Netcompany Strengthens its Presence in the Financial Services Industry with Acquisition of Festina Finance
Copenhagen, Denmark – Netcompany, a leading European IT firm, has recently announced the acquisition of a 20% stake in Festina Finance, a Danish-based provider of software for the Life and Pension industry. The move is expected to expand Festina Finance’s reach into new markets and significantly enhance Netcompany’s offerings in the Financial Services Industry.
Festina Finance boasts an impressive customer base that includes major life pension companies such as Pension Denmark and AP pension in Denmark, as well as APG and AZL in the Netherlands. The company offers a software solution that is widely used for advisory roles in banks and has partnerships with SDC and over 20 member banks in Denmark, along with a few building societies in the UK.
This strategic investment by Netcompany will further broaden its offerings and competences within the Financial Services Industry, covering insurance, life pension, and banking. It aligns with Netcompany’s strategy and ambition to increase its presence in this sector. The two companies will also explore opportunities to integrate Festina Finance’s solutions with Netcompany’s existing platform solutions, including Pulse, Amplio, Ami, and DX4B, to deliver greater value to customers.
One of the key advantages of this partnership is the added security it provides to customers of large-scale IT projects. Netcompany, with its extensive experience in managing and implementing complex IT solutions, will work alongside Festina Finance to ensure successful and timely project delivery.
André Rogaczewski, CEO and Co-founder of Netcompany, expressed his enthusiasm about the partnership, stating, “We are thrilled to join forces with Festina Finance. Their scalable software solutions, combined with our implementation capabilities, create the perfect synergy to drive growth in the Financial Services Industry across Europe.”
Morten Schantz, Founder of Festina Finance, highlighted the benefits of the partnership, stating, “By joining forces with Netcompany, we can focus on developing software solutions while leveraging Netcompany’s expertise in implementing complex IT projects. This collaboration is a win-win situation that will enable Festina Finance to accelerate its growth and enter new markets alongside Netcompany.”
The investment of DKK 107m, fully paid in cash, will have no impact on Netcompany’s financial guidance for 2023. The leverage ratio will increase by approximately 0.1-0.2x due to the investment. Morten Schantz and the current executive management team will continue their roles in Festina Finance, ensuring a seamless transition and ongoing success.
With this strategic acquisition, Netcompany solidifies its position as a key player in the Financial Services Industry and paves the way for further growth and expansion across Europe.
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