Basware reports successful first quarter 2010 despite challenging market situation

Basware, the leading provider of purchase-to-pay solutions, disclosed its successful first quarter interim report for 2010 with EUR 23 million in net sales. Despite the continued challenging economic environment, net sales increased by 6.5 percent compared with Q1 2009. Operating profit continued to remain strong at EUR 2 million, representing 9.2 percent of net sales. Basware performed well in all of its markets, with international operations accounting for 53.8 percent of net sales, a growth of 9.2 percent. Regionally, the fastest growth was seen in the North American business, with net sales increasing by more than 50 percent in local currencies. Net sales are expected to develop positively in 2010 on the level of 2009 and operating profit (EBIT) is expected to represent 10 to 15 percent of net sales.

"The first quarter of the year was a success despite the continued challenging market conditions,” comments Basware CEO Ilkka Sihvo. “Our net sales increased by 6.5 percent and our profitability by as much as 34.2 per cent. Connectivity Services, Software as a Service operations and License Sales in particular performed well. The performance in the first quarter provides a good starting point for the rest of the year."

During the reporting period, the fastest growing areas were Basware Connectivity services and Software as a Service operations, up 47.4 percent, consulting, up 21.8 percent, and maintenance functions, up 24.4 percent. The Basware Connectivity Services, which were launched at the beginning of 2009, have since been enhanced, with the service now including comprehensive solutions for both senders and recipients of e-invoices, as well as a supplier activation service. Basware Connectivity enables suppliers and buyers to communicate electronically in Basware's partner network, boosting Basware's current Enterprise Purchase to Pay offering.

About Basware
Basware is the global leader in purchase-to-pay solutions with more than 1,500 customers and 1,000,000 users in over 50 countries around the world. With Basware, organizations can reduce the cost of buying and paying for goods and services and gain visibility and control of their entire spending process by automating manual processes, from sourcing, contract management,  purchasing and supplier collaboration to invoice automation.  Basware solutions and services enable substantial cost reductions across businesses and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented, either on site or as a service, in Europe, the US, and Asia-Pacific through an extensive network of Basware offices and business partners. www.basware.com