Two global leaders in invoice processing will combine
expertise, product and customer base
LONDON, Aug. 14, 2023 /PRNewswire/
-- Genesis Bidco Limited, a wholly-owned subsidiary
of Basware, a leader in making AP automation and invoice
processing happen, today announced its firm intention to make an
offer to purchase the entire share capital of Glantus Holdings
PLC (LSE: GLAN). The Glantus Board unanimously recommends the
offer.
Combining market-leading AP automation from Basware and
specialist audit recovery and fraud prevention software from
Glantus means customers will obtain complete coverage through the
entire invoice processing and capital management lifecycle.
Glantus' solution will be plugged into Basware's offering, bringing
deeper expertise, an end-to-end data-driven view and speed to value
savings for customers.
Basware enables finance and accounting teams in global
enterprises to achieve efficiency through its invoice processing
and AP automation platform. Through its 1,300 strong workforce,
Basware automates more than 170 million invoices for thousands of
customers globally every year. Basware is backed by Accel-KKR, a
leading software private equity firm.
Glantus helps scaling companies generate capital by streamlining
their financial processes, correcting anomalies, consolidating
their data and providing real time reconciliation reports. Through
its Datashark AP platform, it specialises in capital recovery from
payment errors and identifying invoice fraud. Glantus went through
an IPO on the AIM market of the London Stock Exchange in
May 2021.
Jason Kurtz, CEO, Basware,
commented on the acquisition:
"Having communicated with the leadership team at Glantus
recently, I've been thoroughly impressed by their dedication to
revolutionise invoice automation for the office of the CFO – a
vision behind which we both unite. Both our companies target
similar customer segments – and we will be able to share our
strengths with Glantus, as well as learn from theirs. 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."
Maurice Healy, Founder and
CEO, Glantus Holdings PLC, added:
"This offer represents the biggest opportunity
in Glantus' 10-year history. We are immensely excited at the
prospect of joining a leader in invoice automation in Basware. The
synergy between our companies and our customer markets mean that we
will be a natural fit. We are looking forward to working with
Basware and the opportunity to combine the product offering as a
result of the proposed transaction."
Following a successful acquisition and delisting, all parties
intend to work together to develop Glantus in the private
domain.
Subject to obtaining all necessary approvals, the transaction is
expected to be finalised in Q4 2023. For more information, the
announcement issued under Rule 2.7 of the Irish Takeover Rules on
14 August 2023 is available on
Glantus' website at www.glantus.com and Basware's website at
www.basware.com.
Statement Required by the Irish Takeover Rules
The Genesis Bidco Limited directors and the Basware directors
accept responsibility for the information contained in this
communication other than that relating to Glantus, and for the
statements made by Glantus in respect of Basware. To the best of
the knowledge and belief of the Genesis Bidco Limited directors and
the Basware directors (who, in each case, have taken all reasonable
care to ensure such is the case), the information contained in this
communication for which they respectively accept responsibility is
in accordance with the facts and does not omit anything likely to
affect the import of such information.
The Glantus directors accept responsibility for the information
contained in this communication relating to Glantus, except for the
statements made by Basware in respect of Glantus. To the best of
the knowledge and belief of the Glantus directors (who, in each
case, have taken all reasonable care to ensure such is the case),
the information contained in this communication for which they
respectively accept responsibility is in accordance with the facts
and does not omit anything likely to affect the import of such
information.
No Profit Forecast / Asset Valuations
No statement in this press release constitutes a profit forecast
for any period, nor should any statement be interpreted to mean
that earnings or earnings per share will necessarily be greater or
lesser than those for the relevant preceding financial periods for
Genesis Bidco Limited, Basware or Glantus as appropriate. No
statement in this press release constitutes an asset valuation.
Forward-Looking Statements
This press release contains certain forward-looking statements
with respect to a proposed transaction involving Genesis Bidco
Limited, Basware and Glantus, and following the acquisition, if
completed, the combined group. The words "believe," "expect,"
"anticipate," "project", "intend" and similar expressions, among
others, generally identify forward-looking statements. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially from those
indicated in the forward-looking statements. Any forward-looking
statements in this communication are based upon information
available to Genesis Bidco Limited, Basware, Glantus and/or their
respective boards of directors, as the case may be, as of the date
of this communication and, while believed to be true when made, may
ultimately prove to be incorrect. No obligation is undertaken to
update these forward-looking statements.
Publication on a Website
In accordance with Rule 26.1 of the Irish Takeover Rules, a copy
of this press release will be available on Glantus' website at
www.glantus.com and Basware's website at www.basware.com by no
later than 12 noon (London time)
on 14 August 2023. The content of the
websites referred to in this press release is not incorporated into
and does not form part of this press release.
Media Contact
Basware
Abs Hassanali
Global Head of PR & Communications
+447400227701
abs.hassanali@basware.com
Glantus
Maurice
Healy
CEO
maurice.healy@glantus.com
About Basware
Basware is how finance leaders in global enterprises can finally
automate their complex, labor-intensive invoice processes and stay
compliant with regulatory change. Our AP automation and invoicing
platform helps you achieve a new level of efficiency – in a matter
of months – while reducing errors and risks. We bring a unique
combination of true automation, complete coverage, and deeper
expertise to make it all just happen for our customers. That's why
the world's most efficient AP departments at thousands of companies
rely on Basware to handle over 170 million invoices per year.
Basware. Now it all just happens.™
About Glantus
Glantus is a global provider of accounts payable automation and
analytics solutions. The Glantus mission is to simplify data to
drive constant innovation. The award-winning Glantus Datashark
Platform is rapidly deployed around existing transactional systems
to provide a single platform for Accounts Payable transformation.
The automation solutions recover lost working capital, improve
efficiency, and prevent errors. The advanced analytics empower
customers to make decisions based on real-time data. We connect all
AP systems and suppliers, eliminating cost and delivering new
revenue streams. Glantus champions the amazing potential of the AP
industry by freeing up its leaders, its best thinkers, and its
doers to realise new value. We work in tandem with our partners, to
deliver joint enterprise digital transformation solutions. For more
information see glantus.com.
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