Irish fintech company Glantus sells for €38m

Deal with Finnish company Basware 'biggest opportunity' in company's history, chief says

Glantus provides accounts payable and data analysis software to companies.

Irish fintech firm Glantus has been sold to Finnish company Basware in a deal that could be worth as much as €38m, the company’s chief executive Maurice Healy told the Irish Examiner.

The board of Glantus voted unanimously to accept the offer. Should the deal receive all necessary approvals, the sale is expected to be completed towards the end of this year.

Mr Healy said the offer from Basware represents the “biggest opportunity" in Glantus’ history.

Glantus was founded in 2014 and has been listed on the London Stock Exchange since 2021. It is headquartered in Dublin but has offices in San José in the US, London, and Katowice in Poland.

It provides accounts payable and analysis software to companies.

According to its latest trading update, the company generated €4.56m in revenue between January and April. Its earnings for this period, before various deductions, was €1.3m. 

In May, revenues stood at €1.1m.

Following a successful acquisition and delisting, all parties intend to work together to develop Glantus in the private domain.

Basware chief executive Jason Kurtz said Glantus was an “exceptional fit” with its 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,” he said.

Basware provides invoice processing and accounts payable platforms. It employs 1,300 people.