Terje Kjøs, CEO

Banqsoft buys Concent so that it can make its position stronger in the market.

FREMONT, CA: Banqsoft, a Norway-based organization, specializing in software for the financial service industry, has acquired Norwegian software company Concent. The purchase will improve the capabilities of Banqsoft and will provide an extra product line in credit management and debt collection, which will help them to expand their customer base. The tactical acquisition is a part of an international growth strategy that is endorsed by the owner of Banqsoft. It is a Danish IT group KMD, part of NEC, and a worldwide leader in the incorporation of IT and network technologies. Banqsoft will acquire customer relations, software and 85 employees that are located in Norway, Poland, and Sweden. The two organizations will merge and continue to increase their growth as one organization.

The fast-growing Nordic FinTech player Banqsoft, is seeking to increase its growth and develop its business in the future.

In the last few years, the growth of Banqsoft's business has increased by around 20% per year. In the previous year, the organization, in line with its strategic ambitions, took over part of the Danish software company E Foqus, which consists of leasing activities and assets connected to the Foqus Finance product.

Now, Banqsoft has started to make another strategic move by taking over Concent to complement its existing operations and extend its position in the market of credit management software.

"The acquisition of Concent fits perfectly with our strategic growth plan," says Terje KJ, CEO, Banqsoft. "Concent has highly skilled employees with great domain knowledge and a very modern and complementary product line within the credit life cycle that completes our customers' needs. The acquisition also adds interesting new customers to our portfolio. It is a clear-cut strategic fit, and we are delighted that Concent is now becoming part of Banqsoft."