BASWARE CORP. STOCK EXCHANGE RELEASE SEPTEMBER 5, 2008
Basware Corporation ('Basware') has today agreed on the acquisition
of the entire share capital of Contempus AS ('Contempus') from
Affecto. Contempus provides Purchase to Pay as well as Enterprise
Content Management solutions. The fixed acquisition price amounts to
NOK 70 (approximately EUR 8.7) million and additional price NOK 15
(EUR 1.8) million at maximum. Both fixed and additional price will
be paid in cash on closing date. Basware finances the acquisition
with a bank loan. The acquisition is subject to the approval of the
Norwegian competition authorities and the transaction is expected to
be closed in 2008, after the necessary approvals from authorities
have been received. Basware will announce more information about the
final acquisition price, expected synergy benefits as well as
financial guidance related to the acquisition on closing date.
Contempus was part of Component Software Group ASA which Affecto
acquired in 2007. On June 30, 2008, Contempus had 55 employees and a
net cash position of approximately NOK 17 (approx. EUR 2.1) million
and it is estimated that there has been no substantial change to
those by the time of the acquisition. In 2007, Contempus generated
revenue of NOK 69.3 (approx. EUR 8.7) million and EBITA of NOK 6.8
(approx. EUR 0.85) million. The growth of net sales in the first half
of 2008 has been 28% compared with the first half of 2007.
Contempus has over 17 years of experience in the development and
implementation of electronic document management solutions and the
operations are focused around its proprietary Contempus software
products. The company has service organizations that distribute,
implement and maintain the installations in Norway and Sweden. It has
established a new fully owned subsidiary, Contempus UK Ltd, in 2008,
serving both customers and partners in the UK. Furthermore, the
company has partners in the US and Benelux countries to cover
international markets."The acquisition strengthens Basware's position in the Enterprise
Purchase to Pay markets in Norway, Sweden and the United Kingdom.
Additionally, we will gain valuable expertise to improve our
competitiveness," says Hannu Vaajoensuu, Chairman of the Board,
Basware Corp.
For further information, please contact:
Chairman of the Board Hannu Vaajoensuu, Basware Corporation, tel.
+358 9 8791 7250 or +358 40 501 8250
CEO Ilkka Sihvo, Basware Corporation, tel. +358 9 8791 7251 or +358
40 501 8251
BASWARE CORPORATION
Hannu Vaajoensuu
DISTRIBUTION
Helsinki Stock Exchange
Principal Media
www.basware.com