Finnish e-procurement and e-invoicing software company Basware has seen its automation services business (which includes SaaS and e-invoicing) grow by 32.2 percent in 2011 compared to 2010, with net sales also growing by 4.5 percent to EUR 107.7 million during the same interval.

The company’s operating profit decreased to EUR 12.2 million in 2011, which included a restructuring provision of EUR 1.2 million due to streamlining measures.

Transaction volume in 2011 grew by 53 percent to 20.8 million, and recurring revenue accounted for 48.9 percent of net sales. Basware’s largest growth was registered in Finland and Scandinavia, with a 4.5 percent and 8.7 percent increase in net sales, respectively.

As far as Q4 2011 is concerned, Basware saw a slight growth in net sales to EUR 30 million, a growth of 0.3%. Basware’s Automation Services business, including SaaS and e-invoicing, grew by 17.9 percent, with transaction volumes processed within the automation services business reaching 6.2 million in Q4.

2011 also saw the launch of a number of new services from Basware, with a new e-invoicing service for consumers for the Finnish market, developed in co-operation with Nordea Bank. Additionally, Basware introduced InvoiceOut, an accounts payable ledger outsourcing service and Catalog Service.