The two units are acquired by the private equity company Verdane Capital, which will turn the two units into separate companies.
According to a press release, combined, the two units saw net sales of about USD 18.7 million in 2017.
Tomi Lod, currently based at Basware’s Finnish operations, will step in as CEO of both companies. The FPS unit provides financial consolidation and reporting software, while the Banking unit offers automated payments solutions.
The companies, said Basware, decided to divest the units in an effort to refocus on its core operations surrounding procure-to-pay. Basware also aims to focus on international growth moving forward.
Basware and Verdane Capital said they expect the acquisition to be completed in the first quarter of 2018, and added that 95 employees will move from Basware to Verdane.
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