Basware Corporation, stock exchange release, November 2, 2016 at 10:00
Basware launches a productivity programme to simplify operations aimed at boosting cloud growth
Basware is today launching a productivity programme to simplify its operations and increase scalability, aimed at accelerating the growth of its cloud-based business and increasing productivity.
Basware has in the recent years undergone a major transition to become a cloud-based services provider. On October 19,2016, Basware announced refinements to its strategy targets, with strengthened focus on execution and an additional set of actions to boost cloud growth and increase productivity by simplifying operations and increasing scalability. These organization-wide activities include focusing on sales and marketing, customer satisfaction and experience, product development and partnerships, as well as growing and monetizing the Basware Network and evolving Basware's culture and working methods to focus more on performance.
Cloud revenue growth is Basware's primary objective and Basware will continue to strengthen its leading market position in in order to grow cloud revenue and address the challenges which other parts of the business are facing. The aim of the planned actions is to optimize the company's operations to better support its cloud-based business model.
The company aims to make productivity gains by simplifying its operations and potentially by making personnel reductions affecting 130 employees globally. As at the end of September 2016, Basware's global headcount was 1,881 employees. The company is targeting annual savings related to personnel of approximately EUR 7 to 8 million starting from 2018, in addition to other potential savings through the programme. Basware is therefore exploring the possibility of making personnel reductions which may affect operations in Finland and Belgium in addition to other locations. Any labour negotiations will be executed in cooperation with the personnel and in compliance with local legal requirements.
"Over the recent years, Basware's business operations have expanded significantly organically and through acquisitions. Our market position is extremely strong as the leading provider of networked purchase-to-pay solutions, including e-invoicing and financing services. The market and customer demand for cloud-based services has strongly increased and we have strengthened particularly sales and marketing operations in our key markets, to accelerate the growth of our cloud-based business," says Vesa Tykkyläinen, CEO, Basware Corporation. "Basware's vision, view on the significant future potential of our markets and our ability to capture that opportunity is unchanged. However, what is required now is more focus on execution and customers. As a result of these necessary actions, some of which are difficult, Basware will become more lean and productive, and target and customer-focused."
For more information, please contact:
Ben Selby, Head of Investor Relations, Basware Corporation
Tel. +358 50 305 8077, email@example.com
Sirje Ahvenlampi-Hyvönen, Communications Director, Basware Corporation
Tel. +358 50 557 3822, firstname.lastname@example.org
Basware (Nasdaq: BAS1V) is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. Basware's commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Find out more at www.basware.com/investors.
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