Profit Software acquires Swedish IT company Evitec
May 30, 2022
Profit Software Oy (Profit Software) recently bought Swedish Evitec AB (Evitec). The acquisition strengthens Profit Software’s foothold in the Swedish market.
Profit Software provides system solutions and consulting services to the financial industry. It also offers analytics and information management services across multiple industries. The acquisition supports the company’s strategy where growth is sought both organically and through acquisitions.
“We have long looked at opportunities for expansion in Sweden. With the acquisition, we will strengthen our presence, increase our headcount in Sweden, and deepen our expertise in the highly attractive regtech vertical. In the future, we can provide even better service locally to existing and new customers,” said Profit Software’s CEO Ilkka Starck.
Profit Software is owned by Volpi Capital, a specialist, Northern European lower middle-market investment firm, focused on B2B tech-enabled sectors. Volpi Capital is experienced in international expansion and buy-and-build, driving sustainable and profitable growth.
Evitec, headquartered in Stockholm, is a company with expertise in banking, finance and insurance consulting services, in particular towards helping financial customers manage regulatory compliance
“Profit Software and Evitec have an excellent customer and industry fit. It’s a pleasure to be able to join forces with a business which we consider the most attractive fintech business in the Nordics. This is a natural transition for us, and I am excited that together we are able to offer our customers more comprehensive best in class fintech software and services,” said Evitec’s CEO Andreas Johansson.
Profit Software has major Finnish financial institutions and companies as customers. In Sweden, it established customership with Länsförsäkringar back in 2014 when the company chose Profit Software to modernise its payment system.
“Our offering in banking and life and pension insurance is comprehensive. We are operating in an industry which is very regulated in the Nordics. Our deep knowledge of the market as well as our wide offerings which cover both point solutions and consulting services is what makes us unique,” continued Starck.
Profit Software now has more than 30 employees in Sweden. After the acquisition, the Profit group total number of employees will exceed 350. Evitec’s personnel and management continue as Profit Software’s employees. Evitec’s owners will become shareholders in Profit Software.
Categories : City News
Tags : Acquisition Business Evitec Profit Software
