2014 Basware launched a new business in financing services to deliver new and innovative services for companies of all sizes, combining invoice automation with financing services on the Basware Network. The first solution within the portfolio was Basware Pay, a new type of a global e-payment solution offered in collaboration with MasterCard. In 2015, Basware launched Basware Advance, a supplier-centric, supplier-initiated early payment solution targeted especially for small and medium enterprises (SMEs), as well as Basware Discount, buyer-funded supplier financing.
2016 - Acquired Verian, a leading cloud-based purchase-to-pay solution provider in the US
2015 - Acquired UK's leading e-procurement solution provider for the public sector Procserve
2015 - Over 100 million transactions in the Basware Network
2014 - Over 80 million transactions in the Basware Network
2014 - Basware's Financing Services business launched
2013 - Over 60 million transactions in the Basware Network
2013 - Acquired Certipost, the leading e-invoice operator in the Benelux
2012 - Acquired German e-invoicing operator First Businesspost
2012 - Accelerated global growth strategy
2012 - Unified cloud-based B2B platform Alusta
2010 - Introduction of new invoice automation solution for the SME sector
2010 - Full Connectivity Services offering for enhanced buyer-supplier collaboration
2009 - Acquisition of Itella's invoice automation business
2008 - Acquisition of Contempus
2008 - Acquisition of TAG Services
2007 - First to offer EPP solution with full Unicode support
2007 - Basware Mobile Client introduced
2007 - Digital Vision Technologies acquired to extend data capture expertise
2006 - First with Built-in Key Performance Indicator Tool with over 100 predefined indicators
2006 - Software company Analyste acquired to extend portfolio to payment software
2005 - 5-way matching (business rules based automation)
2005 - End-to-end purchase-to-pay concept
2004 - Introduction of true invoice automation
2003 - First solution for IFRS based group consolidation
2002 - Introduction of automated workflow
2002 - Subsidiary in the United States
2000 - First purchase management software and e-invoicing service
2000 - Public listing on the OMX Nordic Exchange Helsinki
2000 - First subsidiaries in Europe
1997 - Innovation of invoice processing
1992 - First financial management software
1985 - Basware founded