Basware to sell its non-core Financial Performance Solutions and Banking businesses to Verdane Capital
Basware Corporation, stock exchange release, February 2, 2018 at 10:45am
Basware to sell its non-core Financial Performance Solutions and Banking businesses to Verdane Capital
Basware Corporation has signed on February 2, 2018, an agreement to sell its Financial Performance Solutions and Banking businesses to Verdane Capital, an active owner of technology-enabled growth companies in Northern Europe.
“The sale is aligned with our cloud-focused global growth strategy. Financial Performance Solutions and Banking have been part of our heritage and we are proud of the solutions. However, they have been primarily Finland specific non-cloud businesses and are thus not aligned with our strategy. The disposal enables us to simplify and focus our energy and attention fully on our high growing cloud business,” says Vesa Tykkyläinen, CEO, Basware Corporation.
The combined sale price of the two businesses is approximately EUR 35.0 million, subject to certain adjustments. In 2017, the net sales of the business operations agreed to be sold were approximately EUR 15 million and direct carved out costs approximately EUR 7 million.
The transaction is expected to be completed as soon as possible in the first quarter of 2018. There are no conditions precedents for transaction closing. The transaction price will be paid in cash in connection with the closing of the transaction. 95 employees will be transferred to the buyer.
For more information, please contact:
Investor enquiries:
Ben Selby, VP Investor Relations and Treasury, 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
www.basware.com/investors
About Basware:
Basware (Nasdaq: BAS1V) is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing 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 http://investors.basware.com/en.
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