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Glantus Holdings PLC on Monday said it agreed on a recommended all-cash offer by Genesis Bidco, a company wholly-owned by Basware Oy, valuing the company at £17.8 million.
Basware is a company focused on accounts payable automation, which facilitates a solution designed to enable touchless invoice processing for companies.
Glantus, an AIM-listed Dublin-based provider of accounts payable automation and analytics services said the offer is for 33.42 pence per share, which is a hefty premium to the 11.2p closing price on July 4 before takeover discussions were first announced.
It is also a 67% premium to Glantus’s closing price on Friday. Shares surged 60% to 32.00p each in London at the open on Monday.
It gives the company a valuation of £17.8 million on a fully diluted basis, and implies an enterprise value of £29.5 million.
‘Despite recent challenges, the business has significant scope to further expand its footprint, which we believe will be best achieved in the private arena where Glantus can benefit from the experience and capital of Basware as its partner, whilst maintaining the management and wider team which have driven the business forward to date,’ said Chief Executive Officer Maurice Healy.
He added that trading in 2023 has improved so far and that the company ‘is much better positioned following the restructure, the company has significant levels of debt in a higher interest rate environment and low levels of cash resources and confidence with public market investors take a significant time to rebuild.’
The board unanimously recommends the offer, Glantus said.
Basware Chief Executive Officer Jason Kurtz said: ‘The acquisition of Glantus is a compelling opportunity and one that is consistent with Basware’s strategy of investing in accounts payable automation applications that deliver value to our customers.
‘We believe Glantus is an exceptional fit with our investment strategy in terms of size, focus and business model. Partnering with a high-quality management team will allow us to build long term shareholder value whilst leveraging off the core domain expertise of Glantus to create truly differentiated products and deliver unique value to customers.’
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