Tech

Quadient acquires accounts payable provider Beanworks

Beanworks supports the accounts payable processes of nearly 800 customers that, combined, currently process more than €11.9bn (£10.2bn) a year through the platform

Quadient has announced it is to acquire Beanworks, a firm that specialises in Software as a Service (SaaS) Accounts Payable Automation solutions.

Quadient has taken a majority stake of c. 96% in Beanworks, with two key leaders retaining a minority equity stake in a deal valued at around €70m (£60m.)

Beanworks saw c. 70% year-over-year revenue growth in 2020 and is expected to achieve revenue of roughly €7m (£6m) at the end of 2021. The company has approximately 90 employees.

Beanworks was founded in 2012 and is headquartered in Vancouver, Canada. Beanworks supports the accounts payable processes of nearly 800 customers that, combined, currently process more than €11.9bn (£10.2bn) a year through the platform.

As part of its Back to Growth strategy, Quadient has been actively strengthening its portfolio of smart hardware and software solutions in the past two years, combining organic growth initiatives with targeted bolt-on acquisitions.

Geoffrey Godet, chief executive officer of Quadient, said: “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.”

He added: “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.”

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