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Basware unveils global expansion plans after bookings surge by 52%
Thu, 22nd Feb 2024

Basware, a global frontrunner in accounts payable (AP) automation and invoice processing solutions, has declared significant global expansion plans following a 52% rise in bookings during 2023. Recurring Revenue Growth also saw an acceleration over the previous year.

Throughout 2023, Basware extended its global footprint, including markets in the Asia-Pacific (APAC) region and Southern Europe, acquiring Glantus in the process. The firm plans to continue expanding throughout the US, Europe, and the APAC region, with additional investment expected in customer growth, AI innovation, compliance, and fraud prevention.

New key hires were made last year, including Jason Kurtz as CEO, to spearhead the company's growth strategy. Steve Canning assumed the role of Chief Revenue Officer, and Mark Johnston was appointed Chief Customer Success Officer, aiming to stimulate growth and add value for customers throughout the sales and customer cycle.

Following a rebrand and a sharpened focus on AP automation, Basware added over 100 high-profile brands, including DHL Express and Alstom, to its global portfolio of over 900 AP clients in 2023. The firm maintained a customer retention rate of 97.4%, with brands recognising the value of remaining a Basware client. Last year, the company facilitated processing over 220 million invoices and $900 billion in invoice spending through its platform.

In 2023, Basware sustained its commitment to innovative product solutions. It released SmartPDF with AI Instant Learning, enabling AI to recognise exceptional invoices, an AP Team Performance Discovery dashboard to better manage AP workload, and a generative AI customer service tool named AskMary.

For almost four decades, Basware's AI-endowed AP automation and invoice processing solution has empowered Chief Financial Officers (CFOs) and enterprise financial teams at organisations like HP and Mercedes-Benz to automate invoice handling. It has significantly reduced processing time while boosting accuracy and ensuring compliance. As the compliance requirements for financial teams intensify, Basware equips customers to meet regulatory mandates and e-invoicing requisites in various markets worldwide.

Based on customer reviews in 2023, Basware was recognised as a customer's choice for Procure-to-Pay Suites in Gartner Peer Insights. Commenting on the achievement, Jason Kurtz, the company's CEO, said that Basware's commitment to assisting the CFO's office continues to be a significant driver behind its expansion. "Last year, we had one of the most successful financial years in Basware's 40-year history."

The firm's focus for 2024 is to support enterprise businesses in elevating their finance processes to best practice levels, creating value by meeting financial teams' continuously evolving regulatory needs. With a partner-first strategy, Basware is proactively aligned to showcase the measurable business value of its solutions. The plan continues toward enabling all customers to be completely touchless in their AP departments.

To drive further growth, Basware has elaborated a partner-first strategy, reinforced by the appointment of Kevin Farrell as SVP of Business Development and Alliances in 2023. The strategy is to drive innovation for finance teams at enterprises through Basware's collaboration with professional services firms, financial consultancies and value-added resellers. A modernisation of its knowledge management and e-learning tools is also underway.

As part of its growth plans in 2024, services to curb fraud and ensure compliance form another core pillar of Basware's portfolio. As a privately-held corporation since 2022, the company acquired Glantus in October 2023. This move saw the expansion of its AI-driven overpayment and fraud detection capabilities. This is a significant move, as over 70% of businesses are subject to invoice or payment fraud yearly.

Dean Jacobson, Chairman of the Board at Basware and Managing Director at Accel-KKR commented on the expansion. "The finance function is central to every business, and continues to be more complex as businesses grow," he said. "Basware is well on its way in fulfilling a mission to be indispensable to the office of the CFO, and the consortium of investors led by Accel-KKR is committed to backing the company to deliver on that mission."