Accel-KKR led consortium offers to acquire Basware Corporation for EUR 619.91 million

Accel-KKR led consortium offers to acquire Basware Corporation for EUR 619.91 million

HELSINKI, FINLAND: Accel-KKR led consoritium has offered to acquire all the issued and outstanding shares in Basware Corporation that are not held by Basware or its subsidiaries. The cash consideration of EUR 40.10 per share represents a total equity value of approximately EUR 619.91 million.The share offer price represents a premium of approximately 94.7 per cent compared to the closing price of the shares on Nasdaq Helsinki Ltd on 13 April 2022.

Basware Corporation is the global provider of Cloud-based Networked Procure-to-Pay solutions to help customers simplify operations and spend smarter by automating procurement and finance.

Following the completion of the Offer, Basware will be indirectly wholly-owned by a consortium of investors comprising Accel-KKR, Long Path Holdings 1 (a vehicle controlled by funds managed or advised by Long Path Partners, LP, and/or its affiliates), and Briarwood Capital Partners LP (a vehicle controlled by Briarwood Chase Management LLC) through Sapphire, a newly-formed private limited liability company established for the purposes of the offer and incorporated and existing under the laws of Finland.

The Board of Directors of Basware has unanimously decided to recommend that the shareholders and warrantholders of Basware accept the Tender Offer.

“I see this offer as clear evidence of all the good work that the employees of Basware have done over the past years, and the opportunities we have ahead of us. The consortium members have been following our company for years already and value all aspects of the business from the market leading SaaS products and services to the large global customer base as well as the strength of our highly skilled and motivated employees. This signals strong confidence in our people and our strategy of “Sustainable Growth and Profitability”. With the support and resources of the consortium members we will have even better opportunities to accelerate our journey and value creation for all stakeholders,” said Klaus Andersen, Chief Executive Officer of Basware.

“Basware’s deep set of solutions and market leadership combined with the consortium members’ long history with the company and deep know-how in accelerating growth in software companies will position the business to continue to deliver innovative solutions to its customers and the broader marketplace. We look forward to working closely with the Basware team in the coming years,” said Dean Jacobson, Managing Director of Accel-KKR, on behalf of the consortium”.

Sapphire BidCo believes that it can enhance Basware’s leadership position in the Procure-to-Pay market through additional investments in products as well as by focusing on the expansion of its global footprint. The Consortium intends to invest significant time, capital and other resources to support the Company’s strategy, positioning it for long-term success. The Consortium is uniquely equipped with the appropriate long-term investment horizon, expertise, and capital required to realize Basware’s potential while maintaining the Company’s identity, culture, and Finnish values.

Basware Corporation is a public limited liability company incorporated under the laws of Finland with its shares admitted to trading on the official list of Nasdaq Helsinki. Basware is a leading provider of cloud-based, software-as-a-service (SaaS) business solutions.

The Company creates and delivers cloud-based Networked Procure-to-Pay solutions to help customers simplify operations and spend smarter by automating their procurement and finance processes. Basware serves globally operating enterprises and their suppliers across all industries and has over 6,500 customers in approximately 60 countries worldwide.

Basware is a supplier of Networked Procure-to-Pay solutions and electronic invoicing services for both suppliers and buyers with an extensive global electronic invoicing network with users in over 180 countries. The Company’s technology enables the capture of all financial data across procurement, finance, accounts payable and accounts receivable functions. In addition, Basware’s offering comprises services related to electronic procurement, accounts payable automation, analytics as well as professional services.

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