Basware Shifts SMB Procurement Tech Into New Business Unit

Electronic procurement solution provider Basware has announced the formation of a new business unit to offer small and medium-sized businesses its procure-to-pay technology.

In a press release on Wednesday (Jan. 15), Basware said it has launched InvoiceReady, a “distinct business unit” within Basware that will offer the company’s existing SMB procure-to-pay and accounts payable (AP) product suite. The unit will be headed by Basware’s current Vice President of Corporate Development Regina Duzanskaja, who will serve as general manager of InvoiceReady.

The unit currently serves more than 400 SMB clients in Finland, where Basware is based, and in other markets around the world. Basware said the unit has already deployed its own research and development, sales and marketing, delivery, support and other operational teams.

“I’m really excited to bring the powerful global expertise in accounts payable automation that Basware possesses to SMBs,” Duzanskaja said in a statement. “We have Basware enterprise best practices at our fingertips – from processes to technology – that we want to leverage to meet the needs of the expansive SMB market. I believe there is more potential in this business.”

In another statement, Basware CEO Klaus Andersen said the company has “always recognized the value and opportunity within the small and medium-sized business community,” despite having evolved into focusing on larger enterprise clients. “InvoiceReady is an exceptional existing product suite designed to serve the SMB segment with a cloud-based, complete procure-to-pay solution,” he added.

Basware has expanded its capabilities in recent years from eInvoice processing into a more holistic, procure-to-pay service provider. The company first introduced payment functionality into its offering in 2018 with the launch of NetworkPay, which enables automatic payment following approval of an invoice. The service supports check, ACH, virtual card and wire payments.

Last year, the company augmented its AP offering with heightened analytics functionality, enabling professionals to benchmark their performance via new dashboards within the Basware Analytics solution.