Basware acquires UK's AP Matching to optimise invoice processing

Basware, an international firm specialising in Accounts Payable (AP) automation and invoice processing, has disclosed its acquisition of AP Matching, the UK's cloud-based invoice management solutions provider. This procurement will boost Basware's market services by streamlining the invoice processing cycle with precise financial data, leading to increased cost savings for clients.

AP Matching, previously known as Statement Matching, caters for invoice management and statement reconciliation. Their platform matches invoices from buyers and suppliers. It processes them into the customer's Enterprise Resource Planning (ERP) or Source to Pay (S2P) systems, a function requiring minimal involvement from the accounts payable team. By incorporating AP Matching's capabilities, Basware proposes to tackle the commonplace issue of financial record accuracy through automated reconciliation.

Statement reconciliation bears significant importance in financial management. As recent research with Ardent Partners unearthed, 21% of finance departments grapple with the hurdles presented by incorrect or unstructured invoice and payment data. Consequently, enhanced reporting and data analytics emerged as a pressing concern for 53% of all AP leaders. The reconciliation process allows Chief Financial Officers (CFOs) to ensure the alignment of separate financial statements, such as a company's records and a supplier invoice. This data accuracy empowers prompt and correct payments, ameliorating cash flow predictions.

Considering that nearly 59% of a financial department's resources go into administering transaction-intensive processes, the need for more accurate and efficient methods, like automated reconciliation software, is readily apparent. The merger of Basware and AP Matching aims to align financial statements, lower the risk of inaccurate payments, and bolster the integrity of CFOs' financial data.

Boasting nearly four decades of experience, Basware assists global enterprises in navigating the intricacies of invoice processing. Their AI-powered platform eliminates manual effort throughout the accounts payable journey, from receipt and matching to approval and payment, guaranteeing regulatory compliance. With the annual automation of over 220 million invoices and USD $900 billion in spending for thousands of clients, Basware's acquisition of AP Matching seeks to elevate its services.

Jason Kurtz, CEO of Basware, shed light on the acquisition: "CFOs often struggle to oversee the complexities of invoicing processes end-to-end, which can lead to erroneous payments slipping through the gaps. The repercussions of failure in statement reconciliation is money lost from a company's P&L (profit and loss statement)."

"But it can be fixed and automated. 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. We're on a mission to unlock the future of finance and provide the best end-to-end technology to drive value for our customers."

Established in 2005, AP Matching primarily serves sizeable American and British enterprises. Through the acquisition, Basware will also integrate AP Matching's Managed Services division, concentrating on automated invoice processing and managed data capture amenities for SAP customers. This integration will bolster Basware's solutions for invoice capture, validation, and merging with existing ERP systems.

Daniel Kimpton, Co-founder and Director at AP Matching, added: "We're thrilled to join forces with Basware and offer a solution that will improve the entire invoice processing for enterprises worldwide. 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."

The purchase of AP Matching follows Basware's acquisition of Glantus in October 2023. Glantus is a firm specialising in overpayment and fraud prevention through invoice analysis.