KMD Company Buys Foqus Finance
TOKYO, Jan 07, 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.
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.
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.
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.
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.
Source: NEC Corporation
Sectors: Enterprise IT, FinTech/Chains
Copyright ©2020 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
More Latest Release >>
BYD, Toyota Launch BYD TOYOTA EV TECHNOLOGY Joint Venture to Conduct Battery Electric Vehicle R&D
Apr 02, 2020 17:25 JST
Mitsubishi Motors Announces Temporary Production Suspension at a Plant in Japan
Apr 02, 2020 15:10 JST
MHPS: World's Most Efficient Power Plant is Synced to the Grid and Operating at Full Load, Ahead of Schedule
Apr 02, 2020 11:05 JST
Hitachi Announces Establishment of Hitachi Industrial Holdings Americas, Inc. to Strengthen the Industry Business in North America
Apr 01, 2020 17:17 JST
DENSO Invests in Certhon Group, a greenhouse provider based in the Netherlands
Apr 01, 2020 16:52 JST
Eisai and Seikagaku Enter into Agreement for the Co-development and Marketing Alliance of SI-613, a Treatment of Osteoarthritis, in China
Apr 01, 2020 16:23 JST
DENSO and Tokyo Tech Establish DENSO Mobility Collaborative Research Cluster
Apr 01, 2020 14:47 JST
NEC Charts Global Growth by Appointing New CEO of Indian Business
Apr 01, 2020 13:17 JST
Outline of Showa Denko CEO Message to Newly-hired Employees
Apr 01, 2020 12:30 JST
DENSO Delivers Technical Support in D-WAVE Project using Quantum Systems to Combat COVID-19
Mar 31, 2020 19:03 JST
MHI Announces Nominations for Outside Directors
Mar 31, 2020 16:13 JST
DENSO Announces Changes in the Areas of Responsibility of Executive Officers
Mar 31, 2020 16:08 JST
MHPS, MHIENG and MGC Selected to Conduct Research on Effective Recycling of CO2 to Produce Methanol
Mar 31, 2020 15:34 JST
Toyota Mobility Foundation Introduces Connected and Sanitized Mobility Services for Healthcare Workers in Support of the Fight Against COVID-19
Mar 31, 2020 14:24 JST
Fujitsu to Launch New Think Tank, "Fujitsu Future Studies Center," Bolstering Formulation and Execution of the Fujitsu Group's Medium to Long-Term Strategy
Mar 31, 2020 11:49 JST
NEC and Kagome to Provide AI-enabled Services that Improve Tomato Yields
Mar 31, 2020 10:45 JST
Hitachi Announces Selection of Director Candidates Aimed at Strengthening Global Expansion of Digital Business
Mar 30, 2020 18:01 JST
Hitachi to Establish "Lumada Data Science Lab." Bringing Together Top Data Scientists
Mar 30, 2020 17:39 JST
Mitsubishi Motors Announces Production, Sales and Export Figures for February 2020
Mar 30, 2020 17:29 JST
Honda e and CBR1000RR-R FIREBLADE win Design Awards in the "Red Dot Award: Product Design 2020"
Mar 30, 2020 17:15 JST