Accounts payable (AP) automation and invoice processing company Basware has announced the acquisition of cloud-based solutions provider AP Matching.

The financial terms of the deal were not disclosed.

The UK-based AP Matching’s cloud-based solutions are designed for managing invoices and reconciling statements.

The firm’s platform facilitates the reconciliation of buyer and supplier statements and delivers matched invoices to customers’ enterprise resource planning (ERP) or source to pay (S2P) systems. This will only require minimal involvement from the AP team.

AP Matching cofounder and director Daniel Kimpton said: “The acquisition will supercharge our growth and enable us to provide unmatched value to customers, as we combine our expertise in statement reconciliation with Basware’s AP automation capabilities.

“Together, we will empower CFOs with a powerful end-to-end technology solution that ensures accuracy and efficiency in financial recording.”

Through the acquisition of AP Matching, Basware aims to expand its market offering to bring accurate financial data and increased cost savings to the entire invoice processing cycle.

Basware said that it will extend beyond conventional AP automation, addressing a significant challenge for finance and accounting teams. The move will also guarantee the accuracy of financial records through automated statement reconciliation. 

Besides, the combination of Basware and AP Matching will offer solutions to streamline financial statements, mitigate the risk of erroneous payments and enhance the integrity of chief financial officers (CFOs)’ financial data. 

Basware also intends to combine AP Matching’s managed services division. The managed services team focuses on automated invoice processing and managed data capture services, specifically for SAP customers.

The managed services unit’s solution eliminates the data capture process for customers and makes sure they receive fully electronic data from invoices in their ERP systems.

Furthermore, the integration of AP Matching’s managed services and SAP capabilities, will further bolster Basware’s solution for invoice capture, validation, and integration with existing ERP systems.

Basware CEO Jason Kurtz said: “We’re excited to combine forces with AP Matching, so that CFOs can enhance their AP automation processes and increase the accuracy of financial recording.

“We’re on a mission to unlock the future of finance and provide the best end-to-end technology to drive value for our customers. With AP Matching, we will do just that.”