As "software eats the world" and more of the supply chain becomes digitised, integrated platforms that manage enterprise procurement from sourcing through to settlement become more compelling. Basware’s best-of-breed, open ecosystem approach serves customers in 175 countries. It has the largest e-invoicing network in the world: over 2 million organisations connected together in a network that manages EUR 1 trillion in spend.
Bregal Milestone invested in Basware in 2019, during a phase where the company was undergoing its 'cloud transition' as part of an API-first ecosystem as they prepared for global expansion.
With Bregal Milestone's support, Basware were able to accelerate the successful execution of their global strategy. In 2020, the company sailed past €110m in ARR, representing 74% of total revenue. The company also significantly improved profitability, generating positive EBITDA for the first time since 2016. The improved financial performance has seen the share price increase by over 150% from its low during the transition.
With a market capitalisation of over €550m, Basware is now focused on sustainable, profitable growth. We are proud to have partnered with Basware during its successful cloud transition, which has put the company firmly on a path to become an independent global SaaS market leader.