Quadient announced today that it is acquiring Software as a Service (SaaS) platform Beanworks for approximately $105 million.
Quadient will acquire 96% of the Vancouver company with two key leaders retaining a minority equity stake. Quadient has a mechanism to increase its ownership up to 100% in the coming years.
Founded in 2012, Beanworks is an accounts payable automation solution designed to save you time and money using automation workflows for managing and approving invoices.
According to today’s announcement, Beanworks supports the accounts payable processes of nearly 800 customers and has a track record of high double-digit annual revenue growth (70% year-over-year revenue growth in 2020).
Beanworks raised a raised a $10.1 million Series B round in 2018, has approximately 90 employees, and is currently hiring in Vancouver.
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