Basware divests Cashier Desk business for Finnish municipal and public sector to CPU
Basware Corporation, stock exchange release, April 22, 2013, at 09:00
Basware divests Cashier Desk business for Finnish municipal and public sector to
Basware's Cashier Desk service (Palvelukassa), mainly used by municipalities and
the public sector in Finland, has been divested to the Finnish company Computer
Program Unit Oy ("CPU"). Payment terminals used at municipal and public sector
branches are the visible part of the service to the residents of municipalities
and consumers. The divestment of the Cashier Desk business does not result in
changes to the customers, and the maintenance and development of the service
will continue by CPU, a specialist in such services.
The total value of the divested business, including the Cashier Desk business
operations, customer accounts and all related technology, is EUR 1.54 million.
No employees will be transferred in connection with the divestment. CPU has paid
a lump sum of EUR 940,000 to Basware in connection with the closing of the deal.
The second installment of EUR 600,000 will be paid to Basware by the end of
February 2014. The Cashier Desk business operations generated approximately EUR
650,000 of net sales to Basware in 2012.
"Basware has invested strongly in international growth in recent years and aimed
to focus its operations on Purchase to Pay and e-invoicing business. Therefore,
we are satisfied that our domestic Cashier Desk service will be carried on by a
company specializing on corresponding services for the municipal and public
sector, CPU. Most importantly, there will be no changes to the service provided
to our customers, and the development of the service will continue by CPU's
specialist team", says Esa Tihilä, CEO, Basware Corporation.
For more information, please contact:
Esa Tihilä, CEO, Basware Corporation
Tel. +358 40 480 7098
NASDAQ OMX Helsinki Ltd