Basware acquires TAG Services Pty Ltd in Australia>
Basware acquires TAG Services Pty Ltd in Australia
(Thomson Reuters ONE) - BASWARE STOCK EXCHANGE RELEASE, JULY 1, 2009 at 08:45Basware Corporation ('Basware') has today agreed on the acquisitionof the entire share capital of TAG Services Pty Ltd ('TAG Services'or the 'Company') in Australia. The acquisition price will be basedon the Company's net sales for its fiscal year from July 1, 2008 toJune 30, 2009 and the Company's net asset value on June 30th, 2009.The acquisition price is estimated to amount to 2,25 MillionAustralian dollars (approximately EUR 1,30 Million, using exchangerate of EUR/AUD 1,7359 on June 30, 2009). The Company's net assetvalue at June 30th is estimated to be 0,53 Million Australian dollars(approximately EUR 0,31 Million). The acquisition price will be paidin cash in two parts in July and August 2009.In addition the deal includes an additional acquisition price elementthat is based on the Company's net sales of the period from July 1,2009 to June 30, 2010 and will be paid in August 2010 at the latest.TAG Services has been Basware's partner since 2001 and offers BaswareEnterprise Purchase to Pay Solutions on the market. TAG Services'net sales of the fiscal year from July 1, 2008 to June 30, 2009 was2,26 Million Australian dollars (approximately EUR 1,29 Million)excluding the resale share to be paid to Basware and the operatingprofit was positive. The above mentioned figures are unaudited. TAGServices employs 15 persons who will join Basware in connection withthe acquisition. TAG Services hold a strong position on theAustralian markets, especially in the public sector. Customersinclude South Australian Dept of Health, South Australia Dept ofFamilies & Communities and Novartis among others."We are strengthening our organic growth by acquisitions as per ourstrategy. This acquisition gives us a strong foothold on theAustralian markets and enables us to further develop our business inAsia-Pacific region. After the acquisition we can sell BaswareEnterprise Purchase to Pay Solutions directly to end-users. Now weare able to launch Basware Connectivity Services also in this marketarea. In addition the new geographical location allows us to offer24/7 customer support to our global customers," says Ilkka Sihvo, CEOat Basware Corporation.For more information, please contactCEO Ilkka Sihvo, Basware Corporation, Tel. +358 9 8791 7251 or +35840 501 8251BASWARE CORPORATIONIlkka SihvoDistributionNASDAQ OMX Helsinki LtdMediaThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 01.07.2009 - 01:40 Uhr
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