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2013-01-02 12:45:00 CET 2013-01-02 12:45:44 CET REGULATED INFORMATION BasWare - Company AnnouncementBasware's acquisition of Certipost's network and e-Invoicing business closedBasware Corporation, stock exchange release, January 2, 2013, at 13:45 Basware's acquisition of Certipost's network and e-Invoicing business closed Basware's acquisition of Certipost's network and e-Invoicing business has been closed. Basware acquires the network and e-Invoicing business of Certipost, the leading e-Invoice operator in the Benelux. The initial acquisition price of approximately EUR 18.2 million was paid in cash on the closing date. The final acquisition price will be based on the audited 2012 annual accounts. In 2012, the net sales of the acquired business are expected to amount to approximately EUR 8.4 million and operating profit to amount to approximately EUR 0.8 million negative. The acquisition will make Basware the market leader in e-Invoicing in the Benelux market. "We are aiming to gain a strong position in our key markets, new customers with growth potential for Basware solutions and services, and increase the number of transactions over our global Network, both organically and through acquisitions," says Esa Tihilä, CEO, Basware Corporation. "The acquisition of Certipost's network and e-Invoicing operations will strengthen our growth; with the acquisition, we will gain a significant market position in the Benelux, where we expect the e-Invoicing market to grow substantially in the upcoming years. At the same time, we will grow the offering for small and medium enterprises in particular, which is now available throughout the Benelux." Basware will consolidate the acquired business into its net sales and profit starting from January 1, 2013. Synergy benefits are to be explored through the combination of business operations and technologies as well as joint infrastructure and support functions. The annual potential for cost-savings is expected to be approximately EUR 3.0 million once all of the predicted streamlining measures are complete. Non-recurring restructuring and acquisition costs are estimated to amount to approximately EUR 3.0 million. The operating profit of the acquired business is expected to be slightly positive in 2013. The purchase price to be allocated is approximately EUR 18.2 million. The acquired net assets amount to approximately EUR 1.4 million, including the cash reserves of EUR 2.2 million. Approximately EUR 4.5 million associated with customer relationships and acquired technology has been allocated to intangible assets, taking deferred tax liabilities into consideration. The value associated with customer relationships and technology will be amortized completely over seven years, starting from the first quarter of 2013. The purchase price includes approximately EUR 12.3 million of goodwill. The calculation concerning the allocation of the purchase price is preliminary. The company announced the agreement to acquire the network and e-Invoicing business of Certipost, a bpost company, on October 5, 2012. 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 [HUG#1667734] |
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