Private equity and venture capital investor BaltCap is to acquire the invoicing and financial automation business of OpusCapita in the Baltics.
BaltCap Private Equity Fund II managed by BaltCap has signed an agreement to buy the business operations serving the local markets in the Baltic States from Finnish financial process provider OpusCapita. The transaction consists of OpusCapita AS in Estonia and Latvia and UAB OpusCapita in Lithuania which provide financial automation services to the local market.
“For BaltCap, the Baltics is a core market and we are thrilled to enter a business with many new opportunities,” says Kristjan Kalda, Investment Director of BaltCap. “Through the investment, BaltCap will participate in developing paperless economy – a good fit to our strategy. Europe has a long way to go until financial processes are fully automated. The Baltic countries are moving in the right direction: e-invoicing standards have been implemented in Estonia and Latvia, and in Lithuania from next year. Estonian government will require e-invoices from all suppliers from 2016.”
“The divestment will enable OpusCapita to improve its business focus in strategic regions in Europe. For us the outlook for the Baltic market has become limited, and our focus is on strategic growth in Europe to become the leading international provider of automated solutions for core business processes. OpusCapita wanted an investor that would be a strong owner on the local market to develop the business in this region,” says Katarina Dahlbäck, Senior Vice President of OpusCapita Baltics.
The transaction is planned to be completed by December 2015 subject to the approval of the Competition Authorities and confirmatory due diligence. The parties have agreed not to disclose the transaction price. The Baltic companies employ 118 persons in total.
