Glantus made its debut on the stock market in 2021, achieving a market capitalisation of £37m.
The company saw a surge in share prices after receiving a takeover bid from Basware, with the backing of Accel-KKR, a US private equity firm.
Founded by Maurice Healy in 2014, Glantus is a leading analytics and automation service provider, catering to clients such as Airbus, Dole, and Paddy Power.
Recently, the Glantus board agreed to an all-cash offer for the company, providing shareholders with over 33p per share. This deal represents a substantial premium to the company’s closing price and its average share price over the past month.
Despite facing challenges, Glantus believes it has the potential for further growth, especially with the support of Basware.
The CEO, Maurice Healy, acknowledges the difficulties the company has faced since its listing, including a need for business restructuring and negotiations with lenders due to financial constraints. However, he remains optimistic about the company’s future.
In terms of financial performance, Glantus experienced a decline in revenue and a pre-tax loss in the previous year. Integration challenges and reduced productivity in the US market affected their billing.
Given the circumstances, the board of Glantus believes the private arena, with the support of Basware and its management team, is the best path to overcome these challenges and achieve further success.
Jason Kurtz, the CEO of Basware, believes Glantus is an excellent fit for their investment strategy in terms of size, focus, and business model.
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