Verdane acquires Basware’s FPS and Banking businesses

Private equity company Verdane Capital has agreed the acquisition of two business units from Basware Corporation: Financial Performance Services and Banking for a total of around EUR 35 million.

Verdane Capital is to acquire Basware Corporation’s Financial Performance Services (FPS) and Banking businesses. The two businesses had net sales of around EUR 15 million in 2017.

“Investing in Nordic software businesses is a key part of Verdane’s DNA. We see clear value in drawing on Verdane’s deep software expertise to develop FPS and Banking as independent companies. Basware has a long and successful history in the successful provision of these solutions. Both businesses have high profitability and recurring revenues and unlock significant value for customers by simplifying and streamlining financial processes, enabling customers to focus on their core businesses,” said Iikka Moilanen, Investment Professional at Verdane.

Basware is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. The company decided to divest its Financial Performance Services and Banking businesses to Verdane to enable it to focus on its core competence, developing purchase-to-pay cloud solutions and globally scalable business.

Businesses to become two independent companies

The Financial Performance Services and Banking businesses will be formed into two separate independent companies. Verdane’s investment will enable the companies to focus on growing and developing their respective businesses. Both companies will strive to provide the best banking, financial consolidation and reporting solutions in response to customer needs in Finland and in new markets. Tomi Lod from Basware in Finland will be appointed the companies’ CEO.

The Financial Performances Services (FPS) to be acquired in the transaction is Finland’s leading provider of financial consolidation and reporting software. The market for enterprise performance management is rapidly growing and seeing increasing penetration of specialised tools. The current generation of the FPS product combines real-time internal and external reporting features into a single solution. Work is underway on the next, SaaS-based product.

Banking services is a payment automation solutions provider for companies and organisations of all sizes. The business has a 40% share of the Finnish market. Banking products is responding to growing demand for fully automated payment systems with its SaaS-based, easy-to-use next generation Banking product. This offers multi-bank connectivity for secure reporting, payment automation and reconciliation.

The transaction is expected to complete during the first quarter of 2018. The transaction will see 95 employees transfer from Basware to Verdane. 

Media enquiries:

Tomi Lod, Basware Corporation
tomi.lod@basware.com
tel. +358 50 67 031

Iikka Moilanen, Verdane Capital
tel. +358 40 768 8639, Iikka.Moilanen@verdanecapital.com

Janne Holmia, Verdane Capital
tel. +46 73 370 6956

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

Investors:
Ben Selby, VP Investor Relations and Treasury, Basware Corporation
tel. +358 50 305 8077, ben.selby@basware.com

 

Verdane is a Nordic private equity company which through its funds invests in software, consumer internet, energy and high-technology industry companies. Verdane’s funds are distinctive in that they can invest in either entire investment portfolio, parts of a portfolio or entire target companies. Verdane has 24 employees in Helsinki, Oslo and Stockholm. www.verdanecapital.com. Follow Verdane on: LinkedIn.

 

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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