Year 2018

Consolidated Financial Statements (IFRS)

Parent Company Financial Statements (FAS)

Cloud-focused strategy

Basware’s vision is to deliver the best global solution for networked purchasing, invoicing and paying.

In 2018 Basware took big steps forward in the transformation to a pure cloud company. Basware divested two non-core, non-cloud businesses and finished the out-sourcing partnership of scanning services to Xerox. The move to a functional organization in June 2018 further simplified our operations in addition to establishing a dedicated partnering function. The foundation is now in place to focus on accelerating cloud growth.

Strategic focus areas

Be the undisputed market leader

Focus on:
  • New customer acquisitions
  • Customer expansions
  • Customer transformations
  • Partnering ecosystem
Key achievements in 2018: 

Simplify global trade interactions

Focus on:
  • Continue to deliver Source-to-Pay innovations
  • Maximizing open network
  • World-class customer experience
Key achievements in 2018: 

Deliver customer value beyond expectations

Focus on:
  • Investing in customer success
  • Helping customers achieve business outcomes
  • Global and scalable customer service operations
Key achievements in 2018: 
  • Optimized customer services with ServiceNow
  • Basware customer engagement model introduced for largest accounts globally
  • Building the foundation to deepen customer relationships

Focus on accelerating growth

Basware’s growth vision is to become an EUR 1 billion revenue company. Megatrends such as digitalization, automation and artificial intelligence drive the growth in demand for source-to-pay solutions.

The cloud business model that Basware is transforming to is very scalable. This means that as revenues grow, the cost of sales does not grow as quickly, improving Basware’s gross margin over time. As a general cost philosophy, Basware will continuously reallocate spending from less productive to more productive areas.

Basware’s mid-term target is to accelerate annual organic cloud growth to more than 20% by 2022. Basware has four sources of cloud revenue growth: new customer acquisitions, customer expansions, customer transformations, and partnering:

  • Basware’s key growth markets are the US, UK, Germany and France, where we see the greatest opportunity to win new customers. 
  • Our top 200 key customers bring on average approximately EUR 200 thousand annual recurring cloud revenue. With our investments in account management, customer service and customer satisfaction, we believe that we can significantly increase the average revenue from our key customers.
  • Basware is focused on actively transforming the largest on-premise customers to cloud. When our customers transform to the cloud they benefit from a modern, more useable, constantly updated solution and as a result typically the revenues from each of these customers more than double. 
  • Previously Basware was mainly focused on direct sales, but with the launch of the new partnering function, Basware aims to increase the percentage of cloud revenues from partners to 20% in the long run.

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