By Jeff Domansky, March 23, 2021
The purchase of automated accounts payable (AP) fintech Beanworks by Quadient is another sign of the fast-growing global market for payment and receivable automation solutions.
Quadient expects opportunities for growth in payments automation with the Beanworks acquisition announced on March 22, 2021. In July 2020, it also acquired YayPay, an automated accounts receivable fintech based in New York but originating in Ukraine.
“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,” Quadient CEO Geoffrey Godet said in the announcement.
“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,” Godet added.
AP automation growing fast
Fintech Beanworks launched in Vancouver, Canada, in 2012, providing companies with accounts payable automation solutions through its software as a service (SaaS) offering.
Beanworks grew quickly with double-digit annual sales growth as companies increasingly embraced automation in their payments and receivables operations. With more than 90 employees, it now serves more than 800 clients around the world, processing more than $14 billion on its platform.
Growth for Beanworks spiked during the pandemic, and Adroit Market Research estimates the global AP automation market will more than double, reaching $4 billion by 2025.
The company platform enables accounting teams to automate error-prone manual processes like data entry and verification, reducing risks and cutting invoice processing costs by more than 80%. Beanworks also offers easy integrations with the most popular accounting software programs, including Intuit QuickBooks, Sage Intacct, Oracle NetSuite, Xero, and Microsoft Dynamics.
From postal services to digital automation
Formerly Neopost, Quadient specializes in mail, shipping, and logistics services. In 1924, the company initially manufactured postage meters and other mailing equipment as Alcatel and is now a Paris-listed public company with operations worldwide.
The integration of Beanworks’ and YayPay’s SaaS solutions will enable Quadient to cross-sell other services to the combined 500,000 customers worldwide.
Other leading AP automation competitors include Tipalti, Mineraltree, FreshBooks, AvidXchange, Finexio, and SAP.
Read more PaymentsNEXT coverage of accounts payable and receivable automation here:
AvidXchange research sees potential economic recovery ahead
Finexio finds payments growth and new partner despite pandemic
MineralTree extends AP automation for international invoices & payments
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