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
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 TihilÃ¤, CEO, Basware Corporation
Tel. +358 40Â 480 7098
NASDAQ OMX Helsinki Ltd
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Source: Basware via GlobeNewswire