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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 acquire
Procserve, 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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