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Basware: Basware revises its organic revenue guidance for 2016

Basware Corporation, stock exchange release, October 19, 2016 at 08:40
Basware revises its organic revenue guidance for 2016
Basware is updating its 2016 guidance:

Basware's transition to a cloud company has progressed at a fast pace. Our
SaaS revenues have been growing very strongly both organically and in total,
and are expected to continue to do so. However, although our organic SaaS
growth has been faster than indicated in our strategy, it has not yet fully
offset the faster than expected decline in revenues from license sales and
maintenance. The transition to SaaS has also impacted our consulting revenues
which have been more negative than expected in 2016.

Transaction volumes in our network have grown at a reasonable rate in 2016,
however transaction revenues have been impacted by the decline of start-up
fees. Overall the growth in transaction revenues has not yet been sufficient
to offset the drags on our business caused by the SaaS transformation and
decline of consulting revenues.

Basware has faced headwinds in its key markets in 2016. In the UK, uncertainty
caused by the EU referendum has led to delays in decision making by both
public and private sector customers. In Germany, the ramp up of the sales
force has been held back by the competitive job market which has made it
difficult to attract high quality hires within the desired timeframe.

2016 Full year:

Basware's organic revenue growth at constant currencies in 2016 was expected
to be 5 percent or more. The company now expects its growth trajectory to be
delayed because of the revenue mix effects outlined above. As a result,
organic growth at constant currencies is expected to be flat for 2016.

Revenues from SaaS and Basware's network are expected to continue to grow for
the rest of 2016.

Adjusted EBITDA for 2016 is expected to be around breakeven, in line with
original guidance.

The growth related operating investments are expected to amount to
approximately 20 million euros in 2016 including Verian.

Comments from Vesa Tykkyläinen, CEO of Basware:

"The revision to our 2016 guidance is being driven by the business
transformation that Basware continues to undergo, which is in line with our
strategy. Basware's cloud revenues have been growing well in 2016 and will
continue to grow. In the long run it is this which will deliver value to our

"Basware has a great strategy and we are a leader in an industry with
significant market growth potential. It is now down to execution on our part
to capture that potential. I want Basware to be an efficient, best in class
cloud services company. I have today separately announced a number of actions
to better execute our strategy and to ensure that Basware continues to
strengthen its position as the leader in networked purchase to pay solutions
including e-invoicing and financing services."

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

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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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