Nordic investor Verdane Capital is buying two business units from Basware Corporation. The Finnish company announced the deal on February 2, 2018. Verdane will take over Basware’s Financial Performance Solutions (FPS) business and its Banking business.
The combined price is about EUR 35.0 million, though it is subject to certain adjustments, and the buyer pays in cash at closing. Once the deal closes, 95 employees will move from Basware to the new owner. The two units had net sales of around EUR 15 million in 2017.
FPS sells software for financial consolidation and reporting, and it has been described as the leading provider of such tools in Finland. Banking, by contrast, focuses on payment automation.
After the sale, the units will run as two separate companies. Tomi Lod, who comes from Basware in Finland, is set to lead both of them as CEO.
For Basware, the sale is about focus. The company is refocusing on its purchase-to-pay business, while the two units it sold sit outside that core.
Finnish law firm Krogerus advised Verdane on the transaction, and partner Marcus Möller led its team. Other partners also handled the separation of the businesses and the financing side.
The deal did not take long to close. Basware completed the sale on February 28, 2018, less than a month after the first announcement, with the enterprise value of the two businesses put at roughly EUR 35 million.
