Basware Adds New Application Partner Program, Enhances API Architecture

Basware (Nasdaq: BAS1V) has announced the addition of an application partner program that will provide customers with additional, complementary, specialist services to Basware's existing procure-to-pay suite. The application partner program is one of five types of partnerships within the expansive Basware partner ecosystem. The inaugural application partner is SirionLabs, which is a best-in-breed specialist that has demonstrated success and innovation in Contract Lifecycle Management and post-signature contract obligations management.

"Based on leading analysts' insights, plus what we're seeing in the industry, we know that a single end-to-end solution that addresses the entire source-to-pay cycle is becoming more and more irrelevant," states Sami Peltonen, VP P2P Solutions, Basware. "We firmly believe in a future where an API-based architecture will enable customers to manage vendors and spend in a core spend management platform like Basware's, but also allow them to capitalize on the latest in specialist services."

"We see customers' need to have rich depth in functionality in a variety of areas of spend management, such as sourcing, contingent labor, contract management and risk management, in the same way they have with Basware procurement and accounts payable applications," states Jason Vincelette, U.S. Product and Business Management Director, Basware. "Basware is kicking off the program with SirionLabs, the number one end-to-end Contract Lifecycle Management software to manage post-signature compliance and will continue to add best-in-breed specialists to build out an ecosystem of connected software solutions centered on the transaction and information hub that Basware provides. This is truly a customer-centered approach to the Basware application partner ecosystem."

Application partnerships will allow customers to gain visibility into 100% of the company's spend by utilizing Basware as their singular, primary spend management tool, augmented with the partners' solutions that integrate seamlessly to provide flexibility and depth. That's because Basware customers typically collect 100% of their invoices through the Basware systems, which means 100% of supplier spend is collected and processed in the Basware system. The invoice data in this "hub" becomes critical in business performance, supplier performance and future strategic spend management decision-making.

All aspects of a complex, advanced organization that must be tracked and impact the bottom-line (e.g., workforce management, strategic sourcing, and contract management) may be layered into the Basware technology, creating one source of truth. Today's decision makers are then afforded a more nimble and innovative approach that revolves around an open ecosystem and is API-based.

To learn more about Basware's enhanced API architecture and how it will change the landscape in the future, read here.

About Basware:

Basware is the only procure-to-pay and e-invoicing solution provider that empowers businesses with 100% spend visibility through 100% data capture. Our cloud-based technology enables organizations to fully manage their spend, mitigate financial risk and reduce the cost of operations via automation. With the world's largest open business network and an open technology ecosystem, we are uniquely positioned to deliver the solution required for Visible Commerce, which provides customers with complete transparency into all the flows of money, goods, and services around the world. A global company, Basware has offices in 14 countries and is traded on the Helsinki exchange (BAS1V: HE).

More information about Basware is available at www.basware.com.

About SirionLabs

SirionLabs transforms enterprise engagements by bringing buyers and suppliers closer together across the full lifecycle of the contract, from authoring to performance to closure. Sirion's award-winning CLM platform serves as a single source of truth for both parties across all key disciplines: contract authoring and management, performance management, invoice auditing and buyer-supplier collaboration. This holistic approach materially reduces friction between parties, improves transparency and trust, and drives improved outcomes and tangible savings while reducing the cost of governance.

More information about SirionLabs is available at www.sirionlabs.com.