Basware acquires AP Matching to improve its automation offering

Basware expanded its market offering by acquiring AP Correspondence.

THE acquisition will add AP Matching’s cloud-based solutions for invoice management and statement reconciliation to Basware’s accounts payable (AP) automation and invoice processing capabilities, the companies said in a press release from Wednesday May 8.

“We are excited to combine forces with AP Matching so that CFOs can improve their AP automation processes and increase financial recording accuracy,” Basware CEO Jason Kurtz said in the press release.

This combination will provide an end-to-end solution that helps CFOs oversee billing processes and avoid failures in reconciling statements, Kurtz said.

The AP Matching platform reconciles buyer and supplier declarations, then transmits the matched invoices to customers’ enterprise resource planning (ERP) or source-to-pay (S2P) systems. according to upon release.

With this technology, Basware will become part of AP Matching’s managed services team, which provides services specifically to SAP customers, the release said.

AP Matching, formerly known as Statement Matching, headquartered in the United Kingdom, has been serving large enterprises in the British and American markets since 2005, according to the release.

“The acquisition will boost our growth and enable us to deliver unparalleled value to clients, as we combine our statement reconciliation expertise with Basware’s AP automation capabilities,” Daniel Kimptonco-founder and director of AP Matching, said in the release.

THE Hotspot automation The industry is ripe for change because there are too many players in the sector, Kurtz told PYMNTS in an interview published in September.

There is also a need for a single company that can provide a continuum of services and offerings spanning automation of procurement AP and billing and accounts receivable (AR), while adding payments to the mix , Kurtz said.

“We are best positioned to do this because that’s where our focus is – and we have a head start in terms of number of customers and volume… to become the 800-pound gorilla and consolidate the industry “Kurtz said.

In August, Genesis Bidco Limited, a subsidiary of Basware, announced its intention to acquire glantusA supplier audit recovery specialist and fraud prevention software. The company completed the acquisition in October.

For all PYMNTS B2B coverage, subscribe daily B2B Newsletter.