Basware among five largest ePurchasing Vendors

Basware among five largest ePurchasing Vendors Globally according to Independent Research Firm  Independent Report Estimates ePurchasing Software Market Growth to Continue at above Average Rate

Basware Corporation, a leading provider of Enterprise Purchase to Pay solutions, was among the select companies evaluated in the September 2008 Holistic View: The ePurchasing Software Market report published by Forrester Research Inc. Overall ePurchasing market is estimated to continue to grow strongly and Basware was evaluated to be among the five largest ePurchasing vendors globally. With the eProcurement market getting saturated at the largest enterprise level, according to Forrester “opportunity abounds for holistic offerings and specialists in specific products”.

Forrester interviewed more than 100 vendor companies for the report that provides a detailed review of the procurement market. The ePurchasing revenues continue to grow globally by 17% in 2008, at above average growth rate, the report states. Electronic Invoice Presentment and Payment (EIPP) market is estimated to grow even faster, at 26% CAGR. The report further states that “while products like eProcurement and eSourcing are widely adopted and have slower growth, other products like contract life-cycle management and electronic invoice presentment and processing (EIPP) have more limited adoption and great growth potential”. Forrester evaluates Basware to be largest vendor in the EIPP market.

“We believe in a holistic approach to the purchase to pay process – enabling companies to achieve immediate results and add improvements incrementally. We have recognized that instead of process or functional silos, purchase to pay should be seen as a value chain,” says Jari Tavi, CTO of Basware Corporation.

The Basware Enterprise Purchase to Pay solution suite includes solutions for Invoice Automation, Procurement and supplier integration. While some ePurchasing products are becoming commoditized, Forrester estimates innovation to continue for example in Contract Lifecycle Management (CLM). Basware has recently complemented its Procurement suite with a CLM solution that addresses the needs of companies to gain full control over contracts and leverage them more effectively.

“With the most recent additions to our portfolio, we now offer a full end-to-end solution that is unique in the purchase to pay arena,” continues Tavi.

The independent report is a continuation to Forrester’s “ePurchasing market” series. The series includes the Forrester Wave™: eProcurement Solutions, Q2 2007 report which is available for download at www.basware.com/forrester.
For further information, please contact:
Jari Tavi, CTO, Basware Corp., tel. +358 40 555 4488

About Basware
Basware is the global leader in purchase-to-pay solutions with more than 1,200 customers and 650,000 users in over 50 countries around the world. Basware solutions automate business-critical financial processes and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented in Europe, the US, and Asia-Pacific through an extensive network of Basware offices and business partners.

In 2007, net sales reached EUR 73 million. The growth target for net sales for 2008 is 15–25%. Founded in 1985, Basware Corporation is a public company listed on the Nordic Exchange Helsinki. Headquartered in Finland, it has seven subsidiaries in Europe and one in the US. www.basware.com