Basware’s 30th anniversary: How our people made it happen
Wednesday, 1 Apr 2015
In our business, we always look ahead. Our focus is to how to meet the future needs of our customers and develop the next disruptive technology. As we celebrate our 30th anniversary this year, it’s equally important to reflect on the events that shaped our business and led us to where we are today.
CEO, Basware Corporation
This is our story – the remarkable achievement of the Baswareans – the incredibly talented and passionate people who have made this happen.
The 80s – the start-up days of hard work and dedication
When the company was founded in 1985 under the name Baltic Accounting Systems, it was the creation and vision of three people who realised that some of the core financial services, such as planning and budgeting, had to change. The spirit and belief of those three people were right.
The 90s – a defining moment for brand, people and innovation
The 90s was a defining decade for both our company and the broader industry. We officially became Basware and continued to do what is at the centre of our philosophy: nurture the extraordinary talent and innovative mindset of our people. We focused on creating the best ways how the invoices are processed and launched the first invoicing processing software in ’97. We took also a major step towards becoming a global company by securing our first international client. We made old-fashioned paper processes and lost invoices obsolete by inventing the e-invoicing business. To create such invention with global appeal in a short period of time was only made possible by the talent and energy of our people.
The 2000s – fast-tracking on the global scale
The new millennium saw three significant milestones in our history. The public listing on OMX Nasdaq Helsinki, the globalisation of the Basware Network and the launch of The Art of Basware, our commitment to visual arts and supporting young artists’ careers.
Our stock listing in 2000 was one of the most successful in the history of OMX Nasdaq Helsinki and it showed that we had delivered on our collective promises and vision. 50,000 shareholders don’t lie.
We globalised the Basware Network by growing it with customers in various countries and setting up our own entities to start offering solutions for local customers. We obtained unique insight into local requirements and knowledge of legislation, which proved a huge advantage over our competitors.
Our employees’ relentless strive for innovation kept evolving the invoice processing business from invoice automation towards unique Purchase-to-Pay (P2P) services. In 2007, we introduced the first major procurement version to boost P2P process automation. We had killed off paper and had become the largest e-invoicing network in five years. We were now a truly global force to be recognised with and over-time, independent expert would endorse us for our technology and industry leadership.
The 2010s – the age of value-add and disruption
The current decade is characterised by how technology has disrupted global markets. Having pioneered technologies for a long time, it’s an era that suits us well and we have introduced new initiatives and services to add significant value to global organisations. With MasterCard we expanded payment options and our Financing Services offering has introduced a new dimension to optimising cash and working capital. This desire for organisations to drive cash-flow and manage finances in a flexible manner enables us to continually launch new industry-first innovations such as Basware Pay and Basware Discount.
So, from three people in 1985 in a small town in Finland to a global workforce of 1500 across three continents, the Baswareans have created a story and company that I’m proud to talk about every day. We are the recognised global leader in P2P and e-invoicing, unlocking vale for organisations around the world but Basware is more than that. It’s a place where people share the fundamental values of fun, energy and the constant strive towards changing the status quo. The world doesn’t stand still and neither do we. Our story is just the first of many chapters to come. Here is to another 30 years. Thank you all.
Basware and its people are celebrating the company’s 30th anniversary in 2015. Watch our journey in pictures: