Genesis Bidco Limited to Make Offer to Acquire Entire Share Capital of Glantus Holdings

Genesis Bidco Limited, a wholly-owned subsidiary of Basware, which claims to be a leader in making AP automation and invoice processing happen, announced its firm intention to make an offer to purchase the entire share capital of Glantus Holdings PLC (LSE: GLAN).

The Glantus Board unanimously “recommends the offer.”

Glantus’ solution will be plugged into Basware’s offering

Combining AP automation from Basware and specialist audit recovery and fraud prevention software from Glantus means 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 enables finance and accounting teams in global enterprises “to achieve efficiency through its invoice processing and AP automation platform.”

Through its 1,300 strong workforce, Basware reportedly “automates more than 170 million invoices for thousands of customers globally every year.” Basware is backed “by Accel-KKR, a leading software private equity firm.”

Glantus helps scaling companies generate capital “by streamlining their financial processes, correcting anomalies, consolidating their data and providing real time reconciliation reports.”

Through its Datashark AP platform, it specialises “in capital recovery from payment errors and identifying invoice fraud.” Glantus went through an IPO “on the AIM market of the London Stock Exchange in May 2021.”

Jason Kurtz, CEO, Basware, commented on the acquisition:

“Having communicated with the leadership team at Glantus recently, I’ve 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 mean 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.”

Following a successful acquisition and delisting, all parties “intend to work together to develop Glantus in the private domain.”

Subject to obtaining all necessary approvals, the transaction is “expected to be finalised in Q4 2023.”

For more information, the announcement issued “under Rule 2.7 of the Irish Takeover Rules on 14 August 2023 is available on Glantus’ website.”

The Glantus directors accept responsibility “for the information contained in this communication relating to Glantus, except for the statements made by Basware in respect of Glantus.”

Sponsored Links by DQ Promote



Send this to a friend