BasWare Named Top-Tier Software Vendor by APPS RUN THE WORLD in the APPS TOP 500 Market Report

BasWare Strengths, Domain Expertise, and Key Differentiators

Basware is a long-established provider of invoice lifecycle management and accounts payable (AP) automation solutions, recognized for its specialization in financial process optimization. With over four decades of industry experience, the company has built a robust platform powered by advanced, invoice-centric AI—trained on more than 2 billion real-world invoices. This enables Basware to deliver high levels of automation, accuracy, and operational efficiency across complex financial workflows. Its strengths lie in offering end-to-end visibility, compliance, and control, positioning the company as a strategic enabler for organizations seeking to optimize working capital, reduce costs, and improve decision-making within increasingly data-driven finance functions.

BasWare Recent Developments

Basware has taken several strategic steps to strengthen its position in invoice lifecycle management and AP automation. The appointment of Mark McCarthy as Chief Revenue Officer is expected to accelerate global growth and enhance customer engagement through his extensive experience in scaling sales and digital transformation. Basware launched the TIP Discovery dashboard to provide visibility into manual processes across invoice workflows, helping organizations identify inefficiencies and move toward fully touchless processing. The company also introduced SmartPDF for self-validating invoice processing and AskMary, an AI-powered support tool developed with Microsoft and Zure, aimed at improving customer service while maintaining enterprise-grade security. These initiatives reflect Basware’s commitment to innovation, operational efficiency, and intelligent automation.

BasWare Mergers and Acquisitions (M&A) Activities

In May 2024, Basware has acquired UK-based AP Matching to enhance its AP automation platform with advanced statement reconciliation capabilities. This move addresses key finance challenges—such as data inaccuracy and payment errors—by automating the reconciliation of buyer and supplier statements and integrating matched data into ERP and S2P systems. The acquisition also includes AP Matching’s managed services and SAP expertise, strengthening Basware’s invoice capture and validation offering. With this integration, Basware expands its ability to deliver end-to-end financial automation, driving greater accuracy, efficiency, and cost savings for global enterprises.

In 2023, Basware's acquisition of Glantus marked a strategic expansion of its capabilities in data analytics, invoice automation, and compliance solutions, reinforcing its position as a leading provider of end-to-end financial automation. By integrating Glantus’ specialized technologies, Basware enhanced its ability to deliver comprehensive, data-driven tools that optimize financial workflows and improve operational efficiency. The move also signaled Basware’s intent to scale globally, with targeted growth in APAC and Southern Europe, aligning with its strategy to address the evolving needs of enterprise clients across diverse markets.

BasWare Customers in ARTW Customer Database

Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying BasWare applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of BasWare and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Basware, customers.

BasWare Key Enterprise and Cloud Applications

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BasWare Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified BasWare Customers

No. of BasWare Customers: 9500

No. of BasWare Enterprise Applications Customers: 9500

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Customer acquisition and retention are central to Basware’s growth strategy and competitive differentiation in the invoice automation market. The company has consistently demonstrated its capability to transition complex enterprise environments from legacy on-premise systems to modern, cloud-based financial operations. This expertise has enabled successful transformations for global organizations such as UniCredit Bank, Engie, Adecco, Metso, and Bradken. Basware’s broad enterprise customer base spans various sectors and includes 9500 well-known brands such as Nordson, Carglass, BrandSafway, Kalmar, Mauser, Specsavers, RadNet, Imerys, KION Group, Wienerberger, DHL, Clarins, ABB, McDonald’s Germany, Mercedes-Benz, ArcelorMittal, Toshiba, Toyota, Philips, and Panasonic—highlighting its ability to meet the needs of diverse and complex organizations at scale.

BasWare Market Opportunities, M&A and Geo Expansions

Basware’s appointments of Anssi Ruokonen as Director of AI Research and Enablement and Barrett Schiwitz as CIO in 2024, mark a strategic move to accelerate innovation and strengthen its market leadership in AP automation. Ruokonen will drive AI integration across Basware’s solutions—such as SmartPDF, SmartCoding, and Basware Insights—enhancing invoice processing accuracy, automation, and predictive analytics. Schiwitz will lead the company’s digital transformation, modernizing internal systems to boost efficiency and customer value. Together, these leadership additions position Basware to capitalize on the growing enterprise demand for AI-powered financial solutions and operational agility.

BasWare Risks and Challenges

Basware operates in a rapidly evolving, innovation-centric market where sustained technological advancement is critical to maintaining its leadership position. While the company currently holds strong recognition from independent analysts, its long-term competitiveness hinges on continuous investment in product development to meet shifting enterprise demands. A failure to innovate could result in decreased customer satisfaction, retention, and market relevance. Additionally, recent leadership changes—while potentially strategic—introduce integration risks that could impact organizational alignment and execution if cohesion among new executives is not effectively achieved.

BasWare Ecosystem, Partners, Resellers and SI

Basware has established a robust partnership ecosystem comprising prominent technology providers, consultancy firms, and value-added resellers (VARs), which significantly strengthens its market offering. Key partners include global industry leaders such as Cognizant, Deloitte, Capgemini, KPMG, Accenture, and Fluxym, along with prominent technology companies like Microsoft, Oracle, SAP, and Xerox. This diverse network, also encompassing organizations like Tessi, Extropy, Bottomline, e2open, and Corpay, enables Basware to deliver comprehensive, scalable solutions and drive innovation across the accounts payable and finance automation landscape.

Basware’s strategic alliance with Deloitte reinforces its growing partnership ecosystem aimed at advancing touchless invoice processing and addressing global e-invoicing compliance. By integrating Basware’s market-leading AP automation capabilities with Deloitte’s extensive finance, procurement, and tax advisory network, the partnership enhances value creation for enterprises navigating digital finance transformation. This collaboration not only accelerates invoice processing speeds and reduces compliance risks but also positions both firms to co-develop go-to-market strategies, share best practices, and deliver scalable solutions aligned with evolving regulatory demands.

In 2022, Basware underwent a transformative journey as it transitioned from a publicly traded entity to a privately held corporation. This significant shift was orchestrated by the private equity firm, Accel-KKR. The partnership between Basware and Accel-KKR heralds a new chapter for the company, marked by strategic agility, focused growth initiatives, and a strengthened commitment to innovation.

Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.

Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).

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