Basware was founded in 1985. It was then a Finnish subsidiary of an American corporation and it was called Baltic Accounting Systems. The Finnish management team bought the company in 1990. In 1992 Basware introduced their first Financial Management software. In 1997 the company introduced their first Invoice Processing software. It contained Scan & Capture Workflow for Invoices. The first international customer was got in 1999, in Sweden.
2000–
In 2000 the company had a public listing on the Helsinki Stock Exchange. They also introduced the first electronic invoicing, archiving and procurement products and intelligent OCR and got their first customers in Norway, Denmark and the Netherlands. Between 2001-2002 there were expansion into Central Europe, UK, USA and Australia. In 2005 Basware acquired Norway-based Iocore and Finnish Trivet Software, the following year they acquired Finnish Analyste and in 2007 UK-based Digital Vision Technologies Ltd. In 2008 Basware acquired Norwegian-based Contempus AS, and the next year Itella's Norwegian invoice automation solution business and TAG Services Pty Ltd in Australia. In 2010 Basware acquired TNT Post's Connectivity operations. Two years later it acquired German e-Invoice network First Businesspost GmbH and network and e-Invoicing business of leading Benelux operator Certipost. In 2013 there were over 60 million transactions in the Basware Commerce Network. Basware acquired Certipost, the leading e-invoice operator in the Benelux In 2015 Basware acquired Procserve, a leading e-procurement operator in the UK and the following year they acquired Verian, a leading e-procurement operator in the US In 2020 Basware introduced InvoiceReady, a business unit that provides small and medium-sized businesses with its procure-to-pay technology
Products
Basware’s products are packaged composite applications that are intended to interact with and complement the functionalities of existing systems, such as enterprise resource planning systems, used across the organization to support daily processes. The company's software automates procurement, invoice receiving and invoice processing and can also be implemented as a software as a service delivery. These technologies are known as Cloud-Invoicing and guarantee a barrier-free exchange of structured documents. Basware claims that Cloud Invoicing will reform the whole way of business-to-business interoperability.
Market
Basware is selling enterprise software for financial processes, purchase to pay and financial management. Its main competitors in this arena included Coupa, SAP Ariba, GEP, iValua and Jaggaer in 2018 according to Gartner.
