Sievo, which was founded in 2004 in Finland, allows companies to examine their spending, manage their contracts and create outlooks for their expenditures, among other functions.
"We share the same vision with Basware that best-of-breed specialists are needed to get the best functionalities within each source-to-pay domain,” Sievo CEO Sammeli Sammalkorpi said in the announcement. “Sievo can seamlessly integrate Basware data into its analytics platform to provide AI-powered insights to end users.”
In 2019, Basware rolled out its application partner initiative. It said that application collaborations let clients gain complete spend visibility by using the company as their main spend management provider, with its solutions supplemented by connected partner offerings.
“By bringing on application partners that are best-of-breed, Basware can offer customers exactly what they need in a holistic ecosystem that offers the best of the best,” Sami Peltonen, VP P2P Solutions for Basware, said in the announcement.
Basware said that its clients usually collect all of their invoices through its accounts payable (AP) automation technology. In that case, all of the client's procurement spend is also ingested and handled through Basware.
In April, Basware announced an upgrade of its AP automation technology to enable more features for invoicing.
At the time, the company said that AP Pro has a novel design for users and additional advanced options, incorporating updates based on feedback for past iterations.
The new technology aimed to speed up payment of invoices with a new dashboard that would serve as a “one-stop shop” for key AP work, per news at the time.
In January, Basware said it had rolled out a “distinct business unit” called InvoiceReady, which would encompass its current SMB AP and procure-to-pay product collection.