Basware Recognized as Strong Invoice Automation Player in Recent Report From PayStream Advisors

Leading Market Research Firm Finds that Basware Solutions Facilitate True Automation

Basware, Inc., a subsidiary of Finland-based Basware Corporation and the leading provider of financial process automation software, announced today that the recently published Technology Insight Series report from PayStream Advisors, Inc. named Basware as a strong player in invoice automation and recognized the company’s solutions for facilitating “true” automation, increasing straight-through processing of invoices.

According to the report, Imaging & Workflow Automation: Using Imaging Technology to Improve Business Processes, “Basware is a strong player in the invoice automation application space with a solution that facilitates true automation. Further, it has been strengthening its solution functionality and upgrading its product with each new release.  In short, already a global player in the invoice application space, with a strong presence in Europe, Basware can be expected to be an exceptionally strong competitor in the North American market.”

“Being recognized by PayStream Advisors as a strong player of invoice automation solutions validates our position in the marketplace,” said Jari Tavi, Chief Technology Officer, Basware.  “With a track record of helping major enterprises in a variety of industries automate their accounts payable processes since 1997, Basware is poised to continue to lead the industry as Purchase to Pay solutions evolve and enable accounts payable professionals to operate more strategically.”

The report, “Imaging & Workflow Automation: Using Imaging Technology to Improve Business Processes,” was published by PayStream Advisors on June 13, 2008.   It includes Basware among 11 leading solutions providers in the market and provides profiles and comparisons of the key vendors, along with an overview of the major trends in the industry.  In the report, PayStream Advisors predicts that the market for Imaging & Workflow Automation (IWA) solutions will grow from $780 million in 2007 to more than $1.5 billion by 2012, representing a compound annual growth rate of 14.6 percent.

View the full report and whitepaper online: http://www.paystreamadvisors.com/store/details.cfm?id=247 

About PayStream Advisors
PayStream Advisors (www.paystreamadvisors.com) delivers unbiased, third-party market trend information, assessments of financial automation technology, and innovative ideas to business leaders in healthcare, consumer billing, finance and treasury, accounts receivable and accounts payable.

About Basware
Basware is the global leader in Purchase to Pay solutions with more than 1,200 customers and 650,000 users in over 50 countries around the world. Basware solutions automate business-critical financial processes and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented in Europe, the U.S., and Asia-Pacific through an extensive network of Basware offices and business partners.

In 2007, net sales reached more than EUR 73 million. The growth target for net sales for 2008 is 15–25%. Founded in 1985, Basware Corporation is a public company listed on the OMX Nordic Exchange Helsinki (HEX:BAS). Headquartered in Finland, it has seven subsidiaries in Europe and one in the U.S. www.basware.com