In an exciting new development for the accounts payable (AP) automation landscape, leading firm Basware has successfully completed its acquisition of Glantus. This merging of powers in the AP automation world is expected to significantly impact the market and bolster Basware's positioning at its forefront. This article brings you the highlights of this landmark development.
Basware Successfully Acquires Glantus
Finland-based AP automation and e-invoicing pioneer, Basware, has announced the successful acquisition of Glantus, a specialist in AP audit recovery and fraud prevention. The acquisition came as the culmination of a proposal made by Basware in August, which saw them offering to purchase the entire share capital of Glantus. Following this acquisition, Glantus has been delisted from the London Stock Exchange.
Impact on AP Automation Market
The acquisition's significance can be evaluated in the context of the rapidly growing AP automation market, projected to grow by 10.8% annually for the next five years, amounting to an estimated global worth of $5.8bn by 2029. Amidst this growth, invoice fraud and overpayment errors pose significant operational concerns, notably with 70% of businesses experiencing such mishaps each year. Automated AP processes have emerged as robust solutions to combat these risks, thereby strengthening Basware's position as a leader in the field through its acquisition of Glantus.
Joint Offering and CEO Insights
The merging of Basware and Glantus will result in a combined offering, providing clients with comprehensive, data-driven insight into their invoicing and financial operations. The synergy will capitalize on Glantus's expertise in audit recovery and fraud prevention software, leading to cost-saving opportunities and an extra level of security for finance and accounting teams. The CEOs of both companies have hailed the acquisition as an epoch-making event, promising customer value innovation, heightened saving potentials, and further investment activities for Basware.
Wrapping up, this acquisition reinforces Basware's commitment to bolstering their automated AP processes and denotes a progressive move in the AP technology landscape. The collaboration with Glantus is optimistically regarded as the beginning of an era marked by innovation, collaboration, and a relentless commitment to driving customer value. As the market continues to expand, this merger represents a significant leap forward in combating invoice fraud and overpayment errors.
Don't miss our latest Startup News: Addtronics Bolsters Portfolio with Sirius Acquisition
