Idoneus Ltd (now Maventa Ltd.) is a startup developing a free B2B ecosystem

Idoneus Ltd was founded 2007 to address a simple - yet not a trivial issue; to abolish all friction in B2B electronic invoicing. Our vision was to offer a low-cost service for micro- and small-sized Finnish companies to simplify their invoicing process and make it more cost-efficient. In the beginning Q1/2008 the service dubbed Verkkolaskut.fi (eng. e-invoices.fi) had gained over 300 registered legal entities and invoices had been sent to all major continents.

During Q1/2008 we decided to scale our system to the next level. The vision converged to a single quote: "Any legal entity in the world should be able to invoice another - for free". The business-model resembles Skype's by allowing all the connected software's to send and receive free invoices within the ecosystem and charging a miniscule fee for transactions to other invoice operators, banks and printing services. After several months of rigorous nonstop development Maventa was launched public 23.9.2008 in Helsinki. The aim to build a scalable, decentralized global network to extend any existing financial software to our networked ecosystem was beginning to take shape. Maventa is both a secure online account for e-invoices and a scalable toolbox built in SOA manner for modern software developers - simple and logical enough for anyone to implement. In the end of Q4/2008 we had more than 1 400 (by organic growth) registered legal entities with transaction volumes growing by 152% per month. The clustered Maventa network has a striking throughput capacity of 1 200 invoices/sec with all single point of failures eliminated.

Achievements for 2008

Q2/2008 Maventa Alpha API rolling out
Q3/2008 Maventa ThinClient (Open Source) for legacy software released
Q3/2008 Microsoft Dynamics / Axapta integration
Q3/2008 CSI Helsinki integration
Q3/2008 Intuit QuickBooks integration
Q4/2008 Isolta Arkhimedes integration
Q4/2008 Oracle E-Business Suite integration
Q4/2008 Ubiquitous Digital Signatures and Strong Authentication introduced
Q4/2008 Partner program consisting of 15 software vendors in just 4 months.

Milestones for 2009

Q2/2009 Maventa Bravo stable release
Q2/2009 Maventa established R&D presence in Tallinn, Estonia
Q3/2009 Maventa opens up its centralized sales office in London, UK
Q3/2009 Juha Ruskola is recruited as CEO to manage the company growth.
Q3/2009 Routing engine re-written to give a 1480% performance boost with 56 B invoices throughput/year.
We're still in semi-stealth.. we wouldn't want to spoil it all - would we?

"The world deserves a free electronic invoicing infrastructure"