Bregal Milestone invests in Basware, a world leader in source-to-pay software

March 20, 2019

Bregal Milestone, the European private capital firm, has agreed an investment of €50 million into Basware Oyj, a global leader in networked source-to-pay software solutions listed on Nasdaq Helsinki. The investment by Bregal Milestone is the third out of their €400 million fund, which provides European growth companies with flexible capital solutions and strategic support.

Basware, founded in 1985, is a global pioneer in the fast-growing market for e-sourcing, e-procurement, e-invoicing and accounts payable automation software, delivered predominantly under a software-as-a-service model. The company operates the world’s largest open business network and has been recognized as a leader in Gartner’s Procure-to-Pay Magic Quadrant for its ability to execute and completeness of vision.

Basware’s market-leading technology empowers enterprise customers with 100% spend visibility by capturing all financial data across procurement, finance, accounts payable and accounts receivable functions. This delivers benefits to customers that include global spend optimization through automated spend management and analysis, digitization and productivity gains in accounts payable processing through e-invoicing, savings from early-pay discounts, reduced legacy system maintenance and increased flexibility.

Bregal Milestone partners with Basware Oyj’s Board, chaired by Ilkka Sihvo, and the Executive Management team, led by Klaus Andersen, to accelerate the company’s growth, expand its geographic presence, deliver innovative product improvements and develop thriving partner ecosystems to strengthen Basware’s position as a market leader.

Bregal Milestone Senior Advisor Rob Hetherington has worked closely with the investment team. Rob is a former Global General Manager at SAP Financial Services, SVP at Capgemini Consulting and Managing Partner at Accenture.

Ilkka Sihvo, Chairman of the Board:

“We are excited to partner with a long-term investor like Bregal Milestone who sees the potential of Basware and is allocating a significant amount of capital to support Basware’s strategy. The financing agreement has been tailored to Basware’s needs and the proceeds will strengthen Basware’s balance sheet and support our growth and progress towards positive cash generation in the medium term.”

Cyrus Shey, Managing Partner at Bregal Milestone:

“We are excited to be in partnership with the Basware team for the next stage of their journey as a leader in the fast-growing source-to-pay SaaS market. Basware has a globally recognised technology and an integrated, cloud-led approach to delivering value to its customers through its product suite, providing efficiency and cost savings as companies seek to manage increasingly complex supply chains. We look forward to working with the Basware team to support their international strategy and drive profitable growth in the coming years”

Bregal Milestone was supported by Goodwin, Castrén & Snellman, PricewaterhouseCoopers, and Gartner Research & Consulting.

About Bregal Milestone

Bregal Milestone is a private capital firm managing a €400 million pan-European fund dedicated to making investments in high-growth European companies. The firm provides strategic assistance and capital to support market-leading companies across a wide variety of transaction situations. Targeted sectors include technology, healthcare, consumer and business services, high value manufacturing and specialty finance. For more information, please visit

About Basware

Basware offers the largest open business network in the world and is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. Our technology empowers organizations with 100% spend visibility by enabling the capture of all financial data across procurement, finance, accounts payable and accounts receivable functions. Basware is a global company doing business in more than 100 countries and is traded on the Helsinki exchange. Find out more at

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