Basware Oyj — M&A Activity 2019

Feb 28, 2019

Basware announces termination of discussions with Tradeshift Holdings Inc

Basware announces termination of discussions with Tradeshift Holdings Inc

Basware Corporation, stock exchange release, February 28, 2019 at 09:45 a.m. EET
Basware Board of Directors today announces that is has terminated discussions
with Tradeshift Holdings Inc (“Tradeshift”).

In announcements in November and December 2018, Basware confirmed that it was in
discussions with Tradeshift in relation to a possible cash tender offer by
Tradeshift for all shares in Basware (the “Possible Offer”).

Tradeshift has recently informed Basware that it will be unable to proceed given
conditions in the capital markets. On this basis, the Board of Directors of
Basware has terminated its discussions with Tradeshift in relation to the
Possible Offer.

Basware entered into a standstill agreement with Tradeshift, under which
Tradeshift is prohibited from, among other things, directly or indirectly
acquiring any shares in Basware or making any public tender offer or other offer
to acquire shares in Basware until November 12, 2019. This standstill agreement
is subject to customary exceptions including (amongst others) the receipt of a
recommendation from the Board of Basware and a third party unaffiliated with
Tradeshift announcing a public tender offer for all shares in Basware.

The Board of Basware remains confident about the standalone prospects of its
business. “Basware is the global leader in networked source to pay, which is a
huge and fast-growing market, worth EUR 15 billion in terms of annual potential.
Basware has a strong independent organic strategy and is well positioned to
further expand its leadership position in this market,” said Ilkka Sihvo,
Chairman of the Board of Basware Corporation.

Basware Corporation

Board of Directors

For more information, please contact:
Ben Selby, VP Investor Relations and Treasury, Basware Corporation
Tel. +358 50 305 8077, ben.selby@basware.com
Distribution:
Nasdaq Helsinki
Main media
investors.basware.com/en

About Basware:

Basware offers the largest open business network in the world and is the global
leader in providing networked purchase-to-pay solutions, e-invoicing and
innovative financing services. Our technology empowers organizations with 100%
spend visibility by enabling the capture of all financial data across
procurement, finance, accounts payable and accounts receivable functions.
Basware is a global company doing business in more than 100 countries and is
traded on the Helsinki exchange (BAS1V: HE).