Basware Expands Its Open Network wth German Acquisition

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REPORT AUTHOR: Vishal Patel, Research Director

On January 17, 2012, Basware kicked off the New Year by announcing that it had acquired First Businesspost GmbH (“1stbp”). for €12.2 million, which includes assumption of the company’s debt (€3.2 million). This Market Alert includes details about the deal and Ardent Partners’ analysis of it and the overall market. In addition to Basware, the report mentions competitors SAP, Crossgate, IBM, Ariba, Oracle, TecCom, B2Boost, OB10, Pagero, Celtrino, and Anachron.

Some key figures for 1stbp in the year ended 2011:
• Revenues: €2.4 million
• EBITDA: €0.5 million
• 4.5 million transactions in 2011 (90% e-invoices +10% POs)
• Approximately 39 employees, 28 in Munich, 11 in Romania (R&D)
• Approximately 150 receiver clients and 7,000 suppliers

The report also includes Ardent’s Deal Analysis which analyses the deal from Basware perspectives and the value they saw in the acquisition. This is followed by Ardent’s Market Analysis, which assesses the impact of the deal on the e-invoicing/trading network market and a discussion of what we’re likely to see over 2012.

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