Quadient, a customer relationship management company based in France, has acquired Beanworks for approximately $82.9 million (70 million euros). Headquartered in Vancouver, Canada, Beanworks provides accounts payable automation software.
The deal is set to close on March 23.
Beanworks’ cloud-based software integrates with most of the popular accounting software platforms, including QuickBooks, Sage Intacct, Oracle NetSuite, Xero and Microsoft Dynamics.
Following the acquisition of accounts receivable automation market leader YayPay in 2020, Quadient’s acquisition of Beanworks brings advanced cloud-based AP automation capabilities to Quadient’s business communications management suite. With its recent buys, Quadient plans to address the emerging e-invoicing regulations in Europe and the growing demand for cashflow management solutions, bringing greater control and better visibility to accounting teams globally.
Quadient CEO Geoffrey Godet said in a statement that the Beanworks acquisition “completes Quadient’s software vision communicated in early 2019 to create a true end-to-end cloud-based global business communications platform.”
“We are excited to join the Quadient team. Empowering accounting teams to succeed is what we do at Beanworks, and now with Quadient we will continue to bring our passion for all things AP globally making Beanworks the essential tool for the world’s accounting teams,” said Catherine Dahl, CEO of Beanworks, in a statement. “I could not be prouder of the team’s success in being a market leader in AP automation. Our customers have come to rely on us as an indispensable part of their accounting workflow. By combining our expertise with Quadient’s global reach, research and development firepower and investments in artificial intelligence technology, we will continue to live out our mission to support accounting teams everywhere.”
Despite the global pandemic, Beanworks saw an approximate 70 percent year-over-year revenue growth in 2020, and is expected to achieve revenue of roughly $8.3 million at the end of 2021, the company reports. Beanworks has approximately 90 employees.
