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Basware: Basware launches a productivity programme to simplify operations aimed at boosting cloud growth

Basware Corporation, stock exchange release, November 2, 2016 at 10:00
Basware launches a productivity programme to simplify operations aimed at
boosting cloud growth
Basware is today launching a productivity programme to simplify its operations
and increase scalability, aimed at accelerating the growth of its cloud-based
business and increasing productivity.

Basware has in the recent years undergone a major transition to become a
cloud-based services provider. On October 19,2016, Basware announced
refinements to its strategy targets, with strengthened focus on execution and
an additional set of actions to boost cloud growth and increase productivity
by simplifying operations and increasing scalability. These organization-wide
activities include focusing on sales and marketing, customer satisfaction and
experience, product development and partnerships, as well as growing and
monetizing the Basware Network and evolving Basware's culture and working
methods to focus more on performance.

Cloud revenue growth is Basware's primary objective and Basware will continue
to strengthen its leading market position in in order to grow cloud revenue
and address the challenges which other parts of the business are facing. The
aim of the planned actions is to optimize the company's operations to better
support its cloud-based business model.

The company aims to make productivity gains by simplifying its operations and
potentially by making personnel reductions affecting 130 employees globally.
As at the end of September 2016, Basware's global headcount was 1,881
employees. The company is targeting annual savings related to personnel of
approximately EUR 7 to 8 million starting from 2018, in addition to other
potential savings through the programme. Basware is therefore exploring the
possibility of making personnel reductions which may affect operations in
Finland and Belgium in addition to other locations. Any labour negotiations
will be executed in cooperation with the personnel and in compliance with
local legal requirements.

"Over the recent years, Basware's business operations have expanded
significantly organically and through acquisitions. Our market position is
extremely strong as the leading provider of networked purchase-to-pay
solutions, including e-invoicing and financing services. The market and
customer demand for cloud-based services has strongly increased and we have
strengthened particularly sales and marketing operations in our key markets,
to accelerate the growth of our cloud-based business," says Vesa Tykkyläinen,
CEO, Basware Corporation. "Basware's vision, view on the significant future
potential of our markets and our ability to capture that opportunity is
unchanged. However, what is required now is more focus on execution and
customers. As a result of these necessary actions, some of which are
difficult, Basware will become more lean and productive, and target and

For more information, please contact:
Investor enquiries:

Ben Selby, Head of Investor Relations, Basware Corporation
Tel. +358 50 305 8077,
Media enquiries:

Sirje Ahvenlampi-Hyvönen, Communications Director, Basware Corporation
Tel. +358 50 557 3822,

Nasdaq Helsinki
Key media

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
Follow Basware on Twitter: @Basware, join the discussion on theBasware
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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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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