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

BasWare Strengths, Domain Expertise, and Key Differentiators

Basware provides open, secure, cloud-based purchase-to-pay and e-invoicing solutions to organizations of all sizes, resulting in greater efficiencies in procurement, accounts payable and accounts receivable. The Basware Commerce Network is founded on the principles of openness, where all types of organizations can collaborate and trade. Basware has over 2,000 software and SaaS customers in Invoice Automation and Procurement and 900,000 active organizations transacting through the Basware supplier and buyer network for invoices and purchase messages. The Company operates worldwide and has offices in more than 10 countries.

BasWare Recent Developments

In November 2023 Basware launched an AI tool, called AskMary. Developed in collaboration with tech giants Microsoft and Zure, AskMary harnesses the power of generative AI, specifically Microsoft Azure's OpenAI ChatGPT, to revolutionize customer support operations.

Leveraging the collective expertise and resources of Microsoft, and Zure, Basware has been able to bring its vision of AI-powered customer support to fruition. Through seamless integration with Microsoft Azure's OpenAI service, AskMary operates within Basware's own Microsoft Azure environment, ensuring the highest standards of data security and compliance. By harnessing the robust infrastructure and stringent security protocols of Microsoft Azure, Basware ensures that customer data remains protected at all times, instilling confidence and trust among its user base. AskMary's launch represents just the beginning of Basware's journey into the realm of AI-driven customer support.

In April 2023 Basware introduced SmartPDF with self-validation. This latest enhancement represents a significant leap forward in streamlining AP processes, offering unprecedented efficiency and accuracy to users.

Initially launched in 2018, SmartPDF underwent further refinement in 2020 with the integration of cutting-edge AI technology. Leveraging an intelligent algorithm and state-of-the-art AI capabilities, SmartPDF can now autonomously determine the layout of invoices, whether in machine-readable format or as an image PDF.

This breakthrough not only expedites the processing of invoices but also ensures greater reliability by enabling self-validation, thereby reducing manual intervention and minimizing errors. Basware's commitment to continuous innovation underscores its dedication to empowering organizations with the tools they need to optimize their financial operations and drive business growth.

BasWare Mergers and Acquisitions (M&A) Activities

Basware in 2023 acquired Glantus, a move that not only bolstered its capabilities but also paved the way for ambitious expansion initiatives across the globe. With Glantus' specialized offerings in areas such as data analytics, invoice automation, and compliance solutions, Basware augmented its suite of services, empowering organizations with comprehensive tools to streamline their financial operations and drive efficiency. The strategic decision to expand into APAC and Southern Europe underscored Basware's commitment to meeting the diverse needs of clients on a global scale.

Central to Basware's strategy is the integration of artificial intelligence (AI) and machine learning technologies, which hold immense potential to revolutionize financial processes. By harnessing the power of AI, Basware aims to deliver predictive insights, automate routine tasks, and enhance decision-making capabilities, empowering businesses to thrive in an era of unprecedented digital transformation.

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 Direct vs Indirect sales

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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Winning and retaining customers is key to Basware’s success. In 2020, the company acquired a number of significant new customers as well as transforming existing customers to the cloud. New customers won in 2020 include, for example, Vinci Energies, Handelsbanken, IPG, Aspen Square, and Tennis Australia. Customers that Basware transformed from on-premise to cloud solutions included Unicredit Bank, Engie, Adecco, Metso, and Bradken.

BasWare Market Opportunities, M&A and Geo Expansions

Basware reported remarkable financial performance in 2023. Notably, the company witnessed a staggering 52% rise in bookings, showcasing its ability to attract new clients and expand its customer base at an unprecedented pace. Additionally, Basware's recurring revenue growth accelerated year-over-year (YoY), underscoring the sustainability and strength of its business model.

Through a combination of advanced automation, artificial intelligence, and data analytics, Basware empowers organizations to transcend traditional limitations, paving the way for unprecedented growth and success. With a focus on penetrating new markets and solidifying its presence in existing ones, Basware is poised to unlock new opportunities for growth and innovation.

By leveraging its robust infrastructure, strategic partnerships, and unparalleled expertise, Basware is well-positioned to capitalize on emerging trends and cement its status as a global leader in financial technology.

Basware upgraded its accounts payable (AP) automation solution to allow increased functionality for invoicing. Basware said its new AP Pro has a new user interface and more advanced options, according to an April 20 press release, which said the updates were made based on feedback to the previous versions. The new tech will accelerate invoice payment and incorporate a new dashboard that will be a “one-stop shop” for important accounts payable tasks, letting users track invoices and keep up with workloads. It will also allow for a better organization that can help tasks get done quicker. Using machine learning and artificial intelligence (AI), the updated AP Pro will also heighten the ability to process bottlenecks and late payments, “enabling clients to accelerate payments to certain key suppliers during these challenging times,” the company said.

BasWare Risks and Challenges

Basware operates in a market where technological innovation plays a key role. While Basware is recognized as a leader within its segments by independent analysts, it is critical that Basware continues to innovate and develop its offering. Basware invests in product development to ensure the competitiveness of its product portfolio and good end-to-end quality, which impacts customer satisfaction, customer retention, and expansion.

BasWare Ecosystem, Partners, Resellers and SI

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.

By relinquishing its status as a publicly traded company, Basware gains greater flexibility and autonomy to pursue innovative strategies and make bold decisions that align with its vision and objectives. The partnership between Basware and Accel-KKR represents a synergistic alignment of vision and expertise, laying the foundation for collaborative success in the years to come.

For employees, the transition to a privately held corporation opens up new opportunities for collaboration, professional development, and career advancement. With a renewed focus on growth and innovation, Basware offers an exciting and dynamic work environment where employees can thrive and make meaningful contributions to the company's success.

BasWare Cloud Infrastructure Insights

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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).

For additional information on our methodologies, here's the link: