Basware Acquires Verian – First Impressions

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Today, Finnish eInvoicing and P2P software firm Basware announced their acquisition of Charlotte-based and mainly US-centric firm Verian, who provide cloud-based purchase to pay solutions. Here is the initial article from our US colleagues which gives more detail, and there will be much more in-depth coverage on our Spend Matters PRO subscription service. According to the stock market statement, "The acquisition price is approximately USD 36.0 million (EUR 31.8 million equivalent). In 2015, the net sales of the acquired business amounted to approximately USD 10.5 million". About EUR 7 million will be paid for in equity; the rest in cash.

The Spend Matters take on the deal is pretty positive. Our US colleagues who know the Verian solution well perceive it as a technically strong product, that should perhaps be better known - the firm has been moderately successful but has been limited perhaps by lack of marketing effort. Basware have particular strengths in eInvoicing and some other areas (such as the marketplace / catalogue capability that Procserve brought to the firm), but this will certainly boost their presence in the US significantly.

“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 press release today.

That previosu Basware acquisition of Procserve around a year ago has gone well, as we reported here, with ProcServe senior people retained in the business, so that might form a good model for this transaction too. And the Verian capabilities will give Basware a strong offering across the whole, end-to-end purchase to pay process.

Verian have limited presence in Europe, and it will take a while to integrate products, but we expect customers and potential customers this side of the Atlantic will also see positive changes here. And, as our US colleagues point out, this may have knock-on effects as other competitors look to bolster their capability to respond to this move.

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