BasWare to Deliver an Invoice Automation solution to IKEA in Russia

June 16, 2006, BasWare Corporation, a leading provider of financial automation software, has been chosen by IKEA to automate their accounts payable operations in Russia. This is a significant milestone for BasWare because it provides validation to further increase operations in this region.

IKEA will be using BasWare Invoice Processing in all of its 8 stores across Russia by the end of 2006.
“BasWare’s solution enables us to cut unnecessary costs of operations, increase efficiency and enhance transparency throughout the further expansion plan of our stores to Russia,” said Lauri Veijalainen, CFO of IKEA in Russia and Ukraine. “Although the legislation in Russia is not yet fully adapted to electronic document flow, IKEA has decided to proceed with it. We selected BasWare because of their expertise in financial process automation, proven track record and their ability to deliver us with the services and support that we need in our market.”

“IKEA Russia is BasWare’s market opening in this region. Russia, like other Eastern European countries, is a burgeoning market for electronic invoice processing as many steps of the accounts payable are currently done manually. Consequently, we are now actively planning how to capitalize on the momentum in this market,” says Ilkka Sihvo, CEO of BasWare Corporation.

BasWare Invoice Processing software is part of the company’s Enterprise Purchase to Pay solution suite. It eliminates manual processing of purchase invoices, enabling electronic workflow, revision, cost allocation and approval of invoices, as well as transfer to the company’s accounts payable system.

Contact Information

Ilkka Sihvo

CEO

BasWare Corporation

Contact via E-mail