On Wednesday, April 8, Basware, the Finland-based provider of procure-to-pay (P2P) and e-invoicing solutions, announced that it has signed an agreement with Procserve to acquire the UK-based public sector e-procurement solutions provider for EUR 25.9 million. According to Esa Tihilä, CEO of Basware, the acquisition follows the rise of e-invoicing and e-procurement among public sector organizations in Northern and Western Europe, particularly in the UK, where by 2016, all governmental organizations will be required to use e-invoicing. As a result, Basware executives decided to acquire Procserve in an effort to expand its footprint even further and offer its European clients a synergized, cloud-based P2P suite of solutions.
Basware and Procserve both feature a payment network, and are both a part of the UK government’s G-Cloud Digital Marketplace. Currently, Procserve’s e-procurement systems are used by over 33,000 organizations worldwide, and it employees 61 people, although Tihila did not indicate if Basware would retain all of Procserve’s staff. The news of the acquisition follows months of partnerships by Basware, which in March announced that it has partnered with Arrowgrass Capital Partners and ING, and in September when it announced its partnership with MasterCard and that it had reached 80 million transactions per year on its network. Stay tuned to CPO Rising for analysis of the deal as we learn more about it.
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