The acquisition is part of KMD’s strategic goal to become a leading Scandinavian software solutions provider with both public and private sector focus. Banqsoft’s strategic focus, current software offering and geographic presence fit perfectly with KMD’s growth strategy. Together KMD and Banqsoft will create a sizable and highly competitive player within Nordic financial services software that can leverage on complementary offerings, competencies and geographies.
Banqsoft was established in 1994 and is a leading provider of financial software in the Nordic region offering solutions to banks and asset finance providers. Banqsoft is headquartered in Oslo, Norway with own offices in Sweden, Finland and Poland. The largest shareholder prior to the acquisition was Verdane Private Equity AS, holding 35.2% of the shares. Other main owners included the founders of the company. In 2014, the company had revenues of NOK 166m and an EBITDA of NOK 30m.
KMD is one of Denmark’s leading IT and software companies. The company has its main sites in Copenhagen, Aarhus, Odense and Aalborg. KMD has some 3,000 employees and generated revenue of DKK 4.8 billion in 2014. KMD is majority-owned by funds managed by private equity firm Advent International, while the Danish pension fund Sampension and KMD’s management hold the remainder of its stock.