COPENHAGEN--(BUSINESS WIRE)--Sep 7, 2023--
Netcompany today acquired a 20% stake in the Danish based Festina Finance – a leading provider of software for the Life and Pension industry with a customer base in Denmark and the Netherlands. The strategic investment will accelerate the entry into new markets for Festina Finance and enhance Netcompany´s offering into the Financial Services Industry significantly.
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Netcompany acquires a 20% stake in leading FinTech company to form a strategic partnership (Photo: Business Wire)
Customers include large life pension companies like Pension Denmark and AP pension in Denmark and APG and AZL in the Netherlands.
In addition, Festina Finance offers a “state-of-the-art” software solution used for the advisory role in banks. Customers on that platform include SDC and more than 20 member banks in Denmark, as well as a few building societies in the UK.
The strategic investment in Festina Finance will significantly broaden Netcompany´s offering and competences within the Financial Services Industry to cover both insurance, life pension and banking in line with the strategy and ambition to increase presence in that sector further. The two solutions from Festina Finance can be enhanced with current Netcompany platform solutions such as Pulse, Amplio, Ami and DX4B, and thereby increase customer value substantially.
The partnership will add further security to customers of large-scale IT projects by utilising Netcompany´s capabilities and track record in managing and implementing large and complex IT solutions in time and at budget.
André Rogaczewski, CEO and Co-founder of Netcompany, says: “I am excited that Festina Finance joins forces with the Netcompany Group. Festina Finance has proven to be able to develop scalable software solutions that can be implemented in multiple countries. The large-scale implementation projects that these solutions often require are a perfect match for Netcompany´s implementation capabilities, and we are certain that this investment will accelerate our growth in the Financial Services Industry throughout Europe significantly.”
Morten Schantz, Founder of Festina Finance, says: “With the partnership that we are entering into with Netcompany we get to focus on what we do best – develop software solutions, while Netcompany gets to do what they do best – implement complex and mission critical IT solutions. To me that is a true “win-win” that will enable Festina Finance to accelerate its growth and together with Netcompany enter new markets.”
The investment of DKK 107m – all paid in cash - will not impact Netcompany´s financial guidance for 2023. Leverage will be increased by around 0.1-0.2x from the investment. Morten Schantz and the current executive management team will continue their roles in Festina Finance.
About Netcompany
Netcompany was founded by André Rogaczewski and Claus Jørgensen in 2000 with the ambition to become a market leader within digitalisation in both the public and private segments in Denmark. In 2015 this ambition was enhanced to become a Northern European market leader and a presence was established in Norway, the UK and the Netherlands.
In 2018 Netcompany Group was introduced to the Copenhagen Stock Exchange as a Unicorn and in 2021 Netcompany Group acquired Intrasoft S.A with strong presence in both the EU and Greece and enhanced its ambition to become European market leader.
Today Netcompany Group is active in more than 10 countries and employs close to 8.000 staff.
About Festina Finance
Festina Finance, founded by Morten Schantz, is a leading Danish fin-tech company, developing advanced financial software systems for pension administrators, pension funds, insurance companies and banks. The two main products are the Festina Finance Life and Pension Platform and the Advisor.
Festina Finance has more than 120 employees, with 10 – 30 years of experience within the sector. Revenue in 2022 was close to DKK 100m.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230907274052/en/
CONTACT: Mikael Braagaard, CEO of Festina Finance
mikael@festinafinance.com
+45 26807045
David Tarp, Head of PR and Public Affairs, Netcompany
dtarp@netcompany.com
+45 2485 2453
KEYWORD: EUROPE DENMARK UNITED KINGDOM
INDUSTRY KEYWORD: SOFTWARE NETWORKS FINANCE CONSULTING BANKING PROFESSIONAL SERVICES TECHNOLOGY FINTECH
SOURCE: Netcompany
Copyright Business Wire 2023.
PUB: 09/07/2023 05:00 AM/DISC: 09/07/2023 05:01 AM
http://www.businesswire.com/news/home/20230907274052/en
