Genesis Bidco Aims to Acquire Fraud Prevention Firm Glantus

Basware subsidiary Genesis Bidco Limited has announced its intention to purchase the entire share capital of Glantus Holdings PLC, a provider of specialist audit recovery and fraud prevention software.

In response, the Glantus board has unanimously endorsed the acquisition, the companies said in a Monday (Aug. 14) press release.

The move aims to combine accounts payable (AP) automation from Basware with the services provided by Glantus, according to the press release. The combination will mean that customers of both companies will have the added benefit of obtaining complete coverage through the entire invoice processing and capital management lifecycle.

Basware is looking to help finance and accounting teams in global enterprises to achieve efficiency through its invoice processing and AP automation platform, the release said. Glantus looks to assist in scaling companies by streamlining their financial processes, correcting anomalies, consolidating their data and providing real-time reconciliation reports.

“Both our companies target similar customer segments — and we will be able to share our strengths with Glantus, as well as learn from theirs,” Basware CEO Jason Kurtz said in the release. “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.”

Maurice Healy, founder and CEO of Glantus Holdings PLC, added, “We are immensely excited at the prospect of joining a leader in invoice automation in Basware. The synergy between our companies and our customer markets mean that we will be a natural fit. We are looking forward to working with Basware and the opportunity to combine the product offering as a result of the proposed transaction.”

Subject to obtaining all necessary approvals, the transaction is expected to be finalized in Q4 2023, according to the press release. Following a successful acquisition and delisting, all parties intend to work together to develop Glantus in the private domain.

Basware recently extended the capabilities of its SmartPDF product by using artificial intelligence (AI) to address, correct and automate exception invoices. SmartPDF, which already extracted data from PDF invoices and turned 80% into real eInvoices, can now be trained to handle exception invoices automatically as well.

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