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2015-04-08

Basware: Basware acquires UK's leading e-procurement solution provider for the public sector Procserve

Basware Corporation, stock exchange release, April 8, 2015 at 09:00
Basware acquires UK's leading e-procurement solution provider for the public
sector Procserve
Basware Corporation has on April 8, 2015 signed an agreement to
acquireProcserve, the leading e-procurement solution provider for the public
sector in the UK. The acquisition price is approximately EUR 25.9 million. In
2014, the net sales of the acquired business amounted to approximately EUR
9.6 million.
"Basware is the global leader in providing purchase-to-pay and e-invoicing
solutions and the leading expert for the public sector to support their
e-invoicing and e-procurement initiatives across Basware markets. We have
witnessed a continued push from governments and public sector, including the
UK, to adopt e-invoicing as the technology is becoming more commonplace and
the benefits are realised more widely. Procserve has a very strong and
recognised position within the public sector and among e-procurement service
providers and is a well-known service provider among governmental entities in
the UK", explains Esa Tihilä, CEO, Basware Corporation. "As part of its
strategy, Basware continuously supports organic growth with acquisitions in
its key markets. This acquisition will make Basware the market leader for the
public sector in the UK. Through the acquisitions over the recent years,
Basware is already the leading e-invoicing operator in the Nordics, the
Benelux market and Germany, and now Basware significantly strengthens its
foothold in the UK."

Procserve, headquartered in London, positions itself as the leading
eProcurement software solution provider focused on the public sector in the
UK. Procserve's eProcurement networks are used by over 33,000 organisations
to buy, sell, and share information within online communities. Procserve
employs 61 people.

"By driving technology strategies underpinned by e-invoicing, the governments
everywhere have a fundamental opportunity to boost economies, prevent fraud
and ensure transparency in business. In the UK, e-invoicing is mandated from
2016. Public sector organisations in the UK process millions of payments each
year, representing a significant allocation of public resources", says
Tihilä. "Procserve's and Basware's cloud-based e-procurement solutions as
well as Procserve Commerce Network and the open Basware Commerce Network
complement each other seamlessly and they will enable government bodies to
operate more efficiently by automating the purchase-to-pay process, freeing
up time and money that can be invested in frontline services. Basware and
Procserve are both part of UK government's G-Cloud Digital Marketplace."

In 2015 the company expects the transaction and integration related costs to
exceed the savings. In 2016 the company expects the cost synergies to be
marginally net positive. The savings relate for example to the creation of
joined IT infrastructure and facilities.

For more information, please contact:
Esa Tihilä, CEO, Basware Corporation
Tel. +358 40 480 7098

Distribution:

NASDAQ OMX Helsinki Ltd
Key media
www.basware.com

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Basware via Globenewswire

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