BasWare, Analyste, Financial, Accounting, Software
BasWare to acquire the financial software provider Analyste
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BasWare Corporation has agreed on an acquisition of the entire share capital of Analyste Corporation. The acquisition price amounts to approx. EUR 27.37 million.
The acquisition strengthens BasWare's position in Finland and extends the product portfolio to cover, for example, payment software. After the acquisition, BasWare's total net sales are expected to grow approximately 45 percent in 2006 and operating profit is estimated to be more than 15 percent of net sales.
Analyste is a Finnish software company that develops financial software for payment transactions between companies and banks, electronic processing of invoices as well as cash management and financing planning. The company's products and services are used in more than 7 000 organizations, for example in almost half of the 500 largest Finnish companies and over half of the Finnish municipalities. Analyste's net sales totaled EUR 9.8 million and operating profit EUR 2.8 million according to IFRS (un-audited) in 2005. Net sales came almost wholly from Finland. Analyste had 107 employees at the end of 2005.
"The acquisition of Analyste follows our acquisition strategy and complements BasWare's product portfolio and clientele in an excellent way. The internationalization of Analyste's payment software can be realized effectively through BasWare's sales channels. Additionally, we gain valuable expertise regarding purchase to pay products, product management and quality systems, among other things," says Hannu Vaajoensuu, Chairman of the Board of Directors at BasWare.
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