Finland-based eInvoicing and B2B payments firm Basware has announced to shareholders that discussions about a possible acquisition by supply chain payments firm Tradeshift have ended.
In an announcement on Thursday (Feb. 28), Basware said it has “terminated discussions with Tradeshift Holdings,” adding that Tradeshift cited “conditions in the capital markets” that led the company to end efforts to acquire Basware. As a result, the companies have entered into a standstill agreement until Nov. 12, 2019.
In a statement, Basware Chairman of the Board Ilkka Sihvo said the company “has a strong independent organic strategy and is well-positioned to further expand its leadership position in this market.”
Tradeshift and Basware first revealed they were in discussions for a possible deal last November, when Basware confirmed to Bloomberg it had received an unsolicited takeover proposal. At the time, Basware said it was awaiting confirmation that Tradeshift had the financing in place to move forward with the acquisition, and noted there was no guarantee the takeover would occur.
News of the decision came on the same day that Tradeshift announced a partnership with TransferMate to enhance cross-border payment capabilities. In their press release, the firms said TransferMate Global Payments will integrate into Tradeshift to facilitate same-day global payments for Tradeshift users.
“TransferMate’s proven global customer success integrated software platform, together with one of the widest portfolios of regulated payment licenses across the globe, makes them an ideal application partner,” said Tradeshift Chief Executive Officer Christian Lanng in a statement. “More accurate, faster cross-border payments such as those that TransferMate provides are a critical value add for our customers.”
In another statement, TransferMate Co-founder Sinead Fitzmaurice said the company’s integrated payments platform, designed to service global traders, supports improved working capital management.
“Adding the functionality to pay or receive internationally and combining TransferMate’s global network of regulated payment licenses within the Tradeshift platform provides their customers around the world with significant savings,” he added.