Basware announces move to functional organizational structure to support cloud growth

Basware Corporation, stock exchange release, May 24, 2018 at 10:00am

Basware announces move to functional organizational structure to support cloud growth

Basware today announces that it will move to a functional organizational structure and establish three new functions: Products, R&D and Production, and Business Development and Alliances. The current Business Area organizations will be integrated into the new functions. The new organization will be valid as of June 1, 2018.

“Our vision is to deliver the best global solution for purchasing, invoicing and paying. With our new organization I am confident we can lift our partner ecosystem to a new level and innovate even faster. Our customers benefit greatly from using our services. With the actions we are now taking, we believe we can reach out to even more new customers and serve existing customers even better. In addition, the new organization will further support our strategic targets of strong cloud revenue growth and scalability of operations”, says Vesa Tykkyläinen, CEO, Basware Corporation.

Ilari Nurmi, currently head of Basware’s Purchase-to-Pay business area, will lead the newly established Business Development and Alliances function. Mikko Pilkama, currently the head of Basware’s Network and Financing Services, will lead the new Products function. Nurmi and Pilkama continue as members of the company’s Executive Team in their new roles. Other members of the Executive Team continue in their current roles.

As part of the change, Basware announces the creation of a new Chief Technology Officer (CTO) position, which will head the R&D and Production function. The CTO will report to Vesa Tykkyläinen, CEO, Basware Corporation. Jari Antikainen, currently Vice President, Purchase-to-Pay, R&D at Basware, acts as the company’s interim CTO until the appointment is finalized.

With the changes Basware will achieve estimated annual run-rate savings of EUR 2-3 million, which will be reinvested into growth areas. The costs related to implementing the changes are expected at EUR 1-2 million.

For more information, please contact:

Investor enquiries:

Ben Selby, Head of Investor Relations, Basware Corporation
Tel. +358 50 305 8077, ben.selby@basware.com

Media enquiries:

Jukka Jänönen, Communications Director, Basware Corporation
Tel. +358 400 127 147, jukka.jänönen@basware.com

Distribution:
Nasdaq Helsinki
Key media
investors.basware.com/en

About Basware:
Basware (Nasdaq: BAS1V) is the global leader in providing networked source-to-pay solutions, e-invoicing and value added services. Basware’s commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Find out more at https://investors.basware.com/en.

Follow Basware on Twitter: @Basware, join the discussion on the Basware LinkedIn, Basware Facebook and Basware Blog.

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