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Profit Software acquires Swedish IT company Evitec, reinforcing focus on Swedish expansion strategy

Posted on 3rd May 2022

Profit Software acquires Swedish IT company Evitec, reinforcing focus on Swedish expansion strategy

Profit Software Oy (“Profit Software”) has 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, says 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, says Evitec’s CEO Andreas Johansson.

Well-established in the Finnish market, a challenger in Sweden

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 modernize 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, continues Starck.

Profit Software now has more than 30 employees in Sweden.

- Our target is to grow and expand our operations in Sweden, therefore I’m confident that this acquisition is a natural step on that path, ends Starck.

-This is a major milestone for Profit Software as it continues to grow its position as a leading Nordic fintech champion, further to the add-on of Kaakontieto in 2021. The acquisition of Evitec and addition of Andreas and his team consolidates Profit’s strong commitment to Swedish customers. It is testament to the strategy we agreed when partnering with Profit’s management less than 18 months ago. We look forward to working closely with the expanded Profit group as it executes on an ambitious plan of profitable double-digit growth, comments Marco Sodifrom Volpi Capital.

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.

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, Lappeenranta, Tallinn and Stockholm. The number of employees is over 350.

Evitec provides consulting services within banking, finance and insurance. The company is specialised in demanding IT and digitalisation projects. Evitec has its office in Stockholm.