Administer strengthens its expertise in international financial and payroll management by acquiring WaBuCo Financial Services Oy
Administer Plc strengthens its expertise in international financial and payroll management by acquiring WaBuCo Financial Services Oy. The agreed acquisition price payable at closing is approximately EUR 466,419 and it will be paid in new shares in Administer. For this reason, Administer carries out a directed share issue to WaBuCo’s current owners based on the authorisation given by the Annual General Meeting on 4 November 2021. The terms and other details concerning the share issue are disclosed in Administer’s company release on the share issue, which will be published today, 8 March 2022.
WaBuCo is an accounting firm founded in 1988, based in Helsinki. The company offers high-quality financial and payroll management and internal reporting services. Its extensive service offering includes accounting, financial statements, invoicing, taxation as well as HR management services. The company specialises in helping Finnish companies operate more efficiently in international markets and in supporting international companies launch operations in Finland.
WaBuCo’s revenue in 2021 was approximately EUR 900,000 and the company has more than one hundred Finnish and international clients. The company employs nine people, who will continue to work for the company as old employees.
“In line with its strategy, Administer seeks a significant share in financial and payroll management services and consulting in Finland. In addition, we strive to expand our international business operations. The acquisition of WaBuCo supports us in achieving all these targets in an excellent way,” says Peter Aho, CEO of Administer Group. “I would like to warmly welcome WaBuCo’s skilled financial and payroll management experts into the Administer family,” Aho continues.
“WaBuCo has operated in an entrepreneur-led manner, with entrepreneurship at its core, for more than 30 years. It is great to be able to continue this work with a team that shares the same values. We are happy to bring into the team our experience in international operations,” says Thomas Wahlström, CEO of WaBuCo. “Our mission is to promote the financial well-being of our clients. Key contributors to this include the efficient use of information technology based on client needs. We look forward to working together with the digital pioneer of the industry,” says Ilkka Pesonen, COO.
The finalisation of the acquisition is subject to the fulfillment of certain customary conditions. The acquisition is expected to be finalised during March 2022, on or about 15 March 2022.
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WaBuCo Financial Services Oy
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Administer Group, founded in 1985, is a Finnish company that offers financial and payroll management services as well as consulting and software services. Our customers include organisations of all sizes, from small and mid-sized companies to large enterprises and municipalities. Our goal is to reform the financial management service market by developing new technologies and solutions. Measured in revenue, we are one of the largest providers of financial management services and HR and payroll services in Finland. In 2020, our revenue was EUR 44 million and we employed approximately 600 financial management professionals.
WaBuCo Financial Services Oy is an accounting company founded in 1988. Our offices are located in Salmisaari, Helsinki. WaBuCo has been offering high-quality financial and payment administration services as well as internal reporting services for almost 30 years. We have constantly developed our services to be in line with the newest digital solutions. Our customers include over one hundred companies in Finland and abroad.