Finland-based e-invoicing company Basware has announced the completion of its acquisition of cloud-based finance solutions provider Glantus . The acquisition merges the two AI-driven accounts payable (AP) automation and financial technology companies.

In August 2023, Basware made an offer to purchase the entire share capital of Glantus, with the acquisition delisting the company from the London Stock Exchange. The acquisition’s objective Through its e-invoicing and AP automation platform, Basware helps customers automate their invoice processing, from receipt to approval and payments. Operating in North America and European markets, Glantus is an AP specialist in audit recovery and fraud prevention, using AI technology to help businesses recover lost funds from duplicate payments, missed discounts, cancelled invoices, incorrect pricing calculations, refunds, and VAT reclaims. Considering the current AP automation market, the two companies merged to develop a joint offering, providing customers with complete coverage and a data-driven view of their invoicing and financial operations.

Through this, Basware benefits from Glantus’ expertise in audit recovery and its fraud prevention software, aiming to offer customer value for finance and accounting teams. Moreover, the acquisition introduces saving opportunities and an extra layer of security through fraud detection, overpayment error reduction, and reconciliation reporting. According to Basware’s officials, the deal aims to accelerate the company’s ability to deliver demonstrable savings and innovation to customers through a joint value proposition. Also, the move signifies additional investment activity for Basware to further solidify its position in the AP automation industry.

The projected growth of the AP automation market According to Data Bridge Market Research’s report, the AP automation market is expected to grow by 10.8% every year for the next five years, amounting to USD 5.8 billion globally by 2029. More specifically, North America is projected to account for USD 2.1 billion, while Europe for USD 1.7 billion, collectively representing approximately 66% of the global market. However, invoice fraud and overpayment errors remain an issue, with reports showing that more than 70% of businesses are subjected to invoice or payment fraud each year. AP teams continue to be the most targeted of all departments, with approximately 58% being compromised annually through vendor impersonating scams alone.

More information about Basware Basware’s objective is to help finance participants in global enterprises automate their complex invoice processes while staying compliant with regulatory requirements. The company’s AP automation and invoicing platform aims to increase the level of efficiency while reducing errors and risks. Currently, Basware manages over 170 million invoices per year, according to company data. At the beginning of August 2023, Basware launched its Partner Dematerialisation Platform (PDP) application to facilitate digital invoice reception for French businesses.

Considering that all businesses subject to VAT in France will be required to receive and send invoices electronically, Basware wants to support enterprises through this transition. Morever, the company offers Dematerialisation Operation (OD) services to allow customers to choose the solution that best fits their requirements and needs. .