Basware's Acquisition of Contempus AS Endorsed

30 September 2008

Basware Corporation's ('Basware') acquisition of the entire share capital of Contempus AS ('Contempus') from Affecto has been endorsed. The acquisition price amounts to NOK 83.6 million (EUR 10.1 million). Contempus was part of Affecto's Norwegian operations and provides Purchase to Pay as well as Enterprise Content Management solutions.

The acquisition strengthens Basware's market position in Norway, Sweden and the UK, and brings valuable expertise to Basware to improve competitiveness. In addition Basware can extend its distribution channel through existing Contempus' sales channel in the United States and Benelux countries.

Contempus was part of Component Software Group ASA which Affecto acquired in 2007. On June 30, 2008, Contempus had 55 employees and a net cash position of approximately NOK 17 (approx. EUR 2.1) million and it is estimated that there has been no substantial change to those by the time of the acquisition. In 2007, Contempus generated revenue of NOK 69.3 (approx. EUR 8.4) million and EBITA of NOK 6.8 (approx. EUR 0.82) million. The growth of net sales in the first half of 2008 has been 28% compared with the first half of 2007.

Contempus has over 17 years of experience in the development and implementation of electronic document management solutions and the operations are focused around its proprietary Contempus software products. The company has service organisations that distribute, implement and maintain the installations in Norway and Sweden. It has established a new fully owned subsidiary, Contempus UK Ltd, in 2008, serving both customers and partners in the UK. Furthermore, the company has partners in the US and Benelux countries to cover international markets.

"The acquisition strengthens Basware's position in the Enterprise Purchase to Pay markets in Norway, Sweden and the United Kingdom. Additionally, we will gain valuable expertise to improve our competitiveness," says Hannu Vaajoensuu, Chairman of the Board, Basware Corp.

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