Vancouver-based FinTech startup Beanworks is set to be acquired by French enterprise company Quadient for $104 million CAD ($70 million EUR).
The all-cash deal will see Quadient acquire a 96 percent stake in Beanworks. A statement from Quadient noted that “two key leaders” from Beanworks will retain a minority stake in the company, but the names of those individuals were not disclosed. Quadient said it also has an option to acquire 100 percent of the company “in the coming years.”
“By combining our expertise with Quadient’s global reach, R&D firepower and investments in AI technology, we will continue to live out our mission.”
– Catherine Dahl
Quadient said it sought to acquire Beanworks to strengthen its portfolio of smart hardware and software solutions. Quadrant offers a variety of products and services, mostly targeted toward the mailing equipment, business process automation, and customer experience management segments.
Beanworks offers in accounts payable software that allows accounting teams to automate redundant tasks, with a goal of reducing data entry and approval follow-ups so teams can focus on more strategic accounting decisions.
Beanworks also has native integration with accounting software such as Intuit QuickBooks, Sage Intacct, Oracle NetSuite, and Xero. It claims it can reduce risks and cut invoice processing costs by more than 80 percent.
Quadient said through the deal, it will cross-sell Beanworks’ solution with that of YayPay, which Quadient acquired in 2020, to its nearly 500,000 customers globally.
“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,” said Catherine Dahl, CEO of Beanworks. “By combining our expertise with Quadient’s global reach, R&D firepower and investments in AI technology, we will continue to live out our mission to support accounting teams everywhere.”
Beanworks was founded in 2012 and approximately 90 employees. According to Quadient, Beanworks saw 70 percent year-over-year revenue growth in 2020 and is expected to achieve revenue of approximately $10.4 million CAD (€7 million) by the end of 2021.
Since its founding, the startup has raised north of $15 million CAD, with its last round being a $10.1 million Series B, raised in 2018. Beanworks counts among its investors BDC Capital’s Women in Technology Venture Fund and FINTOP Capital, a FinTech-focused venture firm based in Tennessee.
Beanworks’ acquisition is among a flurry of Canadian FinTech exits. Following Montréal-based payments company Nuvei closing a record-setting initial public offering (IPO), FinTech startups such as PayFare have followed suit.
Image source Pique Ventures.