Quadient Announces the Acquisition of Beanworks, a Leading FinTech in SaaS Accounts Payable Automation Solutions

Quadient Announces the Acquisition of Beanworks, a Leading FinTech in SaaS Accounts Payable Automation Solutions

Paris, March 22, 2021

Quadient (Euronext Paris: QDT), a leader in helping businesses create meaningful customer connections through digital and physical channels, announces today the signing of a definitive agreement to acquire Beanworks, a fast-growing market leader specializing in Software as a Service (SaaS) Accounts Payable Automation solutions.

Beanworks was founded in 2012 and is headquartered in Vancouver, Canada. A highly performing FinTech with an attractive SaaS recurring revenue model and a track record of high double-digit annual revenue growth, Beanworks supports the accounts payable processes of nearly 800 customers that, combined, currently process more than €11.9 billion a year through the platform. The global market for accounts payable (AP) automation is growing rapidly, accelerated by the global pandemic and the increasing number of teams working from home, driving businesses of all sizes to reflect on the benefits of digitalizing their financial processes and shifting to electronic payments. Adroit Market Research anticipates the AP automation market will reach $4 billion by 2025.

Beanworks’ state-of-the-art cloud platform continues to collect industry and user awards for its completeness and ease of use. Featuring native integration with today’s most popular accounting software, including Intuit QuickBooks, Sage Intacct, Oracle NetSuite, Xero and Microsoft Dynamics, the platform enables accounting teams by automating error-prone manual processes like data entry and approval follow-ups, reducing risks and cutting invoice processing costs by more than 80%.

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. Quadient’s software portfolio already represents more than €250 million revenue in 2019, elevating Quadient to third place among French horizontal software publishers last year. Following the acquisition of Accounts Receivable (AR) automation market leader YayPay in 2020, the acquisition of Beanworks brings advanced cloud-based Accounts Payable (AP) automation capabilities to Quadient’s best-of-breed business communications management suite featuring Quadient Inspire and Quadient Impress. With a comprehensive SaaS AP/AR automation offer, Quadient is now uniquely positioned to address the emerging e-invoicing regulations in Europe and the growing demand for cashflow management solutions, bringing greater control and better visibility to accounting teams around the world.