Basware, a company that automates AP processes and processes invoices, has made an all-cash offer of EUR 17.8 million for Glantus, an Irish company.
The offer, made through Basware subsidiary Genesis Bidco, suggests that Glantus, which is listed on AIM, has an enterprise value of EUR 29.5 million. The deal has unanimous support from the Glantus board.
Glantus offers analytics and automation for accounts payable. According to Basware, customers will receive comprehensive coverage throughout the entire invoice processing and capital management lifecycle.
Their AP automation will be combined with the other company’s specialized audit recovery and fraud prevention software. Depending on approvals, the transaction and delisting of Glantus are planned for the fourth quarter.