Verdane portfolio company Banqsoft, a Norwegian IT group, acquired by KMD
KMD’s international ambitions are now taking shape in the Danish IT group’s first major international investment. The company has just acquired the Norwegian IT group Banqsoft AS, which is engaged in software for the financial sector. Banqsoft is headquartered in Norway and has offices in Sweden, Finland and Poland. As well as the international dimension, the acquisition is also of strategic importance to KMD’s growth ambitions in the private sector.
Following a series of acquisitions in Denmark, KMD is now making its first major international investment. The Danish IT group has just acquired the Norwegian IT group Banqsoft AS.
Banqsoft is headquartered in Norway but also has offices in Sweden, Finland and Poland, as well as an agency in Denmark. The IT company develops software for the financial sector in the Nordic region.
The acquisition sees KMD take over Banqsoft’s portfolio of products, customers and partners, and means that Banqsoft’s 141 employees have a new employer.
“This acquisition is a milestone for KMD,” explains Eva Berneke, CEO of KMD. “For some time now, we’ve been strengthening our Danish business both organically and via acquisitions. Now we are taking the first big step internationally. Banqsoft is a growth company and provides us with a good Scandinavian presence, at the same time as bringing in high-level expertise within the financial sector, where we have ambitions to grow.
“KMD’s significant experience with business-critical software solutions, data security and handling large volumes of data makes us a good strategic match for the financial sector. The acquisition will help to underline our ambitions and our belief that KMD’s potential is ripe for exploitation in new markets.”
Banqsoft sees many valuable opportunities in the new constellation.
“We’re entering into an extremely exciting period,” says Johnny Rindahl, CEO of Banqsoft. “KMD is one of the big solid players in Denmark, and Banqsoft can contribute to a Nordic business-oriented perspective. We’re proud that KMD sees us as a strategically important element in a larger international role for the company, and we’re looking forward to getting down to work with our new Danish colleagues.”
Banqsoft’s largest owner is Nordic private equity fund Verdane Capital IV AS.
“Banqsoft has more than doubled in size and significantly broadened both its geographical and product footprint during Verdane Capital IV’s ownership. We are proud to have been part of that journey, and we are thoroughly impressed by the achievements of Johnny Rindahl and his team. KMD is the ideal owner to further accelerate the market penetration of Banqsoft’s state-of-the-art banking software offering,” says Bjarne Lie, Managing Partner at Verdane Capital Advisors.
Alpha Corporate Finance was the vendor’s financial advisor in the process.
Banqsoft is a leader in the Nordic asset management software market. Over the last few years, the company has also built a competitive position within the banking sector, where it supplies software for newly established, small and medium-sized banks.
KMD is the largest Denmark-based IT company, and develops and provides software and service solutions for the local and central government and private markets in Denmark. Its unique domain knowledge, reliability, and access to security and operational stability have made KMD one of the most recognized and used companies in the Danish IT sector. For example, KMD’s systems handle salary and welfare payments totaling approx. DKK 400 billion a year, equivalent to more than 20% of Denmark’s GDP. The Group has annual revenue of just under DKK 5 billion and around 3,000 employees. KMD is owned by the private equity firm Advent International and the Danish pension fund Sampension. More info at www.kmd.dk
Banqsoft’s core business is software solutions for effective management of loan, leasing, wholesale, fleet and deposit portfolios for finance companies and banks. After more than 20 years in the business, Banqsoft has achieved a market-leading position in the financial services market and an increasingly strong position in the retail banking marketplace. Banqsoft’s customers are based in the Nordic countries, Poland, the UK and the Baltic States, and include Santander, Toyota Financial Services, Handelsbanken, Sandvik Finans, Komplett Bank, Bank Norwegian, Pohjola Bank and Volkswagen Finans. Banqsoft has 141 employees at offices in Norway, Sweden, Finland and Poland. Banqsoft is affiliated to KMD as an international subsidiary. More info at www.banqsoft.com
Source: Verdane Press Release