AP automation and invoice processing firm Basware has made a £17.8 million cash offer for the entire share capital of Ireland's Glantus.
The offer, made through Basware subsidiary Genesis Bidco, implies an enterprise value of £29.5
million for AIM-listed Glantus. The Glantus board is unanimously recommending the deal.
Glantus provides accounts payable automation and analytics technology. Basware says that combining its AP automation with the other firm's specialist audit recovery and fraud prevention software will give customers complete coverage through the entire invoice processing and capital management lifecycle.
Glantus' tech will be plugged into Basware's offering, "bringing deeper expertise, an end-to-end data-driven view and speed to value savings for customers," says a statement.
Jason Kurtz, CEO, Basware, says: "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."
The transaction and delisting of Glantus is slated for the fourth quarter, subject to approvals.