Basware to Acquire Fraud Detection Firm Trustpair
Basware has signed an agreement to acquire Trustpair, a company specializing in AI-driven fraud detection and supply chain risk management. The acquisition aims to enhance Basware's offerings in invoice and payment processing.
Basware, a provider of cloud-based solutions for e-invoicing and sourcing, announced it has signed a binding agreement to acquire Trustpair. Trustpair develops AI-powered technology focused on preventing fraud and managing supply chain risks.
The acquisition is expected to strengthen Basware's position in the accounts payable automation market by offering a more comprehensive solution for securing the entire invoice-to-pay process. The companies state this combination will deliver the industry's first end-to-end assurance against invoice and payment fraud.
Basware, which operates a large global network for electronic invoicing, believes Trustpair's technology will significantly enhance the security and efficiency of its services. Financial terms of the transaction were not disclosed.
As digital transactions increase, so does the risk of sophisticated fraud. This move by Basware addresses the growing need for robust fraud prevention measures within business processes. The deal is subject to customary closing conditions and is expected to be finalized later this year.