Finnish fintech Basware has announced its plans to acquire AP Matching, a UK-based provider of invoice management and statement reconciliation solutions, for an undisclosed sum. Basware aims to integrate AP Matching's technology with its AI-powered enterprise accounts payable (AP) automation and invoice processing platform, which currently handles over 220 million invoices and $900 billion in spend annually. The merger aims to streamline financial statements, mitigate the risk of erroneous payments, and bolster the integrity of CFOs' financial data.
Formerly known as Statement Matching, AP Matching specializes in reconciling buyer and supplier statements for large enterprises across the UK and US, matching invoice data to customers' enterprise resource planning (ERP) or source-to-pay (S2P) systems. Basware also plans to incorporate AP Matching's managed services division, particularly focusing on automated invoice processing and data capture services for SAP customers. Basware CEO Jason Kurtz anticipates that this acquisition will empower CFOs to enhance AP automation processes, thereby increasing the accuracy of financial recording amidst the complexities of invoicing procedures. This strategic move follows Basware's acquisition of Irish fintech Glantus in 2023, aimed at fortifying its AI-driven capabilities in overpayment and fraud detection.
