Basware Expands AI Fraud Detection with Glantus

Basware has successfully acquired Glantus, a company specializing in audit recovery and fraud prevention, particularly in North America and Europe. The acquisition officially took effect on October 18, 2023. This strategic move highlights Basware’s commitment to enhancing its accounts payable (AP) automation capabilities, with a focus on fraud detection and prevention. Basware aims to help businesses streamline their invoice processing, from receipt through payment approval.

Glantus’ AI-driven expertise in recovering lost funds complements Basware’s services. The global accounts payable (AP) automation market is rapidly growing, projected to reach $5.8 billion by 2029, with North America and Europe contributing significantly. Basware’s acquisition positions it at the forefront of this expanding AP automation landscape.

Despite the growth of accounts payable (AP) automation, the ongoing risks of invoice fraud and overpayment errors remain concerning, affecting over 70% of businesses annually. Alarmingly, AP teams are particularly susceptible, with 58% falling victim to vendor impersonation scams. Automated AP processes are recognized as the most effective countermeasure, with 72% of finance leaders acknowledging their role in enhancing security.

Basware’s acquisition of Glantus positions them at the forefront of this evolving landscape, where they plan to merge expertise to offer a comprehensive solution. This solution aims to provide a data-driven perspective on invoicing and financial operations, emphasizing cost-saving opportunities, improved fraud detection, reduced overpayment errors, and enhanced reconciliation reporting, addressing the persisting concerns in AP automation.

Jason Kurtz, CEO of Basware, said in a statement:

“This acquisition marks a significant milestone for Basware and Glantus. Glantus has a very strong track record of delivering ROI and we share a mutual mission to drive value for the CFO’s team. This deal will only accelerate our ability to deliver demonstrable savings and innovation to our customers through a joint value proposition. This move signifies further investment activity to come for Basware, solidifying our position as the leader in the AP automation industry.”