BasWare celebrates its 20-year history in software business

Since 1985, the Finnish software provider BasWare has developed solutions to automate business-critical financial processes of large organizations. Currently BasWare’s software is used in over 20 countries across the world and the international operations form over a half of the company’s net sales. BasWare and over 150 of its Finnish customers celebrated the 20-year old company at the BasWare User Days in Finland on September 21st.

BasWare’s software solutions have systematically supported the transformation of financial management towards and more efficient, electronic processes. The first BasWare’s software for group consolidation and reporting was introduced in 1992, and five years later the first version of BasWare Invoice Processing software, the spearhead of BasWare’s rapid internationalization, was launched.

BasWare User Days in Lahti, Finland.

”Our product portfolio now covers the entire financial value chain from purchase management to electronic invoicing service, invoice automation and electronic archiving. Our R&D has always been very much customer-oriented, and the products are developed based on real customer needs. This is one of the reasons for our on-going success and strong growth,” says BasWare CEO Ilkka Sihvo. The latest addition to the product portfolio is the Travel & Expense Management solution which complements the BasWare Enterprise Purchase to Pay offering.

During the past years BasWare has grown strongly in international markets. The distribution channel was first extended to Scandinavia and Western Europe, and later to Australia and North America. The subsidiary and reseller network now covers 20 countries. The international operations are mainly based on the Enterprise Purchase to Pay products but this year also the sales of Financial Management products were initiated in Scandinavia.

In 20 years BasWare has grown from a small Finnish company employing less than 10 people to a global, stock listed corporation with almost 400 employees. During the past 10 years, the net sales of BasWare have grown in a compound average growth rate of approximately 50% annually. “BasWare products have already more than 350,000 users in over 1000 organizations across the world, and we have grown into a significant software company in the business area not only in Finland but also globally”, concludes Ilkka Sihvo.