Profit Software strengthens its expertise in the financial sector by acquiring Kaakontieto Ltd
Profit Software Ltd has bought Kaakontieto Ltd. Acquisition strengthens Profit Software’s financial expertise in the IT sector.
Profit Software provides system solutions and consulting services to the financial industry. It also offers analytics and information management services across multiple industries. In recent years, the company has continued its profitable growth and the acquisition supports this.
-We have seeked opportunities to broaden and strengthen our offering of products and services within the Fintech sector. With the acquisition we’ll have even stronger position in the future. Furthermore, our offering consists debt collection systems, which is a great benefit for us, says Profit Software’s CEO Ilkka Starck.
Kaakontieto was established in 1981 and they focus on customers in the financial sector and debt collection.
-This acquisition is beneficiary for our current and future customers and ables us to take the next steps in the increasingly competitive market. There are significant synergies with Profit Software, together with a strategy that supports growth as well as common values. I am looking forward to the successful future together, says Kaakontieto’s CEO Impo Tynkkynen.
Commenting on the deal, Yuri Mikhalev of Volpi Capital said: The acquisition of Kaakontieto fits well into Profit Software’s strategy of expanding its offering to the insurance and banking sector.
After the acquisition number of employees is close to 300 and Profit Software has seven offices. Profit Software is owned by Volpi Capital, the management and key persons of Profit Software. Kaakontieto Ltd’s personnel and management continue as Profit Software’s employees. Kaakontieto Ltd’s management will become shareholders in Profit Software.
For further information, please contact:
Profit Software, CEO Ilkka Starck, Tel. +358 9 681 731
Profit Software provides system solutions and consulting services to the financial industry. It also offers analytics and information management services across multiple industries. Founded in 1992, Profit Software has offices in Espoo, Tampere, Pori, Lahti, Tallinn and Stockholm. The number of employees is 250+.
Kaakontieto has forty years of experience in developing and providing information systems for companies in the finance sector. It was founded in 1981 in Lappeenranta, where it is still based.