Monday 12th February, 2018
Verdane Capital is to acquire Basware Corporation’s Financial Performance Services (FPS) and Banking businesses. The two businesses had net sales of around €15million in 2017.
Iikka Moilanen, Investment Professional at Verdane, said “investing in Nordic software businesses is a key part of Verdane’s DNA. We see clear value in drawing on Verdane’s deep software expertise to develop FPS and Banking as independent companies. Basware has a long and successful history in the successful provision of these solutions. Both businesses have high profitability and recurring revenues and unlock significant value for customers by simplifying and streamlining financial processes, enabling customers to focus on their core businesses.”
The Financial Performance Services and Banking businesses will be run as two entities, with Verdane’s investment enabling them to grow and develop independently. Both companies will strive to provide the best banking, financial consolidation and reporting solutions in response to customer needs in Finland and in new markets. Tomi Lod from Basware in Finland will be appointed as CEO of both companies.
The Financial Performances Services (FPS) business is Finland’s leading provider of financial consolidation and reporting software. The market for enterprise performance management is rapidly growing and seeing increasing penetration of specialised tools. The current generation of the FPS product combines real-time internal and external reporting features into a single solution. Work is underway on the next, SaaS-based product.
Banking services is a payment automation solutions provider for companies and organisations of all sizes. The business has a 40% share of the Finnish market. There is growing demand for fully automated payment systems with its SaaS-based, easy-to-use next generation banking product. This offers multi-bank connectivity for secure reporting, payment automation and reconciliation.
The acquisition is expected to complete during the first quarter of 2018 and is expected to see 95 employees transfer from Basware to Verdane.