Financial details were not disclosed but Tradeshift says Babelway’s technology will now be offered as Tradeshift Link.
According to the buyer, Tradeshift Link will help the integration of disconnected systems used for B2B buying, paying, and selling, which is a “significant” challenge for companies building digital supply chains.
“We believe that B2B commerce should be connected, digital, and flexible. We’ve been partnering with Babelway for over six years and in that time have seen the massive value their technology provides for our users,” said Christian Lanng, CEO and founder of Tradeshift.
Tradeshift Link allows banks and third-party app providers to connect to the Tradeshift network to offer financial solutions such as financing and early payment services.
Small and medium-sized sellers, who “traditionally have smaller ERP systems and smaller teams, will benefit from Tradeshift Link because it allows them to work more easily with large Fortune 500 buyers”.
According to the Tradeshift, more than 1.5 million companies across 190 countries use it to process over $500 billion in transaction value.
As reported last month, the California-based company was reportedly in talks to purchase Basware. Tradeshift made the unsolicited takeover bid in October in a deal backed by China-based Ping An Insurance Group.
FinTech Futures contacted Tradeshift today (18 December) to enquire about the state of this deal – the firm says “no comment”.
Basware just referred us to their site (thanks, I have seen it). That says: “Basware confirms that it is in discussions with Tradeshift regarding a possible cash tender offer. Such further media reports contain speculation regarding the potential offer price level and certain other matters, including the status of financing and timing. Basware has not, among other things, received any confirmation that the financing for the Indicative Proposal is appropriately secured, and an announcement of a possible tender offer is not imminent.”
According to site, Tradeshift intention is to launch a recommended public tender offer of €48 per share in cash for the entire issued share capital of Basware on a fully diluted basis.
Founded in 2010 and headquartered in San Francisco, Tradeshift demonstrated its Instant Payments solution at FinovateEurope 2012. The company has raised $432 million in funding and includes Goldman Sachs, PSP Investments, H14, and American Express Ventures among its investors.