Basware has announced that merger talks with rival P2P platform provider Tradeshift have ended. In a statement, the company said the talks formally ended when Tradeshift conceded that conditions in capital markets made it impossible to proceed.

The two companies have now entered a standstill agreement, under which Tradeshift is prohibited from acquiring any shares in Basware until November 12, 2019.

Basware’s board said it remains confident about the standalone prospects of its business. “Basware is the global leader in networked source to pay, which is a huge and fast-growing market, worth EUR 15 billion in terms of annual potential. Basware has a strong independent organic strategy and is well positioned to further expand its leadership position in this market,” said Ilkka Sihvo, chairman of the board of Basware.