Verian Technologies

About Verian Technologies

Verian Technologies, founded in 1997, established itself as a provider of cloud-based, purchase-to-pay (P2P) solutions. Headquartered in the Charlotte, North Carolina area, the company focused on helping midsize and large organizations automate and gain control over their procurement and invoice processing. At the time of its acquisition, Tehseen Dahya served as the CEO.

The company's business model was centered on providing a suite of software-as-a-service (SaaS) products to corporate clients. Its offerings were designed to streamline the entire purchasing lifecycle, from requisition and approval to payment, thereby helping clients reduce costs and improve compliance. Verian's product line included Purchase Manager for automating spending processes, Invoice Manager for digital invoice handling, Expense Manager for automating expense reports, and Asset Manager for tracking company assets. These web-based tools offered more specialized features than many ERP systems, providing detailed visibility into corporate spending.

On March 31, 2016, Verian Technologies was acquired by Basware, a Finnish provider of e-invoicing and purchase-to-pay solutions, for approximately $36 million (€31.8 million). This acquisition was a strategic move for Basware to strengthen its market position in the United States and expand its cloud-based service offerings. For Verian, the deal provided its customers access to Basware's extensive Commerce Network and financing services. Prior to the acquisition, Verian had demonstrated significant growth, with its annual subscription revenue increasing by over 40%. The company had raised $13 million in a Series B funding round on May 15, 2000, with investors including TCV and Allegra Partners.