B2B Payments

Basware Lands eProcurement Buyout

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Procure-to-pay and eInvoicing solutions provider Basware flexed its collaborative muscles last month when it announced a partnership with WEX in an effort to streamline B2B payments with a joint invoice payments tool. On Thursday (March 31), the company revealed that it will be working with another company, though this time through a takeover.

Basware said it reached a deal to acquire eProcurement company Verian, a U.S. firm that provides cloud-based solutions in the segment. The company is slated to enhance Basware’s own eProcurement offering, as well as its customer base. According to reports, Verian has more than 150,000 corporate users.

“Verian is a strong fit with Basware’s strategy, cloud-focused business and culture,” stated Basware Corporation CEO Esa Tihilä. “The acquisition will strengthen Basware’s sales presence in the U.S., add new customers, talent and additional eProcurement capabilities to support the future growth of the two companies combined and the growth of Basware’s network.”

Tihilä added that Verian’s annual Software-as-a-Service subscription revenue growth rate is about 40 percent.

“Jointly, we will continue to enable our customers to buy and pay for goods and services in a simplified, paperless and cost-efficient way, through the network,” the executive said.

The takeover was inked for about $36 million, the firms said, and is expected to be closed today (April 1). Basware said it plans to partially fund the acquisition with company shares.

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