LONDON, April 8, 2015 /PRNewswire/ --
Ipex Capital is pleased to announce that Basware Corporation, global leader in purchase-to-pay and e-invoicing solutions, has acquired Procserve.
Procserve is the UK's leading secure B2B e-procurement network, established to develop and run the UK Government eMarketplace. Its many clients include the NHS, Department for Work and Pensions, MOD, the Welsh Government and Orange/EE.
Together, Procserve and Basware will be able to provide a range of powerful and proven end-to-end e-procurement solutions ideally placed to meet customers' needs and take advantage of the drive to put transactions online for the purposes of efficiency and transparency.
Ipex CEO Martin Stapleton said, "Ipex has worked closely with the management team and investors from Day 1 to guide the company through start up, initial product build, organic and inorganic growth, market penetration and now exit. It has been a copy book example of managing a start-up investment cycle to the benefit of employees, customers and investors. The transaction has resulted in over a 3x return of capital to shareholders."
Procserve CEO Nigel Clifford said, "The team at Procserve is delighted with this strategic move which will accelerate Procserve's ambition to become a world-class e-procurement provider. Joining forces with Basware means that we can serve more customers in more places as well as offer our current customers a wider portfolio of proven e-procurement and payment solutions."
Jon Moynihan, now stepping down as Procserve's Chairman, said, "We are proud of this further proof of Ipex's innovative strategy for developing core technology companies from scratch and even more proud of the savings Procserve has generated for the taxpayer, through the many government departments that use Procserve to purchase cheaper and better goods and services."
Notes for editors:
Ipex Capital's strategy is to source nascent IP and exploit it to generate attractive returns for its investors. Ipex Capital funds a proof of concept to evaluate IP and if successful will hire in a team to further develop a business plan and to execute it. In addition to providing capital and start-up expertise, Ipex Capital also offers companies commercial, accounting, legal, recruitment and HR support to help them spend as much of their capital as possible on developing rather than on administering their business.
Procserve, the leading UK B2B Commerce Network, was established in 2006 to develop and run the Government eMarketplace. Procserve's secure networks have now carried more than £1.8 billion worth of transactions and are today used by over 13,500 buyers and 30,000 suppliers to buy, sell, and share information within online communities. Its offering includes, but is not limited to, Purchase to Pay (P2P), Integration-Platform-as-a-Service (IPaaS), electronic payment (ePayments), and dynamic marketplace solutions, as well as specialist eProcurement implementation services. Most companies are spending 10% more than they need to and Procserve helps them make that saving. For more information, please visit http://www.procserve.com or follow us on Twitter @Procserve.
Basware is the global leader in providing purchase-to-pay and e-invoicing solutions in the world of commerce. We empower companies to unlock value across their financial operations by simplifying and streamlining key financial processes. Our Basware Commerce Network, the largest open business network in the world, connects one million companies across 100 countries and enables easy collaboration between buyers and suppliers of all sizes. Through this network, leading companies around the world achieve new levels of spend control, efficiency and closer relations with their suppliers. With Basware, businesses can introduce completely new ways of buying and selling to achieve significant cost savings and boost their cash flow.
Find out how Basware helps money move more easily and lets commerce flow at http://www.basware.co.uk
SOURCE Ipex Capital