Acquisitions

Basware acquired e-invoicing operator First Businesspost GmbH in Germany in January 2012

The acquisition price amounts to approximately EUR 12.2 million. Debt free price is approximately EUR 9.0 million in addition to which Basware takes over approximately EUR 3.2 million of parent company loans in the company. The acquisition price will be paid in cash in connection with the closing of the acquisition. Twenty (20) percent of the debt free price will be paid to an escrow account. The escrow agreement is in place until the end of January 2013. In 2011 1stbp’s net sales totaled over EUR 2.4 million growing by more than 25% annually.  EBITDA in 2011 amounted to approximately EUR 0.5 million. 1stbp has 39 employees with facilities in Munich and an R&D center in Romania.

With this acquisition Basware will become the leading e-Invoice operator in Germany and will further expand its global presence. 1stbp is recognized for its technology to onboard suppliers easily and quickly.

Basware acquired TNT Post's Connectivity operations in October 2010

Basware acquired TNT Post's Connectivity operations, which is a part of TNT Post's electronic invoicing operations in the Netherlands.
TNT Post's Connectivity operations has over 100 e-invoice customers and the estimated amount of annual transactions is close to 1 million. The company employs 2 people, who will join Basware in connection with the acquisition.

Basware acquired TAG Services Pty Ltd in July 2009

The purchase price will be based on the Company's net sales for its fiscal year from July 1, 2008 to June 30, 2009 and the Company's net asset value on June 30th, 2009.  The purchase price is estimated to amount to 2,25 Million Australian dollars (approximately EUR 1,30 Million, using exchange rate of EUR/AUD 1,7359 on June 30, 2009). The Company's net asset value at June 30th is estimated to be 0,53 Million Australian dollars (approximately EUR 0,31 Million). In addition the deal includes an additional acquisition price element that is based on the Company's net sales of the period from July 1, 2009 to June 30, 2010 and will be paid in August 2010 at the latest.

TAG Services has been Basware's partner since 2001 and offers Basware Enterprise Purchase to Pay Solutions on the market. TAG Services employs 15 persons who will join Basware in connection with the acquisition. TAG Services hold a strong position on the Australian markets, especially in the public sector.

Basware acquired Itella's Norwegian invoice automation solution business in January 2009

The purchase price is NOK 7.25 million (approximately EUR 0.80 million). Revenues of Itella's invoice automation solution business for 2008 amounted to approximately NOK 12.0 million (approximately EUR 1.33 million) and the business is profitable. The business operations primarily consist of regularly charged Software as a Service ("SaaS") business. The technological platform is Basware's Invoice Processing product. Itella's operations employed five people, who joined Basware in connection with the acquisition.

Basware acquired Contempus AS in September 2008

The acquisition price amounts to approximately EUR 10.1 million. Contempus was part of Affecto's Norwegian operations and provides Purchase to Pay as well as Enterprise Content Management solutions. The acquisition strengthens Basware's market position in Norway, Sweden and the UK as well as brings valuable expertise to Basware to improve competitiveness. Basware can extend its distribution channel through existing Contempus' sales channel in the United States and Benelux countries.