Basware has concluded co-operation negotiations

Basware Corporation, stock exchange release, February 25, 2014 at 11:30 Basware has concluded co-operation negotiations Basware has completed the co-operation negotiations regarding its personnel that begun on January 24, 2014. 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 co-operation negotiations was to adjust the company's cost structure in declining business sectors, and to aim to better support company's business model as well as to improve company's competitiveness and profitability. As an outcome of the negotiations, permanent reductions will be issued to 28 employees in total within Basware Corporation or its subsidiaries. 22 employees will be affected within Finland. Possibilities for internal transfers will be discussed with all affected employees. Additionally, other saving and rationalization measures will be conducted within the company. The streamlining of the functions is expected to result in annual savings of approximately EUR 2.5 million, starting from the second quarter. In the beginning of the cooperation negotiations the actions were estimated to impact up to 40 employees across administration, support, professional services and R&D. The company published a stock exchange release about the commencement of the co-operation negotiations on January 24, 2014. 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#1764363]