Basware, a global leader in AP (accounts payable) automation and invoice processing, has acquired Northamptonshire cloud-based platform AP Matching.
The acquisition will expand Basware’s market offering, bringing accurate financial data and increased cost savings to the entire invoice processing cycle. It will go beyond traditional AP automation and solve a critical pain point for finance and accounting teams: ensuring the accuracy of financial records through automated statement reconciliation.
AP Matching (formerly Statement Matching) is a provider of cloud-based solutions for managing invoices and reconciling statements. Its platform reconciles buyer and supplier statements and delivers matched invoices to customers’ Enterprise Resource Planning (ERP) or Source to Pay (S2P) systems, requiring minimal input from the AP team.
For nearly 40 years, Basware has helped enterprises worldwide navigate the complexities of the invoice processing cycle. Powered by AI, Basware’s platform automates the entire accounts payable journey – from receipt and matching through to approval and payment – reducing manual effort and ensuring regulatory compliance. Backed by Accel-KKR, Basware automates over 220 million invoices and $900bn in spend annually for thousands of customers.
Jason Kurtz, CEO of Basware, said: “CFOs often struggle to oversee the complexities of invoicing processes end-to-end, which can lead to erroneous payments slipping through the gaps. The repercussions of failure in statement reconciliation is money lost from a company’s P&L (profit and loss statement). But it can be fixed and automated.
“We’re excited to combine forces with AP Matching, so that CFOs can enhance their AP automation processes and increase the accuracy of financial recording. We’re on a mission to unlock the future of finance and provide the best end-to-end technology to drive value for our customers. With AP Matching, we will do just that.”
AP Matching has been serving large enterprises since 2005, focused on the UK and US markets. Through the acquisition, Basware will also integrate AP Matching’s Managed Services division.
Daniel Kimpton, Cofounder and Director at AP Matching, said: “We’re thrilled to join forces with Basware and offer a comprehensive solution that will improve the entire invoice processing cycle for enterprises worldwide.
“The acquisition will supercharge our growth and enable us to provide unmatched value to customers, as we combine our expertise in statement reconciliation with Basware’s AP automation capabilities. Together, we will empower CFOs with a powerful end-to-end technology solution that ensures accuracy and efficiency in financial recording.”
