The merger and acquisition climate in Europe heated up Wednesday with more dealmaking in the burgeoning financial technology -- or "fintech" sector.
Finnish firm Basware - which sells enterprise software for financial processes - has announced it is to acquire a U.K.-based rival Procserve for 25 million euros ($27million).
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.