Emric acquires Financial Systems

Emric acquires Financial Systems - is now the biggest IT supplier in the Nordic Region within credit financing

The IT company Emric has acquired its competitor Financial Systems AB. The acquisition means that Emric is now the largest company in the Nordic region when it comes to IT systems, consultant services and business process outsourcing regarding credit financing, with 150 employees and annual sales of SEK 170 million estimated for 2011. The objective is to list the company on the stock exchange within 3 to 5 years and to reach annual sales of at least SEK 500 million during this period.

During 2010 Emric achieved sales of SEK 92 million, while Financial Systems reached SEK 55 million (preliminary figures). The acquisition means that the company now has customers in more than 20 countries.     

“The acquisition provides us with much greater expertise within e.g. leasing, and it accelerates our international expansion, even though the Nordic region will continue to be our primary market,” comments Joakim Dahlgren, Emric’s CEO. 

The newest – and largest – owner in the new company is InnovationsKapital, with a shareholding of 26%.      

“Emric enjoys an extremely strong position in its market, and we are optimistic about the company’s opportunities for continued growth not only in the Nordic region, but also internationally,” adds Peder Holm, Investment Director at InnovationsKapital.

Emric plans to recruit 10 or more additional employees during 2011. Among its customers are many banks and credit institutions in the Nordic market such as Danske Bank, Länsförsäkringar bank, Handelsbanken, ICA Banken, Nordea, SBAB, SEB, Swedbank and Xerox. 

“Our roots are in software development but we are becoming more and more of a total partner for our customers in everything that concerns their credit processes. The credit process takes far too much time at many credit institutions and this costs customers a lot of money. By using smarter processes and more efficient systems we can achieve great savings, as can our customers,” states Joakim Dahlgren.