Finland’s Basware makes offer to acquire Irish fintech Glantus for £17.8m
Genesis Bidco Limited, a wholly owned subsidiary of Finnish software firm Basware, has announced its intention to acquire the entire share capital of Irish fintech Glantus.
Basware makes offer to acquire Glantus
A filing with the London Stock Exchange suggests the deal is worth around £17.8 million and implies an enterprise value of £29.5 million for Glantus. The Glantus board has unanimously recommended the offer.
Basware operates an accounts payable (AP) automation and invoice processing platform built to boost the efficiency of finance and accounting teams. The firm claims to process over 170 million invoices every year for “thousands” of customers globally.
Established 10 years ago, Irish fintech Glantus, which went public through an IPO on the London Stock Exchange in May 2021, also operates an AP platform that helps companies generate capital by streamlining financial processes, correcting anomalies, consolidating data and providing real-time reconciliation reports. Its Datashark AP platform specialises in capital recovery from payment errors and identifying invoicing fraud.
By bringing together its AP platform and Glantus’ fraud prevention software, Basware aims to provide its customers with “complete coverage” of the entire invoice processing and capital management lifecycle.
“Both our companies target similar customer segments – and we will be able to share our strengths with Glantus, as well as learn from theirs,” says Jason Kurtz, CEO of Basware.
“Glantus is an exceptional fit with our investment strategy in terms of size, focus and business model. Our proposed acquisition of Glantus will further expand our product suite and we believe add value to customers in an accelerated time.”
The transaction and delisting of the firm is subject to all necessary approvals, and is expected to be finalised in Q4 2023.
