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Basware Announces Major Global Expansion Drive as Bookings Grow 52% in 2023

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CHARLOTTE, NC and LONDON, Feb. 20, 2024 /PRNewswire/ — Basware, a global leader in AP automation and invoice processing, has announced major global expansion plans as Bookings rose 52 per cent and Recurring Revenue Growth accelerated year-over-year (YoY) in 2023.   

In 2023, Basware acquired Glantus alongside expanding its footprint globally, including markets such as APAC and Southern Europe. Basware has ambitious plans to continue its expansion across the US, Europe and APAC with further investment in customer growth, AI innovation, compliance and fraud prevention expected this year. 

Last year, the company made several key hires including Jason Kurtz as CEO to lead the company’s growth strategy. Basware also welcomed Steve Canning as Chief Revenue Officer and Mark Johnston as Chief Customer Success Officer to drive growth and value for customers throughout the sales and customer cycle. 

Over 2023, following a rebrand and focus on AP (accounts payable) automation, Basware expanded with more than 100 high-profile brands including DHL Express and Alstom, while adding to its global portfolio of 900+ AP customers. It maintained a customer retention rate of 97.4 per cent, for brands that saw value to remain a Basware customer. In 2023, Basware handled over 220 million invoices and $900bn in invoice spend through its platform. 

Basware continued to deliver innovative product solutions in 2023, including SmartPDF with AI Instant Learning that trains AI to recognize exception invoices, an AP Team Performance Discovery dashboard to better manage AP workload, and generative AI customer service tool AskMary.

For almost 40 years, Basware’s AI-enabled AP automation and invoice processing platform has empowered Chief Financial Officers and finance teams at enterprise organisations such as HP and Mercedes-Benz to automatically handle invoices, greatly reducing processing time while boosting accuracy and compliance. With increasing compliance demands for financial teams, Basware helps customers keep up with regulatory mandates and e-invoicing requirements in specific markets around the world.  

In 2023, Basware was recognized as a Gartner Peer Insights™ Customers’ Choice for Procure-to-Pay Suites based on customer reviews. 

Jason Kurtz, CEO at Basware, said:  
“Our commitment to supporting the office of the CFO continues to be a driving force behind Basware’s expansion. Last year, we had one of the most successful financial years in Basware’s 40-year history, and what’s most satisfying about our accomplishments is the positive feedback we’ve received from our customers. Whether it’s Gartner’s Peer Insights or the direct comments we receive about our enhanced customer experience, we are thrilled that the changes we’ve made are positively impacting our customers and we know that the best is yet to come.” 

“Basware’s focus for 2024 centers on supporting enterprise businesses to elevate their finance processes to best practice levels and create value by meeting the ever-changing regulatory needs of financial teams. With our partner first strategy, we are fully aligned to showcase the quantifiable business value of Basware’s solutions, and our strategy continues in enabling all of our customers to be 100 per cent touchless in their AP departments.” 

To drive further growth, Basware has developed a partner first strategy, bolstered by the appointment of Kevin Farrell in 2023 as SVP, Business Development and Alliances. Its strategy will drive innovation for finance teams at enterprises through Basware’s collaboration with professional services firms, financial consultancies and value-added resellers. To enable this strategy, Basware is undertaking a modernization of its knowledge management and e-learning tools to ensure integrated knowledge flows across its organisation and partner ecosystem.  

Services to prevent fraud and ensure compliance are another core pillar of Basware’s growth plans in 2024. It acquired Glantus in October 2023 and expanded its AI-driven overpayment and fraud detection capabilities to alleviate the pressures for over 70 per cent of businesses subject to invoice or payment fraud each year. 

Basware became a privately-held corporation in 2022 in a go-private transaction led by software private equity firm Accel-KKR.  

Dean Jacobson, Chairman of the Board at Basware, and Managing Director at Accel-KKR, commented:  
“The finance function is central to every business, and continues to be more complex as businesses grow. Technology is vital in providing CFOs and their finance teams with the scale, speed and accuracy required to meet business demands. Basware is well on its way in fulfilling a mission to be indispensable to the office of the CFO, and the consortium of investors led by Accel-KKR is committed to backing the company to deliver on that mission.”  

About Basware 
Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency – in a matter of months – while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That’s why the world’s most efficient AP departments at thousands of companies rely on Basware to handle over 220 million invoices per year. Basware. Now it all just happens.™ 

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Huawei Launches Over 20 All-New Xinghe Intelligent Network Offerings to Amplify Industrial Intelligence

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1 hour ago

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September 21, 2024

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SHANGHAI, Sept. 21, 2024 /CNW/ — During HUAWEI CONNECT 2024, Leon Wang, President of Huawei’s Data Communication Product Line, announced more than 20 all-new Xinghe Intelligent Network offerings globally at the summit themed “Xinghe Intelligent Network, Amplify Industrial Intelligence”. These purpose-built offerings contribute to an AI network ecosystem and help customers seize opportunities for intelligent development and maximize intelligent productivity.

With the development of AI technologies, the world is advancing from digital transformation to intelligent transformation. All industries are quickly adopting AI technologies to create new use cases, for example, self-driving cars, intelligent diagnosis and treatment, and intelligent train inspection. All of these are significantly improving the efficiency and experience of our work and daily lives.

The advent of the intelligent era is driving networks into intelligent ones. Huawei has been making joint efforts with partners to lead research and practices of intelligent networks. That’s why Huawei constantly upgrades its Xinghe Intelligent Network offerings to help customers grasp opportunities for intelligent development, build new intelligent network infrastructure, and maximize intelligent productivity in the intelligent era. Key highlights include the following:

Xinghe Intelligent Campus focuses on AI-enabled, experience-centric campus network construction, ensuring zero freezing for audio and video applications, zero degradation on services, and zero waiting for interactions.Xinghe Intelligent WAN introduces a wide range of intelligent technologies to intelligently schedule millions of flows and precisely optimize service experience.Xinghe Intelligent Fabric adopts the AI Turbo engine to improve network throughput, enhancing foundation model training efficiency.Xinghe Intelligent Network Security integrates AI technologies into network security detection, accurately and rapidly identifying threats.

To support network solutions in various scenarios, Huawei released more than 20 featured offerings globally. Examples include the industry’s first 100 Tbps fixed-form Ethernet data center switch, the industry’s first 51.2 Tbps liquid-cooled fixed-form data center switch, the industry’s first AI router, high-quality 10 Gbps campus switches and Wi-Fi 7 APs, Intelligent SASE Branch Security Solution, and the industry’s first IP Autonomous Driving Network Solution. All these offerings are designed to help customers with greater business returns.

As the intelligent era calls for intelligent networks, Huawei will continue to drive the development of intelligent networks and upgrade its Xinghe Intelligent Network products and solutions, ultimately helping global customers to stride towards the intelligent era and reap more benefits.

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SOURCE Huawei

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HUAWEI CONNECT 2024 | Huawei Unveils the Brand-New Xinghe Intelligent Fabric Solution, Powering the AI Era

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2 hours ago

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September 21, 2024

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SHANGHAI, Sept. 21, 2024 /PRNewswire/ — At HUAWEI CONNECT 2024, over 300 industry leaders, experts, and scholars gathered for the data center network session themed “Xinghe Intelligent Fabric, Powering the AI Era.” The event featured discussions on the evolution and technological advancements of data center networks. During the session, Arthur Wang, President of Data Center Network Domain at Huawei’s Data Communication Product Line, introduced the newly upgraded Xinghe Intelligent Fabric solution. This cutting-edge solution aims to establish a data center network characterized by one map for intelligent operations and maintenance (O&M), one network for diverse computing, and one platform for simplified deployment, providing a robust network infrastructure to support enterprises’ digital and intelligent transformations.

In his keynote speech, Arthur Wang outlined the emerging trends in data center network development. He emphasized that in the AI era, data center networks require both a “brilliant brain” and “resilient bones.” The newly launched Xinghe Intelligent Fabric solution is designed to deliver a powerful network infrastructure tailored for the AI era, featuring:

One Map for Intelligent O&M: Zero Management Concerns

Huawei’s exclusive network digital map enables rapid cross-data center and cross-vendor fault identification within minutes. Additionally, the NetMaster network large model facilitates AI-driven O&M, eliminating manual intervention and ensuring zero management concerns.

One Network for Diverse Computing: Zero Service Interruptions

The Xinghe Intelligent Fabric supports various application scenarios, including intelligent computing, general-purpose computing, and storage. The innovative Network Scale Load Balancing (NSLB) algorithm increases network throughput to 95% and boosts AI training efficiency by over 10%. With the exclusive iReliable three-level fast switchover capability, it achieves sub-millisecond switchover, guaranteeing zero service interruptions.

One Platform for Simplified Deployment: Zero Configuration Errors

By employing digital twins to simulate networks in advance and verify configurations post-deployment, the solution ensures 100% accuracy in network changes. By harnessing network-security convergence capabilities, AI creates an intelligent security matrix to analyze millions of security policies, achieving zero configuration errors.

Looking ahead, Huawei will continue to collaborate with industry partners to enhance research and innovation in data center networks, promote intelligent upgrades, and create greater value for the industry.

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SOURCE Huawei

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Cultivating a Culture of Peace: International Day of Peace Statement by Education Cannot Wait Executive Director Yasmine Sherif

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5 hours ago

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September 21, 2024

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NEW YORK, Sept. 21, 2024 /CNW/ — The longing for peace transcends time, geography and religion. Based on justice, human rights and universal values outlined in the UN Charter, a culture of peace brings us all together in our common agenda for humanity. We can only co-exist by aligning ourselves with such a world order.

On today’s International Day of Peace, we call on world leaders to end conflict and embrace a culture of peace as enshrined in the UN Charter and related international law.

As the UN General Assembly outlined in the Declaration and Programme of Action on a Culture of Peace  a quarter of a century ago, this must include: “Respect for life, human rights and fundamental freedoms; the promotion of non-violence through education, dialogue and cooperation; commitment to peaceful settlement of conflicts; and adherence to freedom, justice, democracy, tolerance, solidarity, cooperation, pluralism, cultural diversity, dialogue and understanding at all levels of society and among nations.”

Educating for peace starts at home and continues in school through years of education. This takes place during the most formative years of a child learning about their identity, ethics, values, conscience, courage and compassion. Wherever there has been a failure in imparting on children the imperative for peace, the world is turned upside down. This is a global failure with no geographical boundaries.

Today, we live in a world of unprecedented violence, armed conflict and chaos. All the genuine and heartfelt commitments made in 1945 in the UN Charter seem to be fading away. Children and adolescents are the most vulnerable, the least protected, and the most impacted. They bear the brunt. 

Global conflicts killed three times as many children in 2023 than in the previous year, according to the United Nations. The number of forcibly displaced people reached an unprecedented 120 million in May 2024.

“In 2023, the United Nations verified a record 32,990 grave violations against 22,557 children in 26 conflict zones, a 35% increase from the previous year,” according to recent analysis by the UN.

We can end these violations and invest in a constructive co-existence globally. We can use our resources for education, rather than for wars. In classrooms around the world, girls and boys who have withstood the wrath of war can rebuild their hopes and their lives. Cultivating a culture of peace is possible. The financial resources exist. The choice as to how we use them is ours.

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SOURCE Education Cannot Wait

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