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 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.