Quadient announces the acquisition of Beanworks, a leading FinTech in the field of SaaS solutions for accounts payable
Paris, March 22, 2021
Quadient (Euronext Paris: QDT), a leader in helping businesses build meaningful customer connections across digital and physical channels, today announced the signing of a definitive acquisition agreement Bean factory, a fast growing market leader specializing in software as a service (SaaS) solutions for accounts payable.
Beanworks was founded in 2012 and is headquartered in Vancouver, Canada. Beanworks is a high-performance FinTech with an attractive SaaS model for recurring sales and a success story with high double-digit annual sales growth. Beanworks supports the accounts payable processes of almost 800 customers, who together currently process more than 11.9 billion euros per year via the platform. The global accounts payable (AP) automation market is growing rapidly, accelerated by the global pandemic and the increasing number of teams working from home, driving businesses of all sizes to take advantage of the digitalization of their financial processes and the transition thinking about electronic payments. Adroit Market Research estimates that the AP automation market will reach $ 4 billion by 2025.
The state-of-the-art cloud platform from Beanworks continues to receive awards from industry and users for its completeness and ease of use. With native integration with today’s most popular accounting software, including Intuit QuickBooks, Sage Intacct, Oracle NetSuite, Xero and Microsoft Dynamics, the platform empowers accounting teams by automating error-prone manual processes like data entry and approval tracking, reducing risk and reducing invoice processing costs by more than 80%.
As part of its back to growth strategy, Quadient has actively strengthened its portfolio of intelligent hardware and software solutions over the past two years and combined organic growth initiatives with targeted additional acquisitions. Quadient’s software portfolio already has a turnover of more than 250 million euros in 2019 and last year brought Quadient to third place among French horizontal software manufacturers. After acquiring the leader in accounts receivable (AR) automation YayPay in 2020, the acquisition of Beanworks brings advanced cloud-based accounts payable (AP) automation capabilities to Quadient’s industry-leading business communication management suite with Quadient Inspire and Quadient Impress. With a comprehensive SaaS AP / AR automation offering, Quadient is now uniquely positioned to address the emerging e-invoicing regulations in Europe and the growing demand for cash flow management solutions, giving accounting teams around the world more control and transparency Offer.
“The acquisition of Beanworks completes Quadient’s software vision communicated in early 2019 to create a true end-to-end cloud-based global business communication platform. ” said Geoffrey Godet, CEO of Quadient. “The combined strengths of Beanworks, YayPay and the Quadient software portfolio highlight Quadient as a software leader and give us the perfect combination of cloud-based solutions to advance our mission of helping companies of all sizes digitize and automate critical business processes. We are delighted to welcome the Beanworks team and customers to Quadient. Under the leadership of Catherine Dahl, they have built a passionate community that is committed to driving change through innovation and thus fits in perfectly with Quadient’s corporate culture. “
In addition, by using its customer base and the strong synergies with its mail and software activities, Quadient can actively and efficiently accelerate the expansion of the first-class SaaS solutions from Beanworks and YayPay and sell them on to its almost 500,000 customers worldwide.
“We are happy to be part of the Quadient team. At Beanworks, we empower accounting teams to be successful. says Catherine Dahl, CEO of Beanworks. “I couldn’t be more proud of the team’s success in being a leader in AP automation. Our clients 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), we will continue to live our mission to support accounting teams everywhere. “
Upon completion of the transaction, which is expected to occur on March 23, 2021, Quadient will have a majority stake of approximately 96% in Beanworks, with two key executives retaining a minority stake. Quadient has a mechanism to increase its stake up to 100% in the coming years. The purchase price, excluding transaction-related costs, is just over 70 million euros1. The acquisition will be financed entirely in cash with no additional debt incurred. Despite the global pandemic, Beanworks saw c. 70% sales growth compared to the previous year in 2020 and expected sales of around 7 million euros by the end of 2021. The company employs around 90 people.
Quadient is the driving force behind the most meaningful customer experiences in the world. By focusing on four key solution areas, including Customer Experience Management, Business Process Automation, Mail-related Solutions and Parcel Locker Solutions, Quadient helps simplify the connection between people and what is important. Quadient supports hundreds of thousands of customers worldwide in their quest to create relevant, personalized connections and deliver a great customer experience. Quadient is listed in sub-fund B of Euronext Paris (QDT) and belongs to the indices CAC® Mid & Small and EnterNext® Tech 40.
For more information on Quadient, see quadient.com.
Beanworks is a must-have, all-in-one, cloud-based accounts payable automation solution for accounting teams around the world. Beanworks helps companies transform their AP workflows from start to finish and empowers accounting teams to succeed by giving them complete control over their AP processes remotely from anywhere in the world. Learn more https://www.beanworks.com.
1 Based on the EUR / $ reference rate of the ECB on March 19, 2021.