LONDON, UK: Genesis Bidco Limited, wholly-owned by Basware Oy, reached agreement to acquire Glantus Holdings Plc at the rate of £0.3342 in cash for each Glantus share.

The acquisition values the entire issued and to be issued share capital of Glantus at approximately £17.8 million on a fully diluted basis and implies an enterprise value of £29.5 million. The acquisition will be implemented by means of a High Court sanctioned scheme of arrangement.

Glantus is a public company registered in Ireland whose shares have been admitted to trading on AIM since 11 May 2021. Glantus specialises in providing data analysis and automation solutions to businesses, helping organisations extract valuable insights from their data, streamline processes and make informed decisions.

Maurice Healy, Chief Executive Officer of Glantus Holdings, said: “Over recent years, Glantus has expanded operations to develop an enviable position as a leading analytics and automation service provider across Ireland, the UK and the US, combining a unique customer proposition with an effective business model.

That said, the Company has faced an extraordinary challenging period since listing in 2021. 2022 was particularly difficult and Glantus was forced to restructure the business and enter into negotiations with its lender due to low levels of cash resources. While trading has improved in FY23 so far and Glantus is much better positioned following the restructure, the Company has significant levels of debt in a higher interest rate environment and low levels of cash resources and confidence with public market investors take a significant time to rebuild.  These factors are all reflected in the Company’s current market capitalisation.

The Glantus Board is unanimously recommending the offer from Bidco, as it represents a compelling opportunity for shareholders to realise their investment in cash in the near term and is at a very significant premium to recent share prices.

Despite recent challenges, the business has significant scope to further expand its footprint, which we believe will be best achieved in the private arena where Glantus can benefit from the experience and capital of Basware as its partner, whilst maintaining the management and wider team which have driven the business forward to date.”

Jason Kurtz, Chief Executive Officer of Basware Oy said: “The acquisition of Glantus is a compelling opportunity and one that is consistent with Basware’s strategy of investing in AP automation applications that deliver value to our customers. We believe Glantus is an exceptional fit with our investment strategy in terms of size, focus and business model. Partnering with a high-quality management team will allow us to build long term shareholder value whilst leveraging off the core domain expertise of Glantus to create truly differentiated products and deliver unique value to customers.”

Basware provides solutions that help finance leaders in global enterprises automate complex, labor-intensive invoice processes. Its AP automation and invoicing platforms help customers achieve efficiency while reducing errors and risks. Some of the world’s most efficient AP departments at world-class brands rely on Basware to handle over 170 million invoices per year, often processing 89% of invoices totally touchless.

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