Banqsoft, KMD's Norwegian subsidiary, announced on Monday that they have acquired part of the Danish software company E Foqus. The handover of the company took place on January 6, 2020.
The acquisition applies to the activities and assets associated with the Foqus Finance product. Banqsoft thus acquires customer relationships, software and 20 employees as well as the right to use and develop the name and product Foqus Finance.
The Acquired E Foqus
The Danish E Foqus, with headquarters in Lyngby north of Copenhagen, has since the year 2000 specialised in software solutions for the financial and shipping sector. This part of E Foqus, which focuses on the financial sector, is what Banqsoft has acquired for an undisclosed amount.
After Banqsoft buying into the company, E Foqus will be split into two. The part of the company which has been taken over by Banqsoft becomes a subsidiary named ‘Banqsoft Denmark’ while maintaining and developing the brand of ‘Foqus Finance’.
The other part of E Foqus continues independently of KMD and Banqsoft under the name EF Solutions A/S.
Satisfied with the acquisition, Per Johanson, Chairman of the Board of Banqsoft and part of the daily management of KMD in Denmark, said in a press release:
”With the acquisition we have ensured a good starting point for Banqsoft to continue to grow throughout Scandinavia. I do not want to hide the fact that this is an offensive acquisition we have made. Banqsoft has an ambition to be among the Nordic region's strongest suppliers of financial software. The purchase today is therefore an important milestone.”
After the Company Split
Co-founder and CEO of E Foqus Niels Ammendrup continues as director of the part of E Foqus not taken over by Banqsoft, and thus continues under the new name EF Solutions A/S. He says of the sale:
“It certainly doesn't matter who takes over Foqus Finance. Banqsoft knows the market very well and has both the will and the ability to further develop and improve the Foqus Finance platform. It has been important to me to find a way to take the business to a new level. With Banqsoft as the new owner, we ensure that Foqus Finance gets an owner who has the weight and expertise to lift the company for the benefit of the customers.”
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