Finland’s Basware plans to acquire Irish FinTech Glantus

By Gloria Methri

Genesis Bidco Limited, a wholly-owned subsidiary of Finnish software firm Basware has announced plans to acquire Irish FinTech Glantus Holdings PLC.

By combining AP automation from Basware and specialist audit recovery and fraud prevention software, Glantus customers will obtain complete coverage through the entire invoice processing and capital management lifecycle. Glantus’ solution will be plugged into Basware’s offering, bringing deeper expertise, an end-to-end data-driven view, and speed to value savings for customers.

Basware operates an accounts payable (AP) automation and invoice processing platform to boost the efficiency of finance and accounting teams. The firm says it automates over 170 million invoices every year for “thousands” of customers globally. Through its Datashark AP platform, it specialises in capital recovery from payment errors and identifying invoice fraud.

Jason Kurtz, CEO, of Basware said, “Having communicated with the leadership team at Glantus recently, I have been thoroughly impressed by their dedication to revolutionise invoice automation for the office of the CFO – a vision behind which we both unite. Both our companies target similar customer segments – and we will be able to share our strengths with Glantus, as well as learn from theirs. Glantus is an exceptional fit with our investment strategy in terms of size, focus, and business model. Our proposed acquisition of Glantus will further expand our product suite and we believe add value to customers in an accelerated time.”

Maurice Healy, Founder and CEO, Glantus Holdings PLC, added “This offer represents the biggest opportunity in Glantus’ 10-year history. We are immensely excited at the prospect of joining a leader in invoice automation in Basware. The synergy between our companies and our customer markets means that we will be a natural fit. We are looking forward to working with Basware and the opportunity to combine the product offering as a result of the proposed transaction.”