Accountor Software and KKR, a leading global investment firm, today announce the next phase of Accountor Software’s growth journey; the acquisition of 24SevenOffice’s ERP software division, comprising among others 24SevenOffice Norway AS, 24SevenOffice Scandinavia Systems AS, and 24SevenOffice Sweden AB. The acquisition of 24SevenOffice’s ERP division is an important step in the plan to create one of the leading financial management and HR software businesses for the Nordics. By joining forces with Accountor Software, 24SevenOffice’s ERP software division becomes part of a growing B2B SaaS business backed by a large global investor with expertise in scaling high-growth software companies.
The transaction follows KKR’s acquisition of a majority stake in Accountor Software earlier this year and supports the company’s ambition to become one of the leading pure-play business software companies, serving SMEs as well as larger organisations and corporations in the Nordics. By combining Accountor Software with 24SevenOffice’s ERP cloud software division, Accountor Software expands its footprint across the Nordics, adding around 30,000 customers in Norway.
“This is an exciting milestone and a natural evolution of our strategy to grow as one of the leading pure-play business software players across the Nordics. Joining forces with 24SevenOffice’s ERP software division will benefit all our stakeholders, from our world-class employees to our customers and partners. We are now firmly executing our plans to expand into new core markets, empowering a broader range of customers with cloud-based mission-critical software,” said Mikko Soirola, CEO Accountor Software.
“The combination of Accountor Software and 24SevenOffice’s ERP division is a perfect fit and will create a very competitive player across the Nordics, with capacity to meet the needs of a large pool of both SME and larger customers. We are impressed by both teams and look forward to supporting them on this growth journey,” commented Hans Arstad, Managing Director and Head of Private Equity in the Nordics, KKR.
24SevenOffice has in recent years accelerated the organic growth of its AI-accounting and ERP software division and has successfully penetrated the B2B SaaS market in Norway and Sweden, providing automated business administration solutions with built-in scalability and modularity.
Strong revenue development of 24SevenOffice’s AI-accounting and ERP software division has significantly contributed to the company’s solid financial performance this year, with ample opportunities for continued sustainable growth.
The acquisition will create additional value and synergies, further boosting Accountor Software’s best-in-class offering and technology platform, with added potential to serve and grow in the SME space as well as with larger organisations.
The transaction will have no impact on current relations with Accountor Software’s customers and business partners.
24SevenOffice Group AB is listed on Nasdaq First North Stockholm and the transaction is conditioned upon shareholder approval at an extraordinary general meeting, as announced by 24SevenOffice Group AB today. The transaction is also subject to regulatory approval.
Contact information
Kirsi Nystén, Senior Communication Manager, Accountor Software
kirsi.nysten@finago.com
About Accountor Software
Accountor Software specialises in software for financial and HR management. It is driven by empowering Nordic businesses to thrive with innovative solutions that make work more efficient and effortless. Accountor Software is a participant of the UN’s Global Compact and adheres to its principles-based approach to responsible business. The group employs about 700 experts and its headquarters is in Espoo, Finland.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
