Quadient announced today that it is acquiring Software as a Service (SaaS) platform Beanworks for approximately $105 million.
Quadient will acquire 96% of the Vancouver company with two key leaders retaining a minority equity stake. Quadient has a mechanism to increase its ownership up to 100% in the coming years.
Founded in 2012, Beanworks is an accounts payable automation solution designed to save you time and money using automation workflows for managing and approving invoices.
According to today’s announcement Beanworks supports the accounts payable processes of nearly 800 customers and has a track record of high double-digit annual revenue growth (70% year-over-year revenue growth in 2020).
Beanworks raised a raised a $10.1 million Series B round in 2018, has approximately 90 employees, and is currently hiring in Vancouver.
“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.”
Beanworks was scheduled to represent Canada at the Startup World Cup 2021 Grand Finale this May in San Francisco, competing alongside 60+ startups from all over the world for an opportunity to win a USD $1 million investment prize. No word on whether Beanworks will still be eligible.
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