Announcing our interim Q2 financials earlier this week, we were proud to announce continued growth and development across the business and internationally. Building on the growth in a tough economic climate in 2009, and maintaining the momentum from the Q1, Basware experienced a strong net sales growth of over 17% from Q2 2009 to EUR 27 million. Operating profit continued to show significant growth, at EUR 3 million, an increase of 40% from the same period in 2009, representing 11.3 percent of net sales.

Further regional growth has occurred with international operations accounting for 53% of net sales, a growth of 18%. The fastest growth was seen in the North American and Australian territories, with a combined growth of 141%. Net sales are expected to continue their positive growth on the level of 2009, and operating profit (EBIT) is expected to represent 10 to 15 percent of net sales.

During Q2, the fastest growing areas were Basware Connectivity services and Software as a Service (SaaS) operations, with an increase in net sales of 33%, and license sales, up 27%.  During the quarter, Basware signed a major Connectivity services agreement with one of Europe’s leading energy suppliers, Vattenfall. Furthermore, Basware agreed to deliver purchase-to-pay and scan and capture services to a university sector service provider UNINETT FAS in an agreement exceeding EUR 3.5 Million over the next 8 years.

The overall H1 results showed an 11% growth in net sales, to EUR 49 million, with an operating profit of EUR 5 million (a growth of 37%). International operations grew by 14% to 53% of net sales, and automation services grew by 50%. Download the full interim report.

admin Uncategorized

We’re pleased to announce the addition of supplier functionality to our Basware Connectivity services.  This means that Basware Connectivity for Suppliers now enables Accounts Receivable departments to deliver all sales invoices electronically to their customers, irrespective of the invoice format required by the customer organization.
Toshiba TEC Germany, a recent Basware Connectivity for Suppliers customer, found in an internal study that by the time a paper invoice was printed, enveloped, stamped and sent to the post office for delivery, the total cost per invoice averaged € 1.61. A comparable electronic invoice costs a mere € 0.40. According to recent calculations, Toshiba is experiencing 75% savings in invoicing costs!

As well as the cost savings, an increasing number of Accounts Receivable departments are facing demand from their customers to provide e-invoices. We are already seeing this become a key factor in vendor selection processes as they seek to improve collaboration across their supply chains. By providing an easy, automated process for the Accounts Receivable department, we hope to ensure companies cash visibility is improved, savings are made and some competitive advantage too.

Juha Hakamies Uncategorized

During the last few days you have been able to read how the volcanic eruption of Eyjafjallajökull in Iceland has grounded flights in most of Europe  and what effect this has had for the lives of those travelers left stuck all around the world. We were four Basware employees that had to live through it, being grounded in the UK and finding our way back to Finland.

I left for UK on Tuesday with the idea of flying back on Thursday evening, my colleagues were to stay over there just for 1 or 2 days. During the morning meeting on Thursday, I started to receive messages on the ash cloud covering UK and stopping all the flights. A temporary minor delay, we assumed, as often happens with air travel. Unfortunately things went from bad to worse – with many European countries closing their airspace. There we were on the island, which suddenly felt very isolated from the rest of Europe! Alternative methods for travelling, such as the Eurostar trains were quickly sold out and their tickets at King’s Cross closed. Their website became extremely slow and annoying showed free seats – but the huge demand on the site made it impossible to make a booking. Travel agencies were impossible to contact, the sudden surge in demand prevented most services from being above to function normally, so we really had to take the bull by the horns and start getting ourselves back to Helsinki ourselves…Thank Goodness for our mobiles and wireless enabled laptops. That’s all we can say!

We eventually tracked down a car ferry leaving from Folkestone that still had some vacant places and booked a ticket online, as well as securing a driver and car to take us to the port. We followed the signs to harbor in Folkestone, high in spirits, but there was no ferry. One of the locals in the harbor had a shocking message: “There has not been a ferry leaving from Folkestone in 6-7 years”. What ? Oh…it’s a car train but we still had enough time to make it and we’d secured a driver that would take us to the Hertz drop off point in Calais, France. One of the last cars available – thanks to another Basware employee back at “base” (normally known as the office). 

On Friday evening at 20.30, at that Hertz yeard, we felt like winners – now it was up to us to get to Stockholm by 17.00 on Saturday, for the ferry to take us to Helsinki…

Drive statistics:
• 1863km to Stockholm
• Four drivers
• 7 countries (France, Belgium, the Netherlands, Germany, Denmark, Sweden, Finland)
• An average speed of 105.2km/h 
• An unrecorded quantity of sandwiches
• One opportunity to buy new shirts (some had travelled with just a laptop case…)

With two hours to spare, we made it to the ferry, hence the shirt buying opportunity! Finally the last leg taking us by Ferry from Stockholm to Tallinn and then to Helsinki, took us home 49 hours after starting in London. Above all, the spirit was really excellent for the whole trip!

Juha Hakamies Uncategorized