Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

PUBLIC SECTOR TO GAIN AS BASWARE ACQUIRES PROCSERVE  

Government bodies will have better access to enhanced cash-flow and transparency to improve public services 

Basware, the leading provider of e-invoicing and purchase-to-pay solutions, has acquired Procserve, the UK’s market leader for public sector e-procurement. The acquisition significantly strengthens Basware’s position in the public sector, combining Procserve’s UK government experience with Basware’s established global expertise in purchase-to-pay and e-invoicing.

Headquartered in London, Procserve has been serving the UK government’s e-commerce strategy since 2006. Its eProcurement networks are used by over 33,000 organisations to buy, sell, and share information within online communities. The Commerce Networks of both organisations will compliment each other seamlessly and will enable government bodies to operate more efficiently by automating the purchase-to-pay process, freeing up time and money that can be invested in frontline services.

“We have witnessed a continued push from governments and public sector to adopt e-invoicing, as the technology is becoming more commonplace and the benefits are realised more widely,” says EsaTihilä, CEO, Basware Corporation. “Procserve has a very strong and recognised position within the public sector and among e-procurement service providers and is a well-known service provider among governmental entities in the UK.”

To complement Procserve’s existing offer, Basware brings scalability, global and financial services, and the experience of working alongside international governments. The UK public sector has pledged to harness technology to drive efficiencies, and the expanded portfolio that Basware and Procserve now offer presents an opportunity for new synergies across electronic payment and procurement.

“As part of its strategy, Basware continuously supports organic growth with acquisitions in its key markets,” continues Tihilä. “This acquisition will make Basware the market leader for the public sector in the UK. Through acquisitions over recent years, Basware is already the leading e-invoicing operator in the Nordics, the Benelux market and Germany, and now Basware significantly strengthens its foothold in the UK.”

“We’re delighted to be joining Basware and excited about the new opportunities our combined portfolios will bring,” says Nigel Clifford, CEO of Procserve. “Procserve has been working with the UK public sector for almost ten years. That experience, alongside Basware’s position as a global leader, means together we have a unique offering that can help transform financial processes for the public sector.”

On March 27, the Small Business, Enterprise and Employment (SBEE) Bill gained royal assent from the Queen, effectively signing the legislation into law. This paves the way for widespread adoption of e-invoicing and e-procurement in the UK public sector, so that, in the words of the bill, “there is a more efficient environment for suppliers and improved payment performance.”  By driving technology strategies underpinned by e-invoicing, the public sector can help to boost the economy, prevent fraud and ensure transparency across the millions of payments made by government bodies each year.

 “With annual expenditure of almost three quarters of a trillion pounds, the public sector is a key driver of the wider UK economy. Simplifying payment processes with e-procurement and e-invoicing will not only free up vital funds for public services, it will also improve financial transparency in government bodies at a time when taxpayers are demanding more accountability,” continues Clifford.

As part of its public sector strategy, Basware recently joined the UK government’s G-Cloud Digital Marketplace. Its presence on G-Cloud 6 – the latest iteration of the framework – will make it substantially easier for public sector bodies to procure Basware solutions and deliver dramatic back office savings through payment automation. Procserve is also a part of the G-Cloud Digital Marketplace, and the combined product portfolios of both organisations now represent the most comprehensive set of cloud-based payment and procurement solutions available to UK government bodies.