Swedish IT consultancy Knowit has agreed to accumulate native insurance coverage software program developer Insicon for an enterprise worth of Skr35m ($3.6m).
The acquisition settlement additionally features a conditional earn-out, which is topic to the achievement of sure business targets.
Knowit has projected that the earn-out will quantity to roughly Skr50m and might be accounted for within the acquisition steadiness sheet upon the completion of the transaction, anticipated to happen in early July.
Insicon, based in 2009, employs round 50 workers, with a small administration and gross sales unit in Sweden and a bigger growth and help organisation in Serbia.
Its cloud-based platform helps automation, flexibility and fast deployment of latest options, serving shoppers within the Nordic insurance coverage market.
Insicon CEO Måns Hulterström mentioned: “We at the moment are able to take the following step with our cloud-based answer and see nice potential in merging with Knowit. With Knowit as our new proprietor, we turn into a considerably stronger participant.
“With a stronger supply organisation, we are able to collectively take a bigger place within the Nordic and European markets.”
The acquisition is anticipated to reinforce Knowit’s fintech capabilities by including a platform-based consulting service tailor-made to the banking, finance and insurance coverage industries.
The mixing of Insicon into Knowit is deliberate for the autumn interval, with the goal of making synergies between their respective product choices and increasing Knowit’s attain into the insurance coverage area.
Knowit CEO Per Wallentin acknowledged: “Harnessing the drive and information that exists inside the Knowit organisation is a crucial a part of our tradition.
“There are a number of examples of how this revolutionary capability has led to the event of profitable merchandise and platform options that as we speak are key enhances to our broader service providing – creating worth for our shoppers and an revolutionary atmosphere for our workers.”
