Irish fintech company Glantus has been acquired by Finnish firm Basware in a deal that could be valued at up to €38m, according to Glantus CEO Maurice Healy. The board of Glantus unanimously agreed to accept the offer, and pending the necessary approvals, the sale is expected to be finalized by the end of the year. Healy stated that the offer from Basware represents the “biggest opportunity” in Glantus’ history.
Founded in 2014, Glantus is a provider of accounts payable and analysis software to businesses. It has been listed on the London Stock Exchange since 2021 and is headquartered in Dublin, with additional offices in San José, London, and Katowice. In the period between January and April, Glantus generated €4.56m in revenue, with earnings of €1.3m before deductions. Revenues for May stood at €1.1m.
Following the successful acquisition and delisting, all parties involved intend to collaborate in developing Glantus within the private sector. Basware CEO Jason Kurtz described Glantus as an “exceptional fit” with their investment strategy, citing similarities in size, focus, and business model. He believes that the acquisition will expand Basware’s product suite and provide added value to customers in an accelerated timeframe. Basware, which employs 1,300 people, specializes in invoice processing and accounts payable platforms.