Basware commences co-operation negotiations

Basware Corporation, stock exchange release, January 24, 2014 at 08:29 Basware commences co-operation negotiations Basware will start co-operation negotiations with its personnel for reasons related to production and financial position, and restructuring of operations. Growing the Basware Commerce Network and the company globally are key targets for the company. At the same time the market and customer demand for services has strongly increased. Company's operational organization needs to be aligned with these targets. Company's current personnel resources, their location and competences do not fully meet the company's needs and targets. The aim of the company's planned actions is to adjust the company's cost structure in declining business sectors. In addition, we are aiming to better support company's business model and improve company's competitiveness and profitability. The negotiations will effect up to 40 employees from across administration, support, professional services and R&D. It is estimated that up to 30 employees will be affected within Finland. The negotiations include Basware personnel excluding the personnel in Sales and Marketing, Network Services and its Product Development as well as Product Management unit. The streamlining of the functions is expected to result in annual savings of approximately EUR 2.5 million, starting from the second quarter. Basware will continue its accelerated global growth in accordance with its strategy. The company aims to make Basware Commerce Network the largest business commerce network for companies, maintain its product leadership in Purchase-to- Pay processes, and improve its profit-making ability. For more information, please contact Esa Tihilä, CEO, Basware Corporation Tel. +358 40 480 7098 Distribution: NASDAQ OMX Helsinki Ltd Key media This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Basware via GlobeNewswire [HUG#1756887]