Basware reports strong demand for services in Q1 Continued growth in automation services and net sales
Espoo, Finland 17th April 2012 - Basware, the leading provider of e-invoicing and purchase-to-pay solutions, announced continued strong growth in Automated Services of 46.5%, in its results for the first quarter of 2012. Net sales grew by 5.3% to EUR 27.4 million, and operating profit decreased by 38.4% to EUR 1.8 million.
Transaction volume from Automation Services continued to show strong growth in the first quarter of 2012, increasing by 77.1%, equating to 7.8 million. Basware’s long term target is for an annual growth of more than 50%, and the estimated revenue for current Automation Services agreements in the next 12 months is EUR 21.8 million, an increase of 19.4% from the estimate made at the end of 2012.
Maintenance revenues grew by 10.1% in the first quarter, compared with the same period in 2011. Professional services and license sales decreased by 15.3% and 5.9% respectively. Basware saw its largest growth in wider Europe and America and Australia, with net sales growth of 15.2% and 9.2% respectively. In Q1, SaaS sales increased by 22% compared with the previous quarter, and license sales decreased by 15.3%, accounting for 14.9% of sales.
Q1 also saw the acquisition of German e-Invoicing operator First Businesspost GmbH, and the launch of Alusta, Basware’s platform technology, combining its financial process competence and cloud services with usage-based pricing.
Esa Tihilä, CEO, Basware, comments: “I am satisfied with our performance in the first quarter and in particular the strong growth in Automation Services. Basware is currently transitioning from a software company into a service company, which requires additional investments and changes our operating methods, solutions, and services. We are aiming at completely new customer groups through segmented customer management and portfolio of products and services, and our strategic goal is to become the world’s leading e-invoice operator.”
”During the first quarter, Basware concluded several significant deals across the globe. We saw increased demand in our service business, and demand shifted from license sales towards Software as a Service (SaaS) solutions. We saw significant growth tn Automation Services, and Basware will continue to follow its strategy of focusing increasingly on the service business, selling software as a service instead of licenses.”
Basware is the global leader in cloud based e-invoicing and purchase-to-pay solutions with more than 1,000,000 users in over 60 countries. Basware’s B2B Cloud solutions and services provide an open, secure and global ecosystem for buyer and supplier collaboration, connecting more than 1.9 million buyers and suppliers globally. The solutions are architected to meet the needs of SMEs and global enterprises and are built upon Basware’s deep knowledge and experience of B2B financial processes, coupled with intelligent cloud connectivity and the Open Network. With Basware, organizations benefit from more efficient procurement, accounts payable and accounts receivable processes, sustainable cost savings, better insight to cash flows and improved buyer-supplier relationships. The solutions are available via the cloud, on-premise or through business process outsourcing in Europe, the US, and Asia-Pacific through an extensive network of Basware offices and business partners.