VANCOUVER, British Columbia (PRWEB) March 25, 2021
Beanworks, the accounts payable (AP) automation leader, today announced that it has been acquired by global powerhouse Quadient. Quadient purchased a majority stake of c.96% in Beanworks, with two key leaders retaining a minority equity stake. Quadient has a mechanism to increase its ownership to 100% in the years to come. The purchase price, excluding transaction-related costs, amounts to slightly above $85M USD ($106M CAD). Revenue is expected to achieve nearly $8M USD ($10M CAD) at the end of 2021. Beanworks was founded in 2012 and is headquartered in Vancouver, Canada. The company has close to 90 employees today and continues to collect industry and user awards for the completeness and ease of use of their solution.
This deal is the culmination of a meteoric rise for Beanworks. Despite the global pandemic, Beanworks saw 70% year-over-year revenue growth in 2020, triggered by accounting teams’ growing reliance on digital solutions. Beanworks empowers accounting teams to succeed, with over 800 customers processing more than $14.2 billion USD a year through the platform.
This acquisition will enable Beanworks to better support current and future customers alike, further solidifying Beanworks as the essential tool for accounting teams worldwide. With this strategic move, Beanworks will unlock access to Quadient’s global distribution network and new best-in-class capabilities and integrations. Additionally, this move will directly advance Beanworks’ global expansion efforts, specifically within the European market.
“By combining our world-class solution with Quadient’s global reach and R&D firepower, we can continue to live out our mission to support accounting teams everywhere,” said Beanworks CEO Catherine Dahl. “We are thrilled to better service our current and future customers’ growing demand for an all-in-one solution enabling them to reduce cost, reduce risk and facilitate remote work with ease.”
Beanworks is an employee-owned company, with all team members receiving equity upon completing their third month. This sale rewards the hard work of the staff, both through Beanworks participating in the exit and in joining the larger Quadient team. Beanworks is the latest in a series of big tech exits by Canadian startups. Not only is Beanworks retaining all employees, but will soon be growing the team to meet the challenge of deploying its solution globally at scale. CEO Catherine Dahl and President Karim Ben-Jaafar will remain in their current roles.
“It is with great pleasure that we welcome the Beanworks team and customers to Quadient,” said Geoffrey Godet, chief executive officer at Quadient. “Under Catherine’s leadership, they built a passionate community, dedicated to driving change through innovation, making them a great fit for the Quadient portfolio. With Beanworks’ and Quadient’s strengths now combined, we are well-positioned to further our mission to help our customers transform their business by leveraging cloud-based solutions, smart workflows and electronic payment to accelerate their business processes. We look forward to supporting Beanworks’ integration and expansion into Quadient’s global markets in the coming months.”
Quadient is the driving force behind the world’s most meaningful customer experiences. By focusing on four key solution areas including Customer Experience Management, Business Process Automation, Mail-Related Solutions, and Parcel Locker Solutions, Quadient helps simplify the connection between people and what matters. Quadient supports hundreds of thousands of customers worldwide in their quest to create relevant, personalized connections and achieve customer experience excellence. Quadient is listed in compartment B of Euronext Paris (QDT) and is part of the CAC® Mid & Small and EnterNext® Tech 40 indices.
For more information about Quadient, visit quadient.com.
Beanworks is an essential all-in-one cloud-based accounts payable automation solution for the world’s accounting teams. Beanworks helps companies transform their AP workflows from end to end and empowers accounting teams to succeed by giving them complete control over their AP processes remotely, from anywhere in the world. Learn more https://www.beanworks.com.
Joe Scolaro, Quadient
Global Press Relations Manager
+1-866-883-4260 Ext. 1590
Sandy Armstrong, Sterling Kilgore
Investors Relations, Quadient
+33 1 45 36 61 39
+33 1 45 36 31 82
Karim Ben-Jaafar, Beanworks