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 2019, Basware Integrated with Oracle Cloud status and is available in the Oracle Cloud Marketplace offering added value to Oracle Financials Cloud customers. The Basware Network enables companies to easily and cost-effectively send and receive e-invoices with their trading partners globally — all through a single connection. This largest open network of its kind currently is connecting over one million companies globally
Basware is Finish software maker in providing networked purchase-to-pay solutions, e-invoicing, and innovative financing services. Basware’s commerce and financing network connects businesses in over 100 countries and territories around the globe.
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.
Ownership: - BAS1V:HEX
Number of Employees: 1325
Functional Markets: Procurement,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith Based Nonprofit, Youth and Elderly Care Nonprofit, Special Cause Nonprofit, Oil and Gas, Professional Services, Retail, Transportation, Utilities,
BasWare Key Enterprise and Cloud Applications
BasWare Revenues, $M:
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* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
BasWare Revenue Breakdown By Type, $M:
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BasWare Enterprise Applications Revenues By Functional Markets, $M:
BasWare Enterprise Applications Revenues By Verticals, $M:
BasWare Revenues By Region, $M
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BasWare Direct vs Indirect sales
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BasWare Customers - Breakdown by Geo, Size, Vertical and Product
No. of BasWare Customers: 2700
No. of BasWare Enterprise Applications Customers: 2700
No. of BasWare Cloud Customers: 2000
No. of BasWare Cloud Subscribers: 2000000
Winning and retaining customers is key to Basware’s success. In 2017, the company acquired a number of significant new customers as well as transforming existing customers to the cloud. New customers won in 2017 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
In 2020, Basware has announced an upgrade of 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 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.
In February 2018, Private equity company Verdane Capital has agreed on the acquisition of two business units from Basware Corporation: Financial Performance Services and Banking for a total of around EUR 35 million. The Financial Performance Services and Banking businesses will be formed into two separate independent companies. Verdane’s investment will enable companies to focus on growing and developing their respective businesses. Both companies will strive to provide the best banking, financial consolidation and reporting solutions in response to customer needs in Finland and in new markets.
Furthermore, 2018 was remarkable for Basware, they have introduced new features of their products. Starting in May, they launched Basware Assistant, a new chatbot feature within its electronic procurement solution today at IOFM’s AP & P2P Conference & Expo – Spring 2018. The chatbot serves as a virtual assistant, enabling people to more easily find order requests and purchase orders that they have access to. Additionally, in August, they launched Basware NetworkPay, a revolutionary payments automation solution that ensures suppliers are paid quickly upon invoice approval while extending payment terms for buyers. At last, the Finnish software maker, in September 2018, introduced enhancements to the catalog search functionality within its electronic procurement solution that enables users to find the right products quickly and easily. SmartSearchTM is powered by industry-leading cloud-based search technology which accelerates response times and makes the solution more scalable.
BasWare Risks and Challenges
Basware’s vision is to deliver the best global solution for networked purchasing, invoicing and paying. All organizations need to manage their purchasing processes from procurement through to handling invoices and paying them. Currently, many organizations only have unsophisticated or partial tools to manage these processes and as a result, many are faced with unmanaged spending, inefficient manual and paper-based processes and poor visibility of cash flows. That's a challenge, Basware must handle with it.
BasWare Ecosystem, Partners, Resellers and SI
In 2019, Basware partnered with SAP. Its e-Invoicing, e-Procurement and AP automation solutions are now available on SAP® App Center. Basware is an OEM partner in the SAP PartnerEdge® Build program. As such, it is empowered to build, market and sell software applications on top of market-leading technology platforms from SAP.
The company has operations in more than 50 countries on six continents. Basware’s markets include Nordic countries, Europe, Russia, North America, and the Asia Pacific. The company has its own subsidiaries in Scandinavia, Western Europe, and the United States. Basware partnered with over 200 e-invoicing networks around the world.
In June 2018, Basware has entered into a reseller and implementation partnership with Consus Global. The agreement strengthens Basware’s reseller base, especially in APAC. Consus will start selling and implementing Basware offering as a value-added reseller in Asia as well as in the US and the UK. Consus is a great addition to Basware’s partner ecosystem and yet another example of their strong focus on partnerships.
BasWare Cloud Infrastructure Insights
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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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