June 16, 2010 – Basware and Lavante Form Strategic Partnership to Optimize Enterprise-wide Solutions for the Purchase-to-Pay Process
Two “Best-of-Breed” Providers Partner to Deliver Enhanced Value to Clients
Basware, the global leader in purchase-to-pay solutions, and Lavante, the leading provider of on-demand profit recovery and supplier information management (SIM) solutions, today announced their agreement to enter into a strategic partnership. The combination of Basware’s enterprise purchase-to-pay solutions and Lavante’s suite of SIM tools will enable Fortune 1000 companies to drive efficiencies throughout the purchase-to-pay process and maximize their return on investment.
Basware’s solutions enable companies to gain visibility and control of their entire procurement and invoice processing operations by automating manual processes. The solutions provide compliance and control, as well as fast return on investment. They feature built-in best practices, process automation and powerful exception management to increase efficiency and reduce costs. Basware has more than 1,500 customers around the world, spanning every major vertical industry, blue-chip customers, and Fortune 500-listed global enterprises.
According to Mickey North Rizza, AMR Research analyst (recently acquired by Gartner, Inc.), “The procure-to-pay (P2P) business process is a key area CFOs are still struggling to automate. Accurate supplier master data is essential to realize the full potential of automation systems.”
“Companies that have well-managed supplier data are able to implement purchase-to-pay solutions more quickly and effectively,” said Ari Salonen, general manager for Basware, North America. “Companies that use Lavante’s suite of SIM tools and Basware’s automation products will be able to optimize their purchase-to-pay processes. The partnership is a win-win all the way around — for us, Lavante and most importantly, our customers.”
Lavante’s application powers on-going communications with the vast majority of a company’s vendor community to cleanse supplier information while identifying and delivering supplier-validated credits. Its unique communication software drives compliance to maximize supplier participation in the process. This frees up trapped working capital, which delivers millions of dollars back to the customer’s bottom line, while proactively maintaining and updating supplier information.
“Customers use our solutions to correct and maintain supplier data throughout their entire master vendor file,” said Lavante CEO, Joe Flynn. “Working with an accurate vendor file is a prerequisite for companies to quickly implement Basware’s best-in-class, purchase-to-pay solutions. The result is a truly synergistic partnership, producing great value for our mutual client base. We welcome Basware to our expanding list of business partnerships.”
Lavante is the leading provider of recovery auditing and supplier information management (SIM) software and services, helping Fortune 1000 companies enhance cash flow, productivity and compliance. Lavante’s SIM software automates the collection and validation of supplier information and certifications, including a solution for Tax Identification Numbers (TINs) and W9s to facilitate compliance with new 1099 reporting changes. Lavante’s Profit Recovery solution leverages updated supplier information to maximize cash recoveries throughout the entire supplier population. Delivered on-demand, Lavante’s products present an immediate ROI while providing real-time visibility into supplier information and recovery analysis. For more information, visit www.lavante.com. Follow us on Twitter at www.twitter.com/lavanteinc.
Basware is the global leader in purchase-to-pay solutions with more than 1,500 customers and 1,000,000 users in over 50 countries around the world. With Basware, organizations can reduce the cost of buying and paying for goods and services, and gain visibility and control of their entire spending process by automating manual processes, from sourcing, contract management, purchasing and supplier collaboration to invoice automation. Basware solutions and services enable substantial cost reductions across businesses and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented, either on site or as a service, in Europe, the U.S., and Asia-Pacific through an extensive network of Basware offices and business partners. The company’s U.S. business, Basware, Inc., is headquartered in Stamford, Conn. More information can be found at www.basware.com/us.