Quadient Announces the Acquisition of Beanworks, a Leading FinTech in SaaS Accounts Payable Automation Solutions - Seite 2

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

Additionally, leveraging its customer base, as well as the strong synergies with its mail and software activities, Quadient can actively and efficiently accelerate the expansion of Beanworks’ and YayPay’s best-in-class SaaS solutions cross-selling them to its nearly 500,000 customers worldwide.

“We are excited to join the Quadient team. Empowering accounting teams to succeed is what we do at Beanworks, and now with Quadient we will continue to bring our passion for all things AP globally making Beanworks the essential tool for the world's accounting teams” says Catherine Dahl, CEO of Beanworks. “I could not be prouder of the team’s success in being a market leader in AP automation. Our customers have come to 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) technology, we will continue to live out our mission to support accounting teams everywhere.”

At the closing of the transaction, which is anticipated to occur on March 23, 2021, Quadient will own a majority stake of c. 96% in Beanworks, with two key leaders retaining a minority equity stake. Quadient has a mechanism to increase its ownership up to 100% in the coming years. The purchase price, excluding transaction-related costs, amounts slightly above 70 million euros¹. The acquisition will be financed entirely in cash, without recourse to additional debt. Despite the global pandemic, Beanworks saw c. 70% year-over-year revenue growth in 2020 and is expected to achieve revenue of roughly 7 million euros at the end of 2021. The company has approximately 90 employees.