NEC Corporation has announced that Banqsoft, a Norway-based company specialized in software for the financial services sector and subsidiary of KMD, a Denmark-based subsidiary of NEC, 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, a global leader in the integration of IT and network technologies. 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.
Banqsoft, a fast-growing Nordic FinTech player, is aiming at further growth and business development.
Within the last couple of years, Banqsoft’s business has grown by around 20% per year, and earlier this year the company, in line with its strategic ambitions, acquired part of the Danish software company E Foqus, including leasing activities and assets related to the Foqus Finance product.
Banqsoft is now making another strategic move in acquiring Concent to complement its current operations and expand its position within the credit management software market segment.
“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.
Concent is specialized in software and services within credit management and debt collection and has a strong market position in the Nordic segments, with 144 municipalities, 100 collection agencies, and several banks and finance companies as customers.
Banqsoft will take over customer relations, software and 85 employees located in Norway, Poland and Sweden. Concent will be operated as an integrated business line in Banqsoft. The strong Concent management team will be retained at Banqsoft, and the product brand and investments in the product suite from Concent will continue.
Banqsoft and Concent have many similarities. Both started in Norway, have expanded throughout the Nordics, and have ambitions to further expand in international markets for financial services software.
“Becoming part of Banqsoft will lift the potential for Concent,” says Oddbjørn Bergem, CEO, Concent. “Both companies are successful in a growing market and joining forces will leverage the strategic possibilities and give our customers a supplier with even broader capabilities and muscles. Our employees will also benefit from joining a larger organization with a powerful support base in the KMD Group and its mother company, the global NEC Corporation.”