Basware Corporation, stock exchange release, September 3, 2014 at 08:45
Basware and Arrowgrass Capital Partners LLP to jointly develop a new e-invoicing based factoring service
Basware and Arrowgrass Capital Partners LLP ("Arrowgrass") have signed a Letter of Intent agreement under which the parties have agreed to jointly develop a new e-invoicing based factoring service, Basware Factoring.
The Letter of Intent outlines the cooperation to jointly develop, resource and maintain the new service, and the establishment of a jointly owned entity to manage it.
Basware Factoring will provide a powerful solution enabling suppliers to receive early payment for invoices, and improve their working capital management with financing provided via Arrowgrass. The transparency and automation provided by the Basware Network will enable Basware and Arrowgrass to deliver invoice financing, on highly competitive terms, to suppliers of all sizes on an international basis.
Basware plans to launch Basware Factoring in 2015 as one of the key services within its new Financing Services portfolio. Through the Basware Network these innovative payment and financing solutions will be available to buyers and suppliers of all sizes.
Arrowgrass Capital Partners LLP is a European focused alternative asset manager, head-quartered in London. Arrowgrass has more than 100 employees operating from offices in London and New York, and has approximately $5B in AUM.
For more information, please contact:
Esa Tihilä, CEO, Basware Corporation
Tel. +358 40 480 7098
NASDAQ OMX Helsinki Ltd