Basware Acquires AP Matching to Enhance Automation Offering

Basware expanded its market offering by acquiring AP Matching.

The acquisition will add AP Matching’s cloud-based solutions for managing invoices and reconciling statements to Basware’s accounts payable (AP) automation and invoice processing capabilities, the companies said in a Wednesday (May 8) press release.

“We’re excited to combine forces with AP Matching so that CFOs can enhance their AP automation processes and increase the accuracy of financial recording,” Basware CEO Jason Kurtz said in the release.

The combination will provide an end-to-end solution that will help CFOs oversee invoicing processes and prevent failures in statement reconciliation, Kurtz said.

The AP Matching platform reconciles buyer and supplier statements and then delivers matched invoices to customers’ enterprise resource planning (ERP) or source-to-pay (S2P) systems according to the release.

Together with this technology, Basware will integrate AP Matching’s managed services team, which provides services specifically for SAP customers, the release said.

AP Matching, formerly known as Statement Matching, is headquartered in the United Kingdom and has been serving large enterprises in the U.K. and United States markets since 2005, per the release.

“The acquisition will supercharge our growth and enable us to provide unmatched value to customers, as we combine our expertise in statement reconciliation with Basware’s AP automation capabilities,” Daniel Kimpton, co-founder and director at AP Matching, said in the release.

The AP automation industry is ripe for change, as there are too many players in the space, Kurtz told PYMNTS in an interview posted in September.

There is also a need for a single company that can deliver a continuum of services and offerings that span procurement AP and invoice and accounts receivable (AR) automation while adding payments into the mix, Kurtz said.

“We’re the best positioned to do that because that’s where we focus — and we have a head start in terms of the number of customers and volume … to become the 800-pound gorilla and consolidate the industry,” Kurtz said.

In August, Basware subsidiary Genesis Bidco Limited announced its intention to acquire Glantus, a provider of specialist audit recovery and fraud prevention software. The company completed the acquisition in October.