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2009-01-26 09:50:16 CET 2009-01-26 09:50:49 CET REGULATED INFORMATION BasWare - Tender offerBasware acquires Itella's Norwegian invoice automation solution businessBASWARE STOCK EXCHANGE RELEASE January 26, 2009 Basware Corporation's subsidiary Basware AS ('Basware') has today signed an agreement whereby Basware purchases the Norwegian invoice automation solution business of Itella Information Logistics AS ('Itella'). The purchase price is NOK 7.25 million (approximately EUR 0.80 million) and it will be paid in cash on the day the acquisition is completed, April 1, 2009. In addition, Basware may pay an additional purchase price of a maximum of NOK 7.0 million (EUR 0.77 million) in February 2010, determined on the basis of the volume of the purchased operations' service sales in 2009. The acquisition is expected to increase Basware's EPP Automation Services revenues for 2009 by approximately EUR 1.2 million. Revenues of Itella's invoice automation solution business for 2008 amounted to approximately NOK 12.0 million (approximately EUR 1.33 million) and the business is profitable. The business operations primarily consist of regularly charged Software as a Service ("SaaS") business, and its technological platform is Basware's Invoice Processing product. Itella's operations employ five people, who will join Basware in connection with the acquisition. The purchased business unit has approximately 60 end customers in Norway."The acquisition strengthens our position in the Purchase to Pay market in Norway and expands our current EPP Automation Services service offering locally. The transaction gives us valuable expertise to improve our competitiveness," reports Ilkka Sihvo, CEO, Basware Corporation. For more information, please contact CEO Ilkka Sihvo, Basware Corporation, Tel. +358 9 8791 7251 or +358 40 501 8251 BASWARE CORPORATION Ilkka Sihvo DISTRIBUTION Helsinki Stock Exchange Key media www.basware.com |
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