Basware is one of the largest technology providers in the global procurement and accounts payable technology market. Founded in 1985 in Espoo, Finland as Baltic Accounting Systems to deliver enterprise finance software solutions, the company (which has been public since 2000 and is traded on the NASDAQ OMX Helsinki Ltd. as BAS1V) has grown from a small country player to a global platform that does over 143.4M Euros annually (2015) with its client base of over 2,500 international P2P customers that collectively do business with over 1 million companies in over 100 countries.
The numbers do not tell the full Basware story, however — nor do the firm’s higher-level marketing efforts, which in turn do not get at the level of nuance, and capability, of its often deep and clever P2P solutions. Sure, the company manages one of the largest e-invoicing and B2B commerce networks, and supports its global customer base through its operational footprint that spans over 50 countries on six continents and includes over 100 partners and resellers. Yet while Basware may look to be doing well on paper, it has even greater potential if it can execute more successfully on a commercial basis in the coming years, including maximizing the Verian asset and it’s cheeky “WeProcurement” positioning around its e-procurement offering. For more on the Verian acquisition, see our first take and market analysis, competitive and customer implications, and solution comparison and integration strategy analysis.
This Spend Matters PRO Vendor Snapshot explores Basware’s P2P and network capabilities, including strengths and weaknesses in the market, providing facts and expert analysis to help procurement organizations decide if they should shortlist the vendor. Part 1 of our analysis provides a company and detailed solution overview and a SWOT analysis, as well as a summary recommended fit suggestion for what types of organizations should consider Basware. The remaining parts of this multipart series will offer a user selection guide, user interface (UI/UX) analysis, competitive alternatives and evaluation and selection considerations.