Finnish software company Basware’s subsidiary, Genesis Bidco Limited, plans to acquire Irish fintech Glantus for around £17.8 million, aiming to enhance its invoice processing and capital management offerings.
Facts
- Basware’s subsidiary Genesis Bidco intends to acquire Irish fintech Glantus.
- The deal is valued at approximately £17.8 million, implying an enterprise value of £29.5 million for Glantus.
- Glantus board unanimously recommends the offer from Basware.
- Basware specializes in accounts payable automation and processes over 170 million invoices annually.
- Glantus, established a decade ago, operates an AP platform focused on streamlining financial processes, capital recovery, and fraud prevention.
- Basware aims to combine its AP platform with Glantus’ fraud prevention software for comprehensive invoice processing and capital management.
- Basware CEO, Jason Kurtz, highlights shared strengths and the potential value of the acquisition.
- The transaction and delisting are subject to approvals and expected to conclude in Q4 2023.
