Basware Offers £17.8M for Glantus

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Sally Hardcastle
Aug 29, 2023
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Finnish software firm Basware has made an offer to acquire Irish fintech company Glantus.

Based on a filing with the London Stock Exchange, the deal is said to be worth around £17.8 million with an implied value of £29.5 million for Glantus. The offer has been unanimously recommended by the Glantus board. If approved, the deal is expected to be finalised in Q4 of 2023.

Both companies currently operate within the AP processing space. Basware offers an AP automation and invoice processing platform, which processes around 170 million invoices each year. Glantus' own AP platform - Datashark - specialises in capital recovery from payment errors and invoicing fraud. Basware aims to provide "complete coverage" of the AP process by adding Glantus' fraud prevention software to its current AP platform.

Of the deal, Jason Kurtz, CEO of Basware said, “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.”

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