Banqsoft, a fast-growing Nordic FinTech player, has entered into an agreement to acquire Norwegian software company Concent. The acquisition will enhance Banqsoft’s capabilities, offer an additional product line within credit management and debt collection, and expand the customer base. The strategic acquisition is part of an international growth strategy supported by Banqsoft’s owner, Danish IT group KMD, part of NEC Corporation, a global leader in the integration of IT and network technologies.
Banqsoft’s acquisition of Concent will complement its current operations and expand its position within the credit management software market segment. Banqsoft will take over customer relations, software and 85 employees located in Norway, Poland and Sweden. The two companies will join forces and continue to grow as one Banqsoft.
“The acquisition of Concent fits perfectly with our strategic growth plan,” says Terje Kjøs, CEO, Banqsoft. “Concent has highly skilled employees with great domain knowledge and a very modern and complementary product line within the credit life cycle that completes our customers' needs. The acquisition also adds interesting new customers to our portfolio. It’s a clear-cut strategic fit, and we’re delighted that Concent is now becoming part of Banqsoft.”
“Over the years, Concent has shown significant growth and profitability. The company has proven to be an attractive partner for large actors in the international FinTech industry. The new industrial Banqsoft/KMD ownership of Concent will strengthen the strategic position of the business and represent a strong basis for further growth,” says Thor Eika, Concent chair and Group Executive in Treschow-Fritzøe, which is selling its 51% shareholding in Concent.
Aabø-Evensen is acting as legal advisor to Banqsoft and KMD in connection with the transaction on all legal matters related to the acquisition, including negotiation of the transaction documents.
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