Basware Plans To Make An Offer To Purchase The Entire Share Capital At Glantus

Basware, through its wholly-owned subsidiary known as Genesis Bidco Limited, has announced its intention to make an offer to purchase the entire share capital of Glantus Holdings PLC. The company is a leader in AP automation and invoice processing.

Basware plans to acquire Glantus

The offer has been unanimously approved by the Glantus Board. It will combine the market-leading AP automation from Basware and the specialist audit recovery and fraud prevention software offered by Glantus. Through this acquisition, customers will have full coverage through the invoice processing and capital management lifecycle.

The solution offered by Glantus will also be available as part of Basware’s offerings while bringing more expertise and an end-to-end data-driven outlook. The platform will also provide speed to value savings for the customers.

Basware also supports finance and accounting teams across global enterprises by giving them efficiency through invoice processing and AP automation. Basware also boasts a workforce of 1,300 employees, and it will automate over 170 million invoices for thousands of clients globally.

Basware is backed by one of the largest software private equity companies, Accel-KKR. On the other hand, Glantus supports the scalability of companies by helping them generate capital through streamlining financial processes, amending anomalies, and consolidating data for real-time reconciliation reports.

Glantus operates a Datashark AP platform that deals in capital recovery by identifying invoice fraud and payment errors. The platform underwent an initial public offering on the London Stock Exchange on May 2021.

Transforming the invoice automation process

The CEO of Basware, Jason Kurtz, commented on this development saying that the Glantus team appeared dedicated to transforming the invoice automation process. Kurtz also noted that the two companies targeted companies with the same customer segments and would share the strengths with Glantus while learning from the platform.

“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,” Kurtz said.

The founder and CEO of Glantus Holdings, Maurice Healy, noted that the offer presented a massive opportunity in the company’s ten-year history. As such, the company was excited about being part of the invoice automation process in Basware.

Healy also said the synergy between the companies and customer markets made them a natural fit. He also said that the company planned to work with Basware and leverage the opportunity presented by combining the product offering because of this proposed transaction.

After this successful acquisition process and delisting, the parties plan to work together to develop Glantus using the private domain. The acquisition will be closed in the fourth quarter of 2023. The offering will also be subject to approval by regulators. However, if the process is finalized, it will play a critical role in the two companies offerings.