Friday 5th February, 2016

Basware's executive team were in London this week for their Capital Markets Day, presenting the company's key financials over the past year and plans for 2016  and beyond. Basware CEO, Esa Tihilä announced that the company achieved several strategy milestones in 2015, including reaching a tipping point in its transition from a license-dominated to a cloud and SaaS-based company.

He went on to point out that nearly 94 million transactions were processed via Basware Commerce Network during 2015, up 20.2 percent compared to the previous year, representing solid growth in eInvoicing in countries such as the UK, US and Germany. Unsurprisingly, growth levelled off in markets where the penetration is already relatively high.

On the supply chain financing front, Basware continues to invest in what it sees as an area with significant growth potential. While the market may be a little slow to follow, Basware's comimtment to building the Financing Services business and related services has continued to reap benefits throughout the year. Twenty-five customers in the UK, the US and Finland have signed up for Basware Pay and Basware Discount since summer 2015. Basware Advance, a new online solution targeted in particular at small and medium enterprise (SMEs), was launched in November, giving companies timely access to new and flexible financing options and offering liquidity to maintain a stable cash flow. During 2015, the company agreed on cooperation with several international financial institutions.

On top of this, Basware has considerably strengthened its positioning to the public sector market. In April 2015, the company acquired Procserve, the leading local e-procurement solution provider for the public sector. Of course, this position is amplified by the continued push from governments and public sector to adopt e-invoicing.

As Esa put it; "Basware has achieved a position of global leadership in networked purchase-to-pay and e-invoicing solutions. Recent industry trends and developments, ranging from governments driving e-invoicing adoption, to the emergence of an alternative financing industry, have significantly expanded the company's market. Basware has reached a tipping point in its transition to a cloud-based company, has a strong offering in P2P, e-invoicing and new financing services and is now ready to tap into the expanded market opportunities."

That the company has ambitious plans for growth can be in no doubt, a position underlined by the company’s plans to invest €20 million euros in marketing and sales operations across its key markets of the US, UK and Germany in this year alone.