Basware’s first software product for group consolidation was introduced in 1992, followed a year later by the first product for budgeting. In 1993, the company was renamed Basware.
Events began to move quickly from 1997 when Basware released an innovative product for electronic processing of purchase invoices that gained international prominence. Strong growth and expansion soon followed internationally. To support this rapid success, Basware decided to apply for a listing on the Helsinki Stock Exchange in 2000. With much fanfare, the stock was oversubscribed – leading to one of the most successful IPOs in Finnish history. Building on this momentum, the company quickly followed with several key acquisitions and signed a number of major contracts.
Basware launched its first US subsidiary in 2002. Since then, expansion has been truly global with offices opening in Russia and Singapore to accomodate customers in all time zones. Recent years has seen a flourish of acquisitions to strengthen Basware’s portfolio even further. Acquiring Iocore and Trivet Software brought new solutions such as a high-class travel management software. Other key acquisitions brought further solutions and team members from the UK, India, Finland, Norway, and Australia.
Basware has since launched the full Purchase-to-Pay solution in 2005 as well as the Basware Mobile Client in 2007.
Basware was the first to introduce the concept of automated workflow in 2002. Following this, the company introduced a comprehensive invoice automation solution in 2004, including modules for automatically matching invoices with purchase orders. This was accompanied with the Connectivity Services for enabling e-invoicing and improved buyer-supplier relationships for 100% e-invoices from day one.
In 2010, Basware reported an all-time record-breaking result, a humbling achievement in the current economic climate. In similar terms, the last five years were marked with a number of key industry recognitions and accolades that place Basware as a leading provider of invoice automation and procurement solutions.
Basware has more than 20 years experience in developing financial process automation software. Basware was founded in 1985 as Baltic Accounting Systems and was bought by five members of the management team in 1990.