The acquisition unifies invoice processing and statement
reconciliation to drive accuracy and cost savings for
customers
LONDON, May 8, 2024 /PRNewswire/ -- Basware, a global
leader in AP automation and invoice processing, today announced
that it has acquired AP Matching.
The acquisition will expand Basware's market offering, bringing
accurate financial data and increased cost savings to the entire
invoice processing cycle. It will go beyond traditional AP
(accounts payable) automation and solve a critical pain point for
finance and accounting teams: ensuring the accuracy of financial
records through automated statement reconciliation.
Based in the UK, AP Matching (formerly Statement
Matching) is a provider of cloud-based solutions for managing
invoices and reconciling statements. Its platform reconciles buyer
and supplier statements and delivers matched invoices to customers'
Enterprise Resource Planning (ERP) or Source to Pay (S2P) systems,
requiring minimal input from the AP team.
Statement Reconciliation
The role of statement reconciliation in financial management is
critical. Research with Ardent Partners recently found that a lack
of visibility into invoice and payment data was the biggest AP
hurdle for 1 in 5 (21% of) finance departments, working with
unstructured or incorrect data. As a result, improving reporting
and data analytics was the top priority selected by 53% of all AP
leaders.
Statement reconciliation allows CFOs to accurately compare two
sets of financial statements to ensure they match, such as a
supplier invoice and the buyer's company records. Ensuring supplier
invoices match and the data is accurate allows payments to be made
on time, guarantees payments are processed correctly and improves
cashflow forecasting.
However, up to 59% of a financial department's resources are
allocated to managing transaction-intensive processes, emphasising
the need for more efficient and accurate approaches, such as
automated reconciliation software.
The integration of Basware and AP Matching will provide
solutions to harmonise financial statements, reduce the risk of
erroneous payments and increase the integrity of CFOs' financial
data.
Unifying AP automation
For nearly 40 years, Basware has helped enterprises worldwide
navigate the complexities of the invoice processing cycle. Powered
by AI, Basware's platform automates the entire accounts payable
journey – from receipt and matching through to approval and payment
– reducing manual effort and ensuring regulatory compliance. Backed
by Accel-KKR, Basware automates over 220 million invoices and
$900bn in spend annually for
thousands of customers.
Jason Kurtz, CEO of
Basware, commented on the
acquisition:
"CFOs often struggle to oversee the complexities of
invoicing processes end-to-end, which can lead to erroneous
payments slipping through the gaps. The repercussions of failure in
statement reconciliation is money lost from a company's P&L
(profit and loss statement). But it can be fixed and automated.
We're excited to combine forces with AP Matching, so that CFOs can
enhance their AP automation processes and increase the accuracy of
financial recording. We're on a mission to unlock the future of
finance and provide the best end-to-end technology to drive value
for our customers. With AP Matching, we will do just
that."
Managed Services Integration
Headquartered in the UK, AP Matching has been serving large
enterprises since 2005, focused on the UK and US markets.
Through the acquisition, Basware will also integrate AP
Matching's Managed Services division. The managed services team
specialises in automated invoice processing and managed data
capture services, specifically for SAP customers. Its solution
eliminates the data capture process for customers, ensuring they
receive 100% electronic data from invoices in their ERP systems,
regardless of how suppliers submit invoices (e-invoicing, email or
paper).
By integrating AP Matching's managed services and SAP
capabilities, Basware will further strengthen its solution for
invoice capture, validation, and integration with existing ERP
systems.
Daniel Kimpton, Cofounder and
Director at AP Matching, also commented:
"We're thrilled to join forces with Basware and offer a
comprehensive solution that will improve the entire invoice
processing cycle for enterprises worldwide. The acquisition will
supercharge our growth and enable us to provide unmatched value to
customers, as we combine our expertise in statement reconciliation
with Basware's AP automation capabilities. Together, we will
empower CFOs with a powerful end-to-end technology solution that
ensures accuracy and efficiency in financial
recording."
The announcement follows Basware's acquisition of Glantus in
October 2023, a company that
specialises in invoice analysis to prevent overpayment and
fraud.
About Basware
Basware is how finance leaders in global enterprises can finally
automate their complex, labor-intensive invoice processes and stay
compliant with regulatory change. Our AP automation and invoicing
platform helps you achieve a new level of efficiency – in a matter
of months – while reducing errors and risks. We bring a unique
combination of true automation, complete coverage, and deeper
expertise to make it all just happen for our customers. That's why
the world's most efficient AP departments at thousands of companies
rely on Basware to handle over 220 million invoices per year. With
Basware, Now it all just happens.™
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