Finland-based Basware provides e-invoicing and P2P and has a North American business, Basware Inc., headquartered in Stamford, Connecticut. Verian, headquartered in Charlotte, North Carolina, offers cloud-based P2P solutions. Basware said Verian brings added e-procurement capabilities to Basware’s portfolio. Verian’s existing customers will also be able to take advantage of the Basware Commerce Network.
“Verian is a strong fit with Basware’s strategy, cloud-focused business and culture. This acquisition will strengthen Basware’s sales momentum in the U.S., add new customers and additional e-procurement capabilities to help accelerate growth,” said Basware CEO Esa Tihilä, in the release.
Spend Matters Take
The Spend Matters Analyst Team shared their initial thoughts on the acquisition news today. Jason Busch, founder and head of strategy for Spend Matters, agreed Verian gives Basware a wider span of best-of-breed capabilities for procurement. He added, however, that it will be some time before the Verian solution is fully integrated into Basware’s offering.
“The deal answers the question as to whether or not Basware would consider accounts payable/finance and procurement as equal customers on the ‘buy-side,’ in addition to the network-driven connectivity and finance offerings that it is selling to suppliers,” Busch said.
“Perhaps most important, the transaction is great for procurement organizations, as it will bring increased choice to customers for P2P solutions, giving Verian much greater global distribution and awareness in going up against Ariba/SAP, Oracle, Coupa and others in cases where prospects might not have considered it before. It should also help Basware and Verian cement greater channel and partner relationship deals with consultancies and provide increased differentiation against stand alone e-invoicing, network and connectivity providers.”
Xavier Olivera, editor of Spend Matters Mexico/Latin America and P2P expert, also spoke to the benefits of Verian’s offering.
“Having looked at Verian's solution in-depth and spoken with customers, I’ve been very impressed with its comparative capabilities and ability to handle complex procurement scenarios — ranging from industry specific needs to the intersection of purchasing and inventory management,” Olivera said. “It’s a clever addition to the Basware portfolio in more ways than just meets the standard e-procurement eye.”
“This acquisition continues to respond to the highly IT competitive environment and a market that is in continuing evolution, finding new ways to approach the digital revolution to fulfill their challenging business requirements.”
Stay tuned for additional coverage of the Basware/Verian M&A news. Spend Matters will provide a more in-depth analysis of the deal.
For more on our recent PRO coverage of Verian and Basware, subscribers should check out these prior series and updates.
- Verian Update: Release of Version 15.1, Its Relationship With BravoSolution and What’s Next for the Provider
- Examining the Implications of the BravoSolution/Verian Partnership
- P2P As You Like It — A Verian Update: Momentum, Solution Enhancements and a New User Interface (Part 1 and Part 2)
- P2P Southern Comfort: Verian (Part 1, Part 2, Part 3, Part 4)
- Will Trade Financing Allow Basware to Achieve Its Lofty Goals?
- Basware and BravoSolution: Customer/Competitive Analysis + Recommendations
- Basware: Out of the Sauna, Into the P2P Fire (Part 1 and Part 2)
- Basware’s Quarterly Results and Forward-Looking Strategy
- Analytics at the Core of P2P and E-Invoicing: Basware’s Transformative Effort