Basware acquires invoice management and statement reconciliation platform AP Matching
Finnish fintech Basware is set to acquire AP Matching, a UK-based provider of invoice management and statement reconciliation solutions, for an undisclosed sum.
Basware acquires AP Matching
Basware says the combination of AP Matching’s tech with its AI-powered enterprise accounts payable (AP) automation and invoice processing platform – which it claims currently automates over 220 million invoices and $900 billion in spend annually – will “harmonise financial statements, reduce the risk of erroneous payments and increase the integrity of CFOs’ financial data”.
Formerly known as Statement Matching, AP Matching operates a platform which reconciles buyer and supplier statements for large enterprises across the UK and US and matches invoice data to customers’ enterprise resource planning (ERP) or source to pay (S2P) systems.
The acquisition will also see Basware integrate AP Matching’s managed services division, which “specialises in automated invoice processing and managed data capture services, specifically for SAP customers”.
The company says this integration will “further strengthen its solution for invoice capture, validation, and integration with existing ERP systems”.
Jason Kurtz, CEO of Basware, says the acquisition of AP Matching will enable CFOs – who “often struggle to oversee the complexities of invoicing processes end-to-end” – to “enhance their AP automation processes and increase the accuracy of financial recording”.
The move follows the company’s acquisition of Irish fintech Glantus last year to strengthen its AI-driven overpayment and fraud detection capabilities.
