Under this Letter of Intent deal, the parties have agreed to jointly develop a new e-invoicing based factoring service, dubbed Basware Factoring.
The Letter of Intent outlines the cooperation to jointly develop, resource and maintain the new service, and the establishment of a jointly owned entity to manage it.
Basware Factoring is set to provide a solution enabling suppliers to receive early payment for invoices, and enhance their working capital management with financing provided via Arrowgrass. The automation provided by the Basware Commerce Network is set to enable Basware and Arrowgrass to deliver invoice financing to suppliers of all sizes on an international basis.
Basware plans to launch Basware Factoring in 2015 as one of the services within its new Financing Services portfolio. Through the Basware Commerce Network these payment and financing solutions are set to be available to buyers and suppliers of all sizes.
Arrowgrass Capital Partners is a European focused alternative asset manager. Arrowgrass has more than 100 employees operating from offices in London and New York, and has approximately USD 5 billion in AUM.
In recent news, Basware has extended its relationship with a global brewer and signed an agreement for the delivery of e-invoicing services in Denmark.
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