On May 8, 2024, Basware, a prominent AP automation and invoice processing company, announced its acquisition of AP Matching, thereby extending its market offering by uniting invoice processing with statement reconciliation to benefit customers with increased accuracy and cost reduction. The UK-based AP Matching (previously Statement Matching), which offers cloud-based invoice management and statement reconciliation services, will help solve a significant issue for finance teams relating to the accuracy of financial records. Basware’s AI-driven platform minimizes manual effort and ensures compliance by automating the accounts payable journey and processes over 220 million invoices equating to $900 billion in spend annually. The acquisition comes after Basware’s recent acquisition of Glantus, which focuses on overpayment and fraud prevention. Basware’s CEO, Jason Kurtz, remarked on the acquisition’s goal to refine AP processes and increase the precision of financial recording, enhancing their mission to innovate finance technology. AP Matching, with a track record since 2005, brings specialized automated invoice processing services, particularly for SAP customers. Daniel Kimpton, Co-founder and Director at AP Matching, expressed enthusiasm about the merger, highlighting the prospect of improving the invoice processing cycle globally. The assimilation of AP Matching’s managed services will also improve Basware’s capabilities in invoice capture, validation, and ERP system integration.

Financial Technology and Automation, Enterprise Resource Planning (ERP), Cloud-based Services,United Kingdom, United States, Global