An Update from Basware's CEO

18 July 2022

An Update from Basware's CEO

I am writing to share exciting news about Basware. On the 15th of July, a consortium of investors including long-time Basware investors, Long Path Partners and Briarwood Capital Partners, along with Accel-KKR, a technology-focused global investment firm, successfully acquired over 95% of Basware shares through a voluntary public tender offer. This effort was undertaken with the full support of our board of directors and Basware management.

These investment firms have been following and supporting Basware for many years, and they believe in the long-term value and potential of the company and our people. We are very pleased to reach this milestone together and I am excited about what we can achieve together to further advance our solutions and services for valued customers like you. Our focus remains unchanged and we are fully devoted to our Accounts Payable automation, e-invoicing, and procurement cloud solutions.

What does this mean for you, our customer?

Nothing will change from your perspective, and you don’t need to take any action. We continue to focus on driving value every day for you through our solutions and services. I want to take this opportunity to share what happens next for Basware and introduce you to our new investors.

Who are the investors in the consortium?

AKKR

Accel-KKR

Accel-KKR was founded in 2000 in Silicon Valley, and today comprises a team of over 80 investment, operational and consulting professionals in Menlo Park, Atlanta, London and Mexico City. The investment firm specialises in partnering with software and tech-enabled services companies to increase underlying business value over the long-term. Since its inception, the company has acquired or invested in over 300 businesses across the globe, including successful investments in the P2P space.

Long Path

Long Path Partners

Long Path Partners was founded in 2018 and the company invests in a limited number of high quality, predictable businesses operating primarily in the enterprise software and business & information service markets. Long Path’s patient and flexible capital base allows for partnering with management teams to execute long-duration investments in both the public and private markets on a global basis. Long Path has been a shareholder of Basware since 2019.

BCM

Briarwood Capital Management

Briarwood Capital Management employs a research-driven, value-oriented investment style focused on international equities. Briarwood is a long-term oriented owner, which seeks to form partnerships with management teams for an extended duration and to work collaboratively on areas where Briarwood can bring expertise such as capital markets. Briarwood has been a shareholder of Basware since 2019.

What happens next?

As a legal structure, Basware will begin the standard regulatory process under the relevant laws and regulations and the rules of Nasdaq Helsinki to become a private company.

An opportunity to accelerate value creation

The consortium members have been following Basware for years and they value all aspects of our business from the market-leading SaaS products and services to our large global customer base as well as the strength of our highly skilled and motivated employees.

I see this new ownership as a fantastic opportunity to strengthen our position in Networked Procure-to-Pay solutions and services. Our investors bring both insight and capital that will create opportunities to accelerate our journey and help us grow our market share globally. As a private company we will be able to focus even more on the things that add value to you, such as accelerated product innovation and superior customer experience.

On behalf of the consortium members, Dean Jacobson, Managing Director of Accel-KKR shares his perspective: “Basware is widely recognized as a market leader in E-invoicing, Accounts Payable automation and Procurement, including being named a Visionary in the Gartner Magic Quadrant. Together with Klaus and the entire Basware team, we plan to build on the strength of the company’s brand, history, and market-leading capabilities to innovate quickly and continually deliver value to customers like you.”

So, exciting times ahead, and I look forward to continuing working with you as we embark on this journey. If you would like to discuss any aspect of today’s announcement, please don’t hesitate to contact us. And lastly and most importantly, thank you for being a valued customer.

Kind regards,

Klaus Andersen
CEO, Basware

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About Basware: 


Basware is the only procure-to-pay and e-invoicing solution provider that empowers businesses with 100% spend visibility through 100% supplier connectivity and 100% data capture. Our cloud-based technology enables organisations to fully manage their spend, mitigate financial risk and reduce the cost of operations via automation. With the world’s largest open business network and an open technology ecosystem, we are uniquely positioned to deliver the solution required for Visible Commerce, which provides customers with complete transparency into all the flows of money, goods, and services around the world. A global company, Basware has offices in 14 countries and is traded on the Helsinki exchange (BAS1V: HE).