Quadient Announces the Acquisition of Beanworks, a Primary FinTech in SaaS Accounts Payable Automation Options
Paris, March 22, 2021
Quadient (Euronext Paris: QDT), a leader in encouraging corporations build meaningful purchaser connections by means of digital and actual physical channels, announces nowadays the signing of a definitive agreement to purchase Beanworks, a rapid-increasing industry chief specializing in Software package as a Service (SaaS) Accounts Payable Automation solutions.
Beanworks was founded in 2012 and is headquartered in Vancouver, Canada. A hugely carrying out FinTech with an desirable SaaS recurring earnings design and a track file of significant double-digit once-a-year earnings expansion, Beanworks supports the accounts payable processes of virtually 800 consumers that, combined, at the moment process much more than €11.9 billion a yr via the system. The worldwide market place for accounts payable (AP) automation is increasing fast, accelerated by the worldwide pandemic and the growing number of teams doing work from property, driving organizations of all sizes to replicate on the gains of digitalizing their economical procedures and shifting to electronic payments. Adroit Industry Study anticipates the AP automation industry will achieve $4 billion by 2025.
Beanworks’ point out-of-the-art cloud platform proceeds to gather industry and person awards for its completeness and relieve of use. Showcasing native integration with today’s most well-liked accounting software package, such as Intuit QuickBooks, Sage Intacct, Oracle NetSuite, Xero and Microsoft Dynamics, the platform permits accounting teams by automating mistake-susceptible handbook procedures like data entry and approval follow-ups, minimizing threats and cutting bill processing charges by far more than 80%.
As portion of its Back again to Advancement strategy, Quadient has been actively strengthening its portfolio of sensible hardware and application methods in the previous two yrs, combining organic development initiatives with qualified bolt-on acquisitions. Quadient’s application portfolio currently signifies extra than €250 million earnings in 2019, elevating Quadient to third position amongst French horizontal application publishers previous calendar year. Pursuing the acquisition of Accounts Receivable (AR) automation marketplace chief YayPay in 2020, the acquisition of Beanworks provides advanced cloud-based mostly Accounts Payable (AP) automation abilities to Quadient’s finest-of-breed enterprise communications administration suite featuring Quadient Encourage and Quadient Impress. With a thorough SaaS AP/AR automation provide, Quadient is now uniquely positioned to address the rising e-invoicing laws in Europe and the growing demand from customers for cashflow management alternatives, bringing higher handle and superior visibility to accounting teams around the globe.
“The acquisition of Beanworks completes Quadient’s application vision communicated in early 2019 to create a accurate end-to-end cloud-primarily based worldwide enterprise communications platform” explained Geoffrey Godet, chief executive officer of Quadient. “The put together strengths of Beanworks, YayPay and Quadient’s software program portfolio set Quadient apart as a software program chief and presents us the fantastic cloud-based alternatives combination to more our mission of helping firms of all measurements to digitalize and automate significant company functions. It is with fantastic satisfaction that we welcome the Beanworks workforce and clients to Quadient. Under Catherine Dahl’s leadership, they created a passionate neighborhood, dedicated to driving improve by means of innovation, generating it a wonderful fit for Quadient‘s company culture.”
Additionally, leveraging its client foundation, as properly as the sturdy synergies with its mail and software program activities, Quadient can actively and efficiently speed up the growth of Beanworks’ and YayPay’s greatest-in-class SaaS solutions cross-selling them to its virtually 500,000 clients worldwide.
“We are thrilled to be a part of the Quadient team. Empowering accounting teams to triumph is what we do at Beanworks, and now with Quadient we will carry on to convey our enthusiasm for all matters AP globally making Beanworks the vital resource for the world’s accounting teams” says Catherine Dahl, CEO of Beanworks. “I could not be prouder of the team’s accomplishment in being a current market leader in AP automation. Our buyers have appear to depend on us as an indispensable portion of their accounting workflow. By combining our expertise with Quadient’s world get to, R&D firepower and investments in Synthetic Intelligence (AI) technologies, we will proceed to are living out our mission to assistance accounting groups almost everywhere.”
At the closing of the transaction, which is anticipated to arise on March 23, 2021, Quadient will own a the vast majority stake of c. 96% in Beanworks, with two crucial leaders retaining a minority fairness stake. Quadient has a mechanism to improve its ownership up to 100% in the coming years. The obtain selling price, excluding transaction-related fees, amounts a bit over 70 million euros1. The acquisition will be financed fully in funds, with out recourse to more financial debt. In spite of the global pandemic, Beanworks observed c. 70% year-about-calendar year revenue advancement in 2020 and is predicted to attain income of roughly 7 million euros at the conclude of 2021. The organization has somewhere around 90 staff.
About Quadient®
Quadient is the driving pressure guiding the world’s most significant buyer experiences. By focusing on four key answer places including Consumer Expertise Administration, Business Method Automation, Mail-Relevant Solutions, and Parcel Locker Answers, Quadient helps simplify the connection between persons and what issues. Quadient supports hundreds of thousands of clients worldwide in their quest to produce applicable, personalised connections and reach client experience excellence. Quadient is listed in compartment B of Euronext Paris (QDT) and is component of the CAC® Mid & Tiny and EnterNext® Tech 40 indices.
For more data about Quadient, take a look at quadient.com.
About Beanworks
Beanworks is an vital all-in-a single cloud-based mostly accounts payable automation answer for the world’s accounting groups. Beanworks will help businesses change their AP workflows from finish to stop and empowers accounting groups to thrive by providing them complete command about their AP processes remotely, from anywhere in the earth. Learn extra https://www.beanworks.com.
Contacts
1 Centered on ECB’s €/$ exchange reference rate on 19 March 2021.
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