Basware, a Finnish accounts payable (AP) automation and invoice processing solutions provider, has acquired AP Matching, a UK-based cloud solution provider for managing invoices and reconciling statements.

Following the acquisition, the firm's solutions will be integrated to provide “automated statement reconciliation," a solution that is expected to reduce errors in payments and increase the quality of financial data used by CFOs. Basware also plans to incorporate AP Matching's “Managed Services” division, which specializes in automated invoice processing and managed data capture services for SAP customers.

Through this acquisition, Basware aims to enhance its market portfolio and improve the cost savings and accuracy of the invoice processing cycle.

AP Matching specializes in reconciling buyer and supplier statements. Its platform automatically matches invoices to customers' ERP or S2P systems, claiming to reduce manual work from the accounts payable team and streamline the invoice process.