Beanworks Announces Acquisition by Quadient to Advance Progress as an Essential Tool for Accounting Groups Worldwide

This acquisition is a noteworthy milestone for the fintech leader, as 1 of the biggest exits ever from a Vancouver-primarily based startup

VANCOUVER, British Columbia (PRWEB) March 25, 2021

Beanworks, the accounts payable (AP) automation leader, currently announced that it has been obtained by international powerhouse Quadient. Quadient obtained a the greater part stake of c.96{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} in Beanworks, with two essential leaders retaining a minority fairness stake. Quadient has a mechanism to raise its ownership to 100{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} in the a long time to occur. The obtain cost, excluding transaction-connected prices, amounts to slightly over $85M USD ($106M CAD). Revenue is predicted to accomplish just about $8M USD ($10M CAD) at the end of 2021. Beanworks was launched in 2012 and is headquartered in Vancouver, Canada. The enterprise has close to 90 personnel now and proceeds to obtain market and user awards for the completeness and ease of use of their resolution.

This offer is the end result of a meteoric rise for Beanworks. Even with the international pandemic, Beanworks noticed 70{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} calendar year-around-yr revenue development in 2020, brought on by accounting teams’ developing reliance on electronic remedies. Beanworks empowers accounting groups to do well, with in excess of 800 clients processing extra than $14.2 billion USD a yr via the platform.

This acquisition will allow Beanworks to much better help latest and upcoming prospects alike, even further solidifying Beanworks as the important tool for accounting groups worldwide. With this strategic move, Beanworks will unlock accessibility to Quadient’s global distribution community and new greatest-in-course abilities and integrations. On top of that, this shift will directly advance Beanworks’ international enlargement efforts, specifically in just the European market place.

“By combining our entire world-class alternative with Quadient’s global attain and R&D firepower, we can continue on to stay out our mission to assistance accounting teams just about everywhere,” mentioned Beanworks CEO Catherine Dahl. “We are thrilled to superior service our current and future customers’ escalating need for an all-in-a person option enabling them to reduce price, minimize hazard and aid distant perform with simplicity.”

Beanworks is an staff-owned corporation, with all group customers receiving fairness upon finishing their 3rd month. This sale benefits the hard work of the workers, both of those as a result of Beanworks taking part in the exit and in becoming a member of the greater Quadient staff. Beanworks is the most current in a sequence of major tech exits by Canadian startups. Not only is Beanworks retaining all personnel, but will quickly be expanding the staff to fulfill the challenge of deploying its option globally at scale. CEO Catherine Dahl and President Karim Ben-Jaafar will keep on being in their current roles.

“It is with great enjoyment that we welcome the Beanworks workforce and buyers to Quadient,” explained Geoffrey Godet, chief govt officer at Quadient. “Underneath Catherine’s management, they designed a passionate local community, devoted to driving change by way of innovation, producing them a excellent suit for the Quadient portfolio. With Beanworks’ and Quadient’s strengths now put together, we are well-positioned to additional our mission to support our consumers remodel their enterprise by leveraging cloud-based mostly methods, wise workflows and electronic payment to speed up their enterprise processes. We search forward to supporting Beanworks’ integration and enlargement into Quadient’s global marketplaces in the coming months.”

About Quadient®

Quadient is the driving force driving the world’s most significant buyer activities. By concentrating on four crucial option spots like Shopper Practical experience Management, Business Procedure Automation, Mail-Linked Methods, and Parcel Locker Options, Quadient aids simplify the link involving men and women and what issues. Quadient supports hundreds of countless numbers of clients throughout the world in their quest to develop appropriate, individualized connections and achieve consumer knowledge excellence. Quadient is outlined in compartment B of Euronext Paris (QDT) and is portion of the CAC® Mid & Little and EnterNext® Tech 40 indices.

For extra information and facts about Quadient, go to quadient.com.

About Beanworks

Beanworks is an essential all-in-one cloud-dependent accounts payable automation answer for the world’s accounting groups. Beanworks helps corporations completely transform their AP workflows from end to stop and empowers accounting teams to do well by supplying them comprehensive handle above their AP procedures remotely, from wherever in the environment. Learn extra https://www.beanworks.com.

Contacts

Joe Scolaro, Quadient

World wide Push Relations Supervisor

+1-866-883-4260 Ext. 1590

[email protected]

Sandy Armstrong, Sterling Kilgore

Account Government

+1-630-964-8500

[email protected]

Investors Relations, Quadient

Laurent Sfaxi

+33 1 45 36 61 39