Basware

Basware Corporation

Type	Public
Traded as	Nasdaq Helsinki: BAS1V
Founded	1985 (as Baltic Accounting Systems) in Espoo, FIN
Headquarters	Espoo, Finland, FIN
Key people	Vesa Tykkyläinen, CEO Niclas Rosenlew, CFO
Revenue	EUR 148.5 million (2016)[1]
Operating income	EUR 13.9 million (2016)[1]
Number of employees	1500+ (March 2013)
Website	www.basware.com

Basware Corporation is a Finnish software company selling enterprise software for financial processes, purchase to pay and financial management; main competitors in this arena include Tradeshift, Coupa, Ariba, Tungsten Network and iPayables. Basware’s products are packaged composite applications (PCA) that are intended to interact with and complement the functionalities of existing systems, such as enterprise resource planning (ERP) systems, used across the organization to support daily processes. The company’s software can also be implemented as a software as a service (SaaS) delivery. These technologies are known as Cloud-Invoicing and guarantee a barrier-free exchange of structured documents. Basware claims that Cloud Invoicing will reform the whole way of business-to-business interoperability.

The company has operations across over 50 countries on six continents. Basware’s markets include Nordic countries, Europe, Russia, North America and Asia Pacific. The company has its own subsidiaries in Scandinavia, Western Europe and the United States. Additionally, Basware has over 70 value added resellers in Europe.

Milestones

• 1985 Basware was founded
• 1990 Management buy-out
• 1992 First Basware Financial Management software introduced
• 1997 First Basware Invoice Processing software introduced; Scan & Capture Workflow for Invoices – e-Flow
• 1999 First customer in Sweden
• 2000 Public listing on the Helsinki Stock Exchange
• 2000 Basware introduces first electronic invoicing, archiving and procurement products and intelligent OCR
• 2000 First customers in Norway, Denmark and the Netherlands
• 2001-2002 Expansion into Central Europe, UK, USA and Australia
• 2005 Basware acquires Norway-based Iocore and Finnish Trivet Software
• 2006 Basware acquires Finnish Analyste
• 2007 Basware acquires UK-based Digital Vision Technologies Ltd,^[2]
• 2008 Basware acquires Norwegian-based Contempus AS,^[3]
• 2009 Basware acquires Itella's Norwegian invoice automation solution business ^[4]
• 2009 Basware acquires TAG Services Pty Ltd in Australia ^[5]
• 2010 Basware acquired TNT Post's Connectivity operations
• 2012 Basware acquires German e-Invoice network First Businesspost (1stbp) GmbH
• 2012 Basware acquires network and e-Invoicing business of leading Benelux operator Certipost.
• 2013 - Over 60 million transactions in the Basware Commerce Network
• 2013 - Acquired Certipost, the leading e-invoice operator in the Benelux
• 2015 - Acquired Procserve, a leading e-procurement operator in the UK ^[6]
• 2016 - Acquired Verian, a leading e-procurement operator in the US^[7]

References