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BEANWORKS TO SELL FOR 10X REVS Featured

Beanworks, which markets SaaS AP software, is being acquired by Quadient. The follows last year’s purchase of AR software vendor YayPay.

Based in Vancouver, B.C., Beanworks is being purchased by the France-based company for roughly $83.5 million in cash. That is roughly 10 times the $8.35 million annual revenue expected the year ended January 31, which has not yet been reported. The announcement said Beanworks had 70 percent year-over-year revenue growth in 2020. Quadient paid about $20.3 million for YayPay, but did not disclose that operation’s revenue. When it reported the October quarter, Quadient said YayPay had “triple-digit growth year-on-year.”  Beanworks has integrations with accounting software packages include Dynamics GP, Oracle NetSuite, QuickBook and Sage Intacct, 50,100, 300 and 500. Quadient reported revenue of roughly $307.9 million for the third quarter ended October 31, down 3 percent from last year’s corresponding period, off 7 percent in constant currency and down 4.2 percent organically. North American revenue reached approximately $151.6 million, a decline of 3.5 percent, but an increase of 2.5 percent in constant currency and 2.3 percent organically. The payments business is part of Quadient’s Business Process Automation section which reported roughly $21.5 percent million in revenue for the most recently ended year. That represented a rise of 19.7 percent, rising 22.1 percent in constant currency  and 20 percent organically.

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