Annonce • Oct 29
Basware's New GenAI Tool Transforms Insights for CFOs Basware upgraded its analytics platform with GenAI to deliver Basware Insights. The latest innovation will transform how finance teams analyze, manage and report on their AP processes. Basware Insights not only addresses a crucial reporting challenge faced by finance leaders, but also provides real-time analysis and actionable insights, enabling finance teams to streamline operations and maximize their team potential. Addressing Financial Visibility Gaps: CFOs often struggle to gain visibility into key financial processes across their business, leaving critical questions – from process performance to areas of improvement – unanswered. In addition, they are also tied up with financial reporting, both internally to the boardroom and externally to federal tax authorities. Publicly listed businesses are mandated by the SEC, London Stock Exchange, and other regulatory organizations to release quarterly and annual financial records to shareholders. Transforming AP Team Efficiency: Adding to the challenge, AP Managers also have their own reporting demands to track and improve KPIs for their teams. More than 50% of AP leaders are actively looking to improve their reporting and analytics to stay on top of their data, according to a benchmark report. With 84% of a typical AP practitioner's day spent on manual tasks, including data collection, consolidation, analysis and reporting, Basware Insights offers a solution, providing complete coverage of AP operations combined with AI-powered, real-time insights. Natural Language Processing Meets Financial Analytics: The Basware Insights platform – which enables AP leaders to ask questions in natural language and receive tailored insights in return – transforms the way that customers and finance departments analyze and interact with data. It provides an easy-to-use, customizable dashboard with AI-driven insights. It also provides data-driven benchmarking for industry-specific insights and specialized reporting capabilities, all of which drive long-term business growth. With GenAI, it will constantly learn and improve the underlying data over time. Key Metrics with 'CFO Cockpit': With Basware Insights, finance leaders can use the 'CFO Cockpit' to monitor key metrics such as touchless invoice rate, providing visibility over manual or human intervention throughout the invoice process, and retrospective POs (POs created after the invoice is sent), helping CFOs manage spend control and analyze the invoice process in-depth. The CFO Cockpit gives CFOs visibility into essential financial and operational metrics to optimize overall financial performance. Insights builds on Basware's wider AI strategy, hiring Director of AI Anssi Roukonen to oversee AI innovation, as well as launching AI Copilot AskMary and AI-powered fraud prevention and overpayment tool AP Protect, to help streamline the office of the CFO. Annonce • Sep 18
Basware Appoints Donna Wilczek to Board of Directors Basware announced the appointment of Donna Wilczek to its Board of Directors. Wilczek, a seasoned technology executive, will provide guidance on product innovation and market strategy to support the evolving needs of global businesses. Wilczek brings extensive experience to Basware, most notably her 13-year tenure at Coupa, where she served as Executive Vice President of Strategy and Innovation. She played a key role in Coupa's growth, helping the company evolve from early startup to successful IPO, a privatization valued at $8 billion, and annual billings exceeding $1 billion. Currently, Wilczek serves as Chief Product Officer at Oomnitza, the leader in enterprise technology management. She is also a board member at Optimizely, the leading digital experience platform provider. Earlier in her career, she held leadership positions at SaaS companies TriNet and Ketera, and gained consulting experience at IBM and Accenture. However, most CFOs rely on multiple technology systems for payment cycles, leading to issues such as supplier onboarding, invoice matching and compliance, which cause delays and late payments – ultimately harming a company's financial health and supply chain relationships. Basware has continued to strengthen its leadership in 2024, enhancing its focus on e-invoicing compliance, AI, and fraud and audit recovery. Wilczek follows the appointments of Head of Compliance Markus Hornburg, CIO Barrett Schiwitz and Director of AI Anssi Ruokonen. Wilczek, an accomplished innovator with twenty-four software patents, brings deep expertise in areas including business spend management (BSM), procurement, AP automation, product development, AI, and business strategy. She has been recognized by third-party firms for her industry contribution and thought leadership. Annonce • Apr 23
Basware Introduces AP Protect Basware has introduced AP Protect, an AI-powered solution that empowers finance teams to protect their organizations from the threat of profit loss, invoice errors and fraud. In 2023, Basware identified 10,800 incorrect payments made by companies for supplier invoices due to duplicate payments and fraud. This recovered the value of $191 million from a spend of $245 billion. On average, this prevented up to $1m in losses for $1bn spent by a company. CFOs are under immense pressure to protect their profits from invoice fraud and erroneous payments. Over 70% of businesses fall victim to invoice or payment fraud each year, with accounts payable (AP) teams the most targeted. Moreover, 58% are compromised annually through vendor impersonation scams alone, increasing the complexities of managing financial integrity. Basware's AP Protect solution addresses these challenges. By leveraging over 800 algorithms and real-time monitoring, the solution identifies potential errors, prevents overpayments, and detects internal and external fraudulent activities, before it can impact a company's bottom line. It does this while applying confidence indicators to minimize 'false positives' - transactions that are incorrectly identified as fraudulent. In doing so, AP Protect empowers finance leaders to safeguard their working capital and navigate economic uncertainties with confidence. Key benefits of Basware AP Protect: Prevent Overpayment: Proactively identify errors and prevent overpayment funds. Fraud Prevention: Highlight fraudulent vendors and questionable transactions with invoice analysis. Vendor Analysis: Use insights to remove the root causes of overpayment and fraud in the vendor master data. AP Protect strengthens Basware's strategy against profit loss and fraud prevention, following the company's acquisition of Glantus last year. It enables businesses to go beyond traditional AP automation, providing them with complete coverage of the entire invoice lifecycle. Annonce • Feb 06
Basware Appoints Markus Hornburg as Its Senior Vice President, Global Compliance Basware appointed Markus Hornburg as its Senior Vice President, Global Compliance. It strengthens the company's compliance offering to help customers through upcoming e-invoicing requirements. With over 25 years in product, trade and tax compliance, Hornburg has worked with governments and private sector companies globally, bringing a wealth of experience defining and delivering digitalization efforts. Before joining Basware, he served as VP of Global Product Compliance for Coupa Software and VP of Compliance at Tungsten Network. Annonce • Oct 19
Basware Oyj completed the acquisition of Glantus Holdings PLC (AIM : GLAN) from a group of sellers. Basware Oyj agreed to acquire Glantus Holdings PLC (AIM : GLAN) from a group of sellers for £17.1 million on August 14, 2023. Under the terms of the acquisition, Glantus shareholders will be entitled to receive for each Glantus share £0.3342 in cash. The transaction is expected to be implemented by way of scheme of arrangement. The consideration payable to Glantus Scheme Shareholders pursuant to the terms of the Acquisition is to be funded from a combination of a facility provided by Basware's existing lender, Golub Capital LLC, together with Basware's own cash resources and equity investments. The acquirer does not intend to initiate any material headcount changes within the current Glantus organization as a result of the acquisition. The non-executive directors on the board of Glantus will resign from Glantus on the effective date. As of October 10, 2023, the High Court made an order sanctioned the Scheme. The Scheme will become Effective on October 18, 2023.Basware has received irrevocable undertakings from all of the directors of Glantus, Andrew Frazer, Martin Bolland, Ian Smith, Judith Nelson, Michael Maye, Joe Keating, Gráinne McKeown, and Karl Andersson in respect of approximately 72.34% of the issued share capital of Glantus. The Glantus Board unanimously recommends that Glantus shareholders vote in favour of the acquisition. The acquisition is conditional on, among other things, (i) the approval by the Glantus Shareholders of the scheme meeting resolution; (ii) the approval by the Glantus shareholders of the EGM resolutions; (iii) the sanction of the scheme by the High Court; and (iv) receipt of any necessary regulatory or other approvals. It is anticipated that the scheme will, subject to obtaining any necessary regulatory approvals, be declared effective in the fourth quarter of 2023. As of September 19, 2023, the court hearing is expected to take place on October 10, 20223 and scheme will become effective on October 11, 2023. Patrick Castle, Tom Knibbs and Lucy Bowden of Shore Capital and Corporate Limited acted as financial advisor of Glantus board. Anton Black, Mitul Manji and Tom Guinness of Rothschild & Co acted as financial advisor to Basware. Maura McLaughlin, Brian O’Gorman, David Molloy, Ed McDonagh and Orlaith Kane of Arthur Cox LLP is acting as legal adviser to Basware and DAC Beachcroft LLP is acting as legal adviser to Glantus.Basware Oyj completed the acquisition of Glantus Holdings PLC (AIM : GLAN) from a group of sellers on October 18, 2023. Following the successful acquisition, Glantus has now been delisted from the London Stock Exchange. Annonce • Aug 23
Basware Appoints Jason Kurtz as Permanent CEO Basware has announced the appointment of a permanent CEO. Jason Kurtz, who has served as Basware's interim CEO since the beginning of 2023, will now lead the company's growth initiatives on a permanent basis. With a career spanning over 20 years, Jason brings deep expertise in B2B enterprise SaaS and a proven track record in managing global organizations to his role as CEO. In his previous role as interim CEO since January 2023, Jason played a pivotal role in steering Basware towards its focus on the office of the CFO, reinventing Basware's brand, and accelerating its growth. Jason assumed the role of interim CEO earlier this year following the take-private transaction of Basware in August 2022, by a consortium of investors led by software private equity firm Accel-KKR. Jason previously served as a founding member of the operating team at Accel-KKR for more than ten years. Prior to this, Jason worked at Ariba Inc. (acquired by SAP in 2012) for 11 years in a variety of executive roles. Jason's appointment brings assurance that Basware will continue upon the improvements seen towards deeper expertise and growth in key markets. It will extend Basware's tech leadership in AP and invoice automation, through its commitment towards sustained innovation of the landscape and reshaping the future of financial processes. The announcement will also pave the way to accelerate Basware's pursuit of its strategic initiatives and investment activities. 
