Basware acquires Certipost
Basware Corporation has on October 5, 2012 signed an agreement to acquire the network and e-Invoicing business of Certipost, a bpost company and the leading e-Invoice operator in the Benelux. Basware Corporation will establish a fully owned subsidiary in Belgium and the acquired assets and liabilities will be transferred to this entity.
The closing of the acquisition will take place after the mandatory formalities under the Belgian legislation have been completed. Basware will consolidate the acquired business into its net sales and profit starting from the closing date. In 2012, the net sales of the acquired business are expected to amount to approximately EUR 8.5 million.
The initial acquisition price of approximately EUR 18.2 million will be paid in cash on the closing date. The final acquisition price will be based on the audited 2012 annual accounts. Basware will announce more information about the synergy benefits as well as financial guidance related to the acquisition on the closing date.
"We are actively looking for possibilities to gain a stronger position in selected markets, and new customers with growth potential for Basware solutions and services, both organically and through acquisitions", explains Esa Tihilä, CEO, Basware Corporation. "The synergy benefits of the acquired network and e-Invoicing assets of Certipost derive from accelerated growth potential. We will achieve significant market position with a single acquisition in the Benelux, where we expect the e-Invoicing markets to grow substantially in the upcoming years. This acquisition will also make Basware the market leader in e-Invoicing in the Benelux market."
Certipost, based in Aalst Belgium, is part of the bpost Group. The company positions itself as a growing specialist in secure electronic document exchange for companies, the government, and consumers. In 2011, Certipost had more than 85,000 companies using its technology to exchange documents electronically and it reaches over 100,000 companies in Europe through roaming. Certipost employs currently 84 people, of whom 76 employees work in the network and e-Invoicing business.
"Certipost has in-depth knowledge on providing services to both local and international buyers and suppliers in e-Invoicing which complements Basware services. Certipost's extensive expertise in electronic data interchange (EDI) was also crucial in the establishment of an agreement", says Tihilä. "Basware aims to become the largest business commerce network for both buyers and suppliers and to reach 150 million transactions by the end of 2015. Basware intends to accelerate global growth by growing its Open Network and offering targeted for the small and medium enterprises which is now available for the entire Benelux market. With the acquisition, we estimate to add approximately 12 million transactions to our global Open Network."
The acquisition of Certipost's network and e-Invoicing business is Basware's second announced acquisition in 2012. In early 2012, Basware became the leading e-Invoice operator in Germany with the acquisition of First Businesspost GmbH.