Careers at Basware
Basware’s mission is to help companies unlock the power of networked commerce with collaborative supplier relationships and actionable spend analytics.
In 1985 Baltic Accounting Systems was founded in Espoo, Finland as a provider of software products. In 1992 the company released its first offering, for the purpose of group consolidation, followed by a product for budgeting in 1993. That same year the firm was renamed Basware. In 1997 Basware introduced a solution for electronic processing of purchase invoices that gained global prominence.
The company’s success gave it the confidence to file an inital public offering. It became listed on the Helsinki Stock Exchange in 2000. The stock was oversubscribed, resulting in one of the most successful IPOs in Finnish history. Basware capitalized on the momentum by acquring several companies and signing multiple contracts. It launched its first subsidiary in the United States in 2002.
That same year, Basware introduced the concept of automated workflow. It then unveiled a solution for comprehensive invoice automation in 2004, followed by a purchase-to-pay solution in 2005 and the Basware Mobile Client in 2007. Over the decade, the company also grew by expanding internationally, opening offices in Singapore and Russia, among other locations.
The 2010s saw several milestones. In 2010 the company reported record revenues in spite of the global economic downturn. In 2012 it became the top e-invoice operator in Germany. That same year it launched Alusta, an open standard cloud-based platform for purchase-to-pay, beginning its transition from software to service-oriented business.
Business model of Basware
Basware has a mass market business model, with no significant differentiation between customer groups. The company targets its offerings at organizations of all industries and sizes.
Basware offers two primary value propositions: performance and brand/status.
The company demonstrates strong performance through tangible results. Specific positive outcomes for clients include the following:
- ADT and Tyco Fire’s Shared Service Center used Basware’s solutions to reduce invoice handling times by 75% and increase annual processing volumes from 10,000 to over 40,000 per employee
- SONIC Drive-In used Basware’s solutions to implement self-service invoice processing among 1,000 end users, reducing administrative burden and contributing to annual savings of $160,000
- Toyota used Basware’s solutions to save 60% of time spent on payments and improve the job satisfaction and performance of its accounts payable team
- Finavia ued Basware’s solutions to centralize its purchasing, e-invoicing, and automated invoice processing, enabling it to increase spend visibility, harmonize operations, and save money
- DNA used Basware’s solutions to speed up the purchase-to-pay process, improve reporting, increase productivity, and obtain greater spend control
The company has established a strong brand due to its success. It bills itself as the leader of the purchase-to-pay and e-invoicing solutions markets, and claims to operate the world's largest open commerce network. It has over 1,800 employees and oversees over 100 million transactions going through its network annually.
It serves customers in over 100 countries and territories worldwide, with prominent clients including Panasonic, Colliers International, Accor, and Penguin. Lastly, it has won many honors, including the following:
- Recognition for its product as Procurement Technology of the Year by PayStream Advisors
- Recognition as a Leader in Gartner’s 2016 Magic Quadrant for Procure-to-Pay Suites
- Recognition as Best Provider of Working Capital Management Solutions and Accounts Payable by Global Finance
- Recognition as one of the largest cross-industry supplier networks in the “Vendor Landscape: B2B Business Networks” report by Forrester Research
- Recognition as one of the 50 Providers to Know by Spend Matters
Basware’s main channel is its direct sales team. It also sells its products through a worldwide network of channel partners. The company promotes its offerings through its website, social media pages, and participation in industry events such as expos and conferences.
It also operates “The Art of Basware,“ a global art competition for artists under 30 years of age.
Basware’s customer relationship is primarily of a self-service nature. Customers utilize its products while having limited interaction with employees. The company’s website features the “Basware Knowledge Center”, which includes useful resources as white papers, research reports, case studies, eBooks, fact sheets, infographics, webinar recordings, solution demos, and videos.
It also provides access to the Basware Connection email newsletter, which provides monthly insights on developments in the purchase-to-pay and e-invoicing markets. Despite this orientation, there is a personal assistance component in the form of phone, e-mail, and online support.
Basware’s business model entails designing and developing its products for customers.
Basware maintains strategic partnerships through which it works with firms that promote and sell its solutions to their customers in order to extend its reach. Partners receive training and sales/marketing resources, as well as access to a portal called Basware Partner Central. Specific partners include ADS Solutions, APEX Analytix, Flucticiel, K2 Sourcing, Nayo Technologies, and Ricoh.
Basware also maintains the Basware Network, an open network that enables suppliers, buyers, and partners to identify, connect, and collaborate with customers and other stakeholders globally. Partners receive and send purchase orders, create invoices, and exchange eCatalogs.
Basware’s main resources are its human resources, who include the engineering employees that design and develop its solutions, the sales employees that sell them, and the customer service personnel that provide support.
Basware has a cost-driven structure, aiming to minimize expenses through significant automation. Its biggest cost driver is employee benefit expenses. Other major drivers are in the areas of research/development and sales/marketing, both fixed costs.
Basware has five revenue streams:
- Subscription revenues
- Transaction services revenues
- Consulting services revenues
- Maintenance revenues
- License sales revenues
info: Vesa earned a B.Sc. in Telecommunications. He previously served as Senior Vice President of Network at Basware, as Vice President of Liquid Core Business Line at Nokia Networks, and as Head of Core Platforms at Nokia Solutions & Networks.
info: Lars earned an M.Sc. in Business & Quality Management. He previously served as Marketing Director of Canon UK & Ireland, as Strategic Planning Manager EMEA, and as Business Strategy & Development Director EMEA at Canon Europe.
info: Niclas earned an M.Sc. in Finance. He previously served as CFO of the Smart Devices Business Unit at Microsoft, as CFO of the Smart Devices Business Unit and as Head of Finance, Smart Devices Products and Portfolio at Nokia.
info: Paul previously served as Senior Vice President of International Business at AspenTech, as Vice President & General Manager EMEA at Borland, and as Senior Vice President Worldwide Sales Ops at Vitria Technology.
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