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BasWare Oyj (HEL:BAS1V) BASWARE CORP. STOCK EXCHANGE RELEASE SEPTEMBER 29, 2008 Basware Corporation's ('Basware') acquisition of the entire share capital of Contempus AS ('Contempus') from Affecto has been endorsed. The acquisition price amounts to NOK 83.6 million (approximately EUR 10.1 million, using exchange rate of EUR/NOK 8.27). Contempus was part of Affecto's Norwegian operations and provides Purchase to Pay as well as Enterprise Content Management solutions.
The acquisition strengthens Basware's market position in Norway, Sweden and the UK as well as brings valuable expertise to Basware to improve competitiveness. In addition Basware can extend its distribution channel through existing Contempus' sales channel in the United States and Benelux countries.
Synergy benefits can be reached by unifying the businesses as well as by transferring to common infrastructure and common offices in Oslo, Stockholm and Manchester. Cost savings will be realized starting from the beginning of 2009 and they will be approximately EUR 3 million by the end of 2009. One-off-items are approximately EUR 1 million and they will all be realized in the fiscal year of 2008. The financial figures of Contempus will be integrated into Basware as of October 1, 2008 and the profit of Contempus will be positive before one-off-items. Basware's financial guidance for 2008 remains unchanged and will be reviewed in the next interim report on October 14, 2008. Contempus was part of Component Software Group ASA which Affecto acquired in 2007. On June 30, 2008, Contempus had 55 employees and a net cash position of approximately NOK 17 (approx. EUR 2.1) million and it is estimated that there has been no substantial change to those by the time of the acquisition. In 2007, Contempus generated revenue of NOK 69.3 (approx. EUR 8.4) million and EBITA of NOK 6.8 (approx. EUR 0.82) million. The growth of net sales in the first half of 2008 has been 28% compared with the first half of 2007. Contempus has over 17 years of experience in the development and implementation of electronic document management solutions and the operations are focused around its proprietary Contempus software products. The company has service organizations that distribute, implement and maintain the installations in Norway and Sweden. It has established a new fully owned subsidiary, Contempus UK Ltd, in 2008, serving both customers and partners in the UK. Furthermore, the company has partners in the US and Benelux countries to cover international markets. "The acquisition strengthens Basware's position in the Enterprise Purchase to Pay markets in Norway, Sweden and the United Kingdom. Additionally, we will gain valuable expertise to improve our competitiveness," says Hannu Vaajoensuu, Chairman of the Board, Basware Corp. For further information, please contact: Chairman of the Board Hannu Vaajoensuu, Basware Corporation, tel. +358 9 8791 7250 or +358 40 501 8250 CEO Ilkka Sihvo, Basware Corporation, tel. +358 9 8791 7251 or +358 40 501 8251
BASWARE CORPORATION Hannu Vaajoensuu
DISTRIBUTION Helsinki Stock Exchange Principal Media www.basware.com
