Kurtz has over two decades of experience in B2B enterprise Software-as-a-Service (SaaS) and a successful track record in managing global organizations that will be applied to his new role, the accounts payable (AP) automation and invoicing platform said in a Tuesday (Aug. 22) press release.
During his tenure as interim CEO, Kurtz played a pivotal role in steering Basware’s focus towards the office of the chief financial officer (CFO), rebranding the company and accelerating its growth, according to the press release.
Dean Jacobson, chairman of the board at Basware and managing director at Accel-KKR, highlighted Kurtz’s deep industry experience and transformative leadership style that align with Basware’s mission and growth strategy, per the release. Under Kurtz’s guidance, Basware has noted improvements in customer satisfaction, product enhancement, customer growth and financial performance.
Kurtz’s appointment ensures Basware’s continued expertise improvement and expansion in key markets, according to the press release. The company remains dedicated to sustained innovation and reshaping the future of financial processes.
This announcement also sets the stage for Basware to accelerate its strategic initiatives and investment activities, the release said. It follows the company’s recent bid to acquire Glantus Holdings PLC, demonstrating its commitment to expanding capabilities and market presence.
The AP automation market is experiencing rapid growth, projected to reach a value of $5.8 billion by 2029, with a compound annual growth rate (CAGR) of 11%, per the release. North America is expected to lead this growth, with AP automation estimated to be worth $2.1 billion in the region by 2029, accounting for over a third of the global market.
PYMNTS research has found that 70% of firms with less automated AP processes say they “definitely need” more automation. In addition, 44% of firms that are more automated say the same, according to “Solving Accounts Payable’s Top Frictions With Automation,” a PYMNTS and Corcentric collaboration.
“The opportunity ahead is even bigger than I imagined, and this is why I’m excited to stay on,” Kurtz said in the Tuesday press release. “In this next chapter, we will continue to take ownership of new opportunities, be bold in our approach, drive unmatched value for our customers and ultimately unlock the power of finance for CFO teams.”