Beanworks Solutions Inc.

Beanworks Solutions Inc. , based in Canada, provides automated accounts payable solutions that enhance financial operations, enabling organizations to streamline invoice processing and improve efficiency in their accounts payable workflows. Beanworks Solutions Inc. was founded in 2012 and operates out of Vancouver, Canada.

The company specializes in accounts payable automation solutions. The founders, Cory Cleaver, Darren Thorpe, David Blair, and Reza Sanaie, have a history of innovation in the tech space. In March 2021, the company was acquired by Neopost for CAD 104 million, transitioning from earlier investments by BDC Capital and others. Beanworks offers AI-driven accounts payable automation software that reduces manual processes and enhances efficiency in financial operations.

This software streamlines invoice processing, approval workflows, and expense management, providing real-time visibility into accounts payable spend. The solutions cater to finance professionals in various sectors including healthcare, telecommunications, and government, and are deployed across markets in Europe, North America, and Asia. Beanworks generates revenue primarily through software licensing and subscription models for its accounts payable automation solutions. Clients typically engage through annual subscriptions that include ongoing support and updates.

The company's flagship product reinforces its market position by delivering operational efficiencies to finance departments in mid to large-sized enterprises. Following its acquisition by Neopost in March 2021, Beanworks Solutions Inc. aims to enhance its product offerings and expand into new markets. Specific plans include launching upgraded software products designed to further automate financial processes and enhance customer engagement.

The recent funding will support these initiatives, which target growth in European and Asian markets by 2023.