Tradeshift makes bid to buy Basware
The California-based company is reportedly in talks to purchase Finnish software maker Basware. Tradeshift made the unsolicited takeover bid last month in a deal backed by China-based Ping An Insurance Group. The terms of the proposal, which is yet to be confirmed, are undisclosed.
As one of Tradeshift’s competitors, Basware provides networked source-to-pay solutions, e-invoicing, and financing services. The company connects one million businesses in more than 100 countries across the globe. Some of its current customers include Heineken, McDonald’s, Toyota, and other large global brands. According to Bloomberg, if the deal goes through it could help Tradeshift compete with SAP and Oracle.
Tradeshift was founded in 2010 to provide a platform to digitise and manage business processes such as cashflow.
Tradeshift’s business commerce platform connects more than 1.5 million companies across 190 countries.
To date, the company has processed more than half a trillion dollars in transaction value.
Tradeshift has raised $432 million, including its most recent $250 million round from Goldman Sachs this spring which vaulted the company’s valuation up to $1.1 billion. Earlier this year, the company collaborated with MakerDAO on a blockchain payments solution.