Basware acquires Itella's Norwegian invoice automation solution business

BASWARE STOCK EXCHANGE RELEASE
January 26, 2009
Basware Corporation's subsidiary Basware AS ('Basware') has today
signed an agreement whereby Basware purchases the Norwegian invoice
automation solution business of Itella Information Logistics AS
('Itella'). The purchase price is NOK 7.25 million (approximately EUR
0.80 million) and it will be paid in cash on the day the acquisition
is completed, April 1, 2009. In addition, Basware may pay an
additional purchase price of a maximum of NOK 7.0 million (EUR 0.77
million) in February 2010, determined on the basis of the volume of
the purchased operations' service sales in 2009.  The acquisition is
expected to increase Basware's EPP Automation Services revenues for
2009 by approximately EUR 1.2 million.

Revenues of Itella's invoice automation solution business for 2008
amounted to approximately NOK 12.0 million (approximately EUR 1.33
million) and the business is profitable. The business operations
primarily consist of regularly charged Software as a Service ("SaaS")
business, and its technological platform is Basware's Invoice
Processing product. Itella's operations employ five people, who will
join Basware in connection with the acquisition. The purchased
business unit has approximately 60 end customers in Norway."The acquisition strengthens our position in the Purchase to Pay
market in Norway and expands our current EPP Automation Services
service offering locally. The transaction gives us valuable expertise
to improve our competitiveness," reports Ilkka Sihvo, CEO, Basware
Corporation.

For more information, please contact
CEO Ilkka Sihvo, Basware Corporation, Tel. +358 9 8791 7251 or +358
40 501 8251

BASWARE CORPORATION
Ilkka Sihvo

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Helsinki Stock Exchange
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