Quadient acquires SaaS AP automation solution provider Beanworks
By Pavithra R
Quadient, a leading provider of enterprise solutions aimed at making every customer interaction via a physical or digital channel, has announced the signing of a definitive agreement to acquire Beanworks, a market leader specializing in Software as a Service (SaaS) Accounts Payable Automation solutions. At the closing of the transaction, Quadient will own a majority stake of c. 96% in Beanworks, with 2 key leaders retaining a minority equity stake.
The global market for accounts payable (AP) automation is growing rapidly, accelerated by the pandemic and the increasing number of teams working from home, driving businesses of all sizes to reflect on the benefits of digitalizing their financial processes and shifting to electronic payments.
Founded in 2012, Beanworks is a high performing FinTech with an attractive SaaS recurring revenue model and a track record of high double-digit annual revenue growth. Featuring native integration with popular accounting software, including Intuit QuickBooks, Oracle NetSuite, Sage Intacct, Xero and Microsoft Dynamics, the platform enables accounting teams to automate error-prone manual processes and reduce risks and invoice processing costs by more than 80%.
“The acquisition of Beanworks completes Quadient’s software vision communicated in early 2019 to create a true end-to-end cloud-based global business communications platform. The combined strengths of Beanworks, YayPay and Quadient’s software portfolio set Quadient apart as a software leader and gives us the perfect cloud-based solutions combination to further our mission of helping companies of all sizes to digitalize and automate critical business operations. It is with great pleasure that we welcome the Beanworks team and customers to Quadient. Under Catherine Dahl’s leadership, they built a passionate community, dedicated to driving change through innovation, making it a great fit for Quadient‘s company culture,” said Geoffrey Godet, chief executive officer of Quadient.
Following the acquisition of AR automation market leader YayPay in 2020, the acquisition of Beanworks brings advanced cloud-based Accounts Payable (AP) automation capabilities to Quadient’s best-of-breed business communications management suite featuring Quadient Inspire and Quadient Impress.
“We are excited to join the Quadient team. Empowering accounting teams to succeed is what we do at Beanworks, and now with Quadient we will continue to bring our passion for all things AP globally making Beanworks the essential tool for the world’s accounting teams. I could not be prouder of the team’s success in being a market leader in AP automation. Our customers have come to rely on us as an indispensable part of their accounting workflow. By combining our expertise with Quadient’s global reach, R&D firepower and investments in Artificial Intelligence (AI) technology, we will continue to live out our mission to support accounting teams everywhere,” said Catherine Dahl, CEO of Beanworks.
Additionally, leveraging its customer base, as well as the strong synergies with its mail and software activities, Quadient will accelerate the expansion of Beanworks’ and YayPay’s best-in-class SaaS solutions cross-selling them to its nearly 500,000 customers worldwide.
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