Wednesday, 18 January 2012

Basware acquires fastest growing e-invoice network in Germany

Basware's new acquisition of First Businesspost GmbH ('1stbp'), the fastest growing and most innovative e-invoicing network in Germany, takes Basware to the number one slot in terms of e-invoicing in the country and will become one of the largest providers globally.

In 2011 1stbp delivered over 4.5 million e-invoices on behalf of its buyers and suppliers, and total global spend delivered across the Basware and 1stbp networks exceeded EUR 150 billion. The Open Network, including 1stbp, has 130 interoperating networks globally, with approximately 120,000 active buyers and 495,000 suppliers transacting worldwide.

1stbp has some of the largest businesses in Germany as customers and has particular strength in the automotive sector including: Audi, BMW, Daimler, MAN and Volkswagen, some of the biggest car manufacturers globally with large scale supply bases. In addition, 1stbp supports many large retailers like Edeka as well as major customers like Deutsche Telekom and Union Invest across multiple European countries including: Austria, Switzerland, Spain, Czech Republic, Slovakia, Hungary, Romania and Poland. 1stbp grew its business by more than 25 per cent in 2011 with revenue of more than EUR 2.4 million.

One of 1stbp’s core capabilities is its Virtual Printer Driver Technology which helps on-board suppliers quickly and easily. Basware will integrate this technology into its supplier on-boarding solution – accelerating and simplifying the global delivery of e-invoices. Supplier on-boarding is often a key challenge for organisations in realising the benefits of e-invoicing and automation.

Esa Tihilä, CEO, Basware comments: “The acquisition of 1stbp represents Basware’s commitment to expand the Open Network globally. The combined spend delivered across Basware and 1stbp’s networks in 2011 showcases the significance of this acquisition in terms of global reach and will bring together the expertise of two major e-invoicing providers. Together 1stbp and Basware will deliver a unique combination of a global network and Purchase-to-Pay services for some of the largest brands and their suppliersaround the world to automate their invoicing and procurement processes.”