The merger and acquisition climate in Europe got a little hotter on Wednesday with yet more dealmaking in the technology sector
Basware chief executive Esa Tihila told CNBC that the U.K electronic procurement firm was a "market leader" in the country and would help his own company to be the largest e-invoicing company in the world.
Specializing in the public sector, the U.K. is seen as being behind its European counterparts in terms of e-invoicing and Tihila believes that this acquisition will help push this market forward and provide cost-cutting solutions for government departments.
Along with its rivals Ariba, Tungsten Network and iPayables - e-invoicing firms like Basware have seen steady growth in recent years as European regulators look to implement measures that will encourage the fintech sector.
Basware shares have risen 56 percent since the beginning of 2014 with the company acquiring around 10 different companies in the sector. Tihila told CNBC that this was its biggest acquisition to date and was part of Basware's strategy to acquire firms that were compatible with its own offering.
Procserve has an annual revenue of close to 10 million euros with the larger Basware having revenue of 127.7 million euros in 2014. The latter employs 1,400 employees worldwide.
On Monday, research firm Dealogic said that global merger and acquisitions (M&A) volume reached $887.1 billion in the first quarter of 2015, with 9,478 deals. This is up 23 percent from the same time period in 2014 and is the highest first quarter volume since 2007, it said.
It also stated that Europe M&A deals were were up 16 percent from last year with an extra $232.2 billion changing hands. Health care was the most targeted sector, it added, with technology and real estate close behind.
The deal making has stepped up a notch this week again with U.S. courier delivery service FedEx on Tuesday announcing it was in the process of purchasing Dutch-based TNT Express.
Meanwhile, Royal Dutch Shell is in advance talks to buy U.K.-listed energy firm BG Group , according to reports.