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Tuesday, 7 January 2020, 16:58 HKT/SGT
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Source: NEC Corporation
KMD Company Buys Foqus Finance

TOKYO, Jan 7, 2020 - (JCN Newswire) - NEC Corporation (TSE: 6701) has announced that Banqsoft, a Norway-based subsidiary of KMD, a Denmark-based subsidiary of NEC, has acquired part of the Danish software company E Foqus, specifically the activities and assets related to the Foqus Finance product. In so doing, Banqsoft will take over customer relations, software and 20 employees as well as the right to use and develop the Foqus Finance name and product.

E Foqus, headquartered in Lyngby to the north of Copenhagen, has specialized in software solutions for the finance and shipping sectors since 2000. Today, Banqsoft has acquired for an undisclosed sum the part of E Foqus focused on the finance sector.

With Banqsoft's takeover of E Foqus' activities aimed at financial customers, E Foqus will split into two. The part of the company taken over by Banqsoft will become a subsidiary under the name Banqsoft Denmark and focus fully on the operation and development of Foqus Finance, which will thus continue as a product brand. The other part of E Foqus will continue independently of Banqsoft under the name EF Solutions A/S.

Strategic Acquisition

Banqsoft is already one of the main players in a number of Nordic markets for financial services software solutions, including banking and leasing. With today's acquisition, Banqsoft will increase its presence in the Danish market considerably.

"With today's acquisition, we have secured ourselves a good base for Banqsoft to continue growing across Scandinavia," says Per Johanson, who, in addition to being Chairman of the Board of Banqsoft, is also part of the Executive Board of KMD in Denmark. "I will not deny that this is an offensive acquisition that we have made today. Banqsoft has an ambition to be one of the Nordic region's strongest providers of financial software and therefore, today's acquisition marks an important milestone.

"The acquisition of Foqus Finance gives us better opportunities than we currently have to deliver software that accommodates all segments of the market. We will be particularly strengthened by the Foqus Finance platform within leasing and in relation to small and medium-sized companies. It will make us more competitive," Per Johanson continues.

The Right Buyer

Niels Ammendrup, co-founder and CEO of E Foqus, will continue as CEO of the part of E Foqus not taken over by Banqsoft and with the new name EF Solutions A/S.

"Who we're selling to is important," says Niels Ammendrup. "Finding a suitable match to take over Foqus Finance has been crucial. Banqsoft knows the market really well and has both the ambition and the ability to further develop and improve the Foqus Finance platform. It has been important for me to find a way of taking the business to the next level. With Banqsoft as the new owner we have ensured that Foqus Finance will be governed by a robust and experienced owner capable of leveraging the company for the benefit of the customers."

The takeover took effect on 6 January 2020.

About E Foqus

E Foqus is an international software company with headquarters in Denmark that services the worldwide shipping and finance sectors. E Foqus has a strong focus on delivering solutions and consultancy that make a difference for its customers' overall agility, competitive situation and bottom line.

About Banqsoft

Banqsoft is an international subsidiary in the KMD Group. Banqsoft's core business is software solutions for efficient portfolio management related to loans, leasing, wholesale business, car fleets and accounts for finance companies and banks. Banqsoft has achieved a leading position in financial services and an increasingly stronger position in banking sector services. Banqsoft's clients are located in the Nordic countries, Poland, the United Kingdom and the Baltic countries, and include companies such as Santander, Handelsbanken, Bank Norwegian, Volkswagen Finans and Toyota Financial Services. Banqsoft has around 250 employees distributed across offices in Norway, Sweden, Finland and Poland. Read more at new windowwww.banqsoft.com.

About KMD

KMD, the largest Danish-based IT company, develops and delivers software and service solutions for local government, central government and the private sector in Denmark as well as chosen segments in Scandinavia. The KMD Group has subsidiaries in Denmark, Norway, Sweden, Finland and Poland. KMD has more than 1,500 Danish and international customers in the public and private sectors, including more than 800 Danish and international companies. The KMD Group has an annual revenue of around DKK 5.3 billion and around 3,200 employees. KMD is a subsidiary of NEC Corporation, a global leader in the integration of IT and network technologies. Read more at new windowwww.kmd.dk.

About NEC Corporation

NEC Corporation is a leader in the integration of IT and network technologies that benefit businesses and people around the world. The NEC Group globally provides "Solutions for Society" that promote the safety, security, efficiency and equality of society. Under the company's corporate message of "Orchestrating a brighter world," NEC aims to help solve a wide range of challenging issues and to create new social value for the changing world of tomorrow. For more information, visit NEC at https://www.nec.com.

Topic: Press release summary
Sectors: Enterprise IT, FinTech/Chains
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