Finland-based payment software company Basware has received a takeover proposal from US payment-technology startup Tradeshift.
Image: Tradeshift proposes to acquire Basware. Photo: courtesy of rawpixel/Unsplash.com.
Basware said the US firm had come up with a non-binding and conditional indicative proposal to acquire its entire share capital.
The Finnish firm disclosed that the proposal from Tradeshift will be based on various pre-conditions, including appropriate financing, a satisfactory due diligence review along with a recommendation from Basware’s board of directors.
Further, any tender offer will be completed subject to additional conditions such as approval by shareholders of the Finnish firm holding at least 90% of its shares, receipt of all the required regulatory approvals among others.
As of now, Basware said that it is yet to receive any confirmation that the financing needed for the proposed transaction has been secured. It added that there can be no assurance that the proposal will convert into a tender offer or any deal, or that a deal will be made for a certain amount.
Basware provides networked source-to-pay solutions, e-invoicing and value added services. The company, which calls itself as an open business network, claims that its commerce and financing network links businesses across more than 100 countries and territories.
The Finnish firm is said to offer scale and reach for organizations of all sizes by helping them to expand their business and exploit value across their operations by simplifying and optimizing financial processes.
Earlier this month, Basware added new machine learning and artificial intelligence capabilities across its suite of Source-to-Pay solutions.
Prior to that, the company launched a natural language processing, artificial intelligence-based virtual assistant to assist users navigate the company’s electronic procurement solution and find transactions faster than before.
Tradeshift, which is looking to acquire the Finnish firm, is a web-based business network founded in 2010. In May 2018, the payment-technology startup raised $250m through a Series E funding round led by Goldman Sachs and Public Sector Pension Investment Board.
Based in San Francisco, Tradeshift facilitates supply chain payments and marketplaces to over 1.5 million businesses across the world including the likes of HSBC, Societe Generale, Fujitsu, Air France-KLM and DHL.