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Basware to acquire Verian, a leading cloud-based e-procurement solution provider in the US

ID: 1425168
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(Thomson Reuters ONE) -

Basware Corporation, stock exchange release, March 31, 2016 at 15:00

Basware to acquire Verian, a leading cloud-based e-procurement solution provider
in the US

Basware Corporation has on March 31, 2016 signed an agreement to acquire US
based Verian Technologies LLC ("Verian"), a leading cloud-based e-procurement
solution provider in the fast growing purchase-to-pay market. The acquisition
will further strengthen Basware''s market position in the US and is a strong fit
with Basware''s strategy to grow cloud business revenues in key markets. Verian
will add new talent and additional e-procurement capabilities to Basware. The
acquisition will extend Basware''s network by offering our market leading
commerce network and financing services to Verian''s broad customer base.

Verian, headquartered in Fort Mill, South Carolina, is a leading provider of
cloud-based and Software-as-a-Service procure-to-pay solutions with more than
150,000 users. Verian employs 75 people in the US.

The acquisition price is approximately USD 36.0 million (EUR 31.8 million
equivalent). In 2015, the net sales of the acquired business amounted to
approximately USD 10.5 million.

"Verian is a strong fit with Basware''s strategy, cloud-focused business and
culture. The acquisition will strengthen Basware''s sales presence in the US, add
new customers, talent and additional e-procurement capabilities to support the
future growth of the two companies combined and the growth of Basware''s network.
Verian has a strong position in the industry with its 100% cloud-based purchase-
to-pay and e-procurement solutions, with an annual SaaS subscription revenue
growth rate of approximately 40 percent. Jointly we will continue to enable our
customers to buy and pay for goods and services in a simplified, paperless, and
cost-efficient way, through the network", says Esa Tihilä, CEO, Basware


The transaction is expected to be completed on April 1, 2016. Part of the
acquisition price will be paid in the form of shares of Basware. On the basis of
the authorization granted by the annual general meeting of shareholders of
Basware on March 15, 2016, Basware''s Board of Directors will decide on the
issuance of 180,707 new shares of Basware to the major owners of Verian, for a
total value of approximately EUR 7.1 million based on Basware''s closing share
price of EUR 39.09 on March 30, 2016. The remainder of the consideration will be
funded with cash. In 2016, Basware expects the non-recurring transaction and
integration related costs of the acquisition to amount to c. EUR 1 million. The
transaction is expected to be earnings per share accretive from 2017 onwards.

For more information, please contact:

Esa Tihilä, CEO, Basware Corporation
Tel. +358 40 480 7098

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 at

Follow Basware on Twitter: (at)Basware, join the discussion on the Basware
LinkedIn, Basware Facebook and Basware Blog and subscribe for the latest news.

About Verian:
Verian is a worldwide leader in purchase-to-pay solutions. Creating visibility
and control over clients'' indirect spending, Verian helps organizations achieve
dramatic cost savings and contract compliance. Verian drives value beyond
implementation by helping organizations bring every pocket of spend under
management with our proven See-Manage-Save Approach.

This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Basware via GlobeNewswire

More information: http://www2.marketwire.c

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Date: 03/31/2016 - 14:00
Language: English
News-ID 1425168
Character count: 3068
Firma: Basware
Ansprechpartner: Feedback to about Pressrelease-id:
Stadt: Espoo


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