Netcompany, a Denmark-based IT services company, has agreed to acquire SDC, a Danish provider of core banking solutions, in a deal valued at DKK 1 billion (US$145 million).
Under the agreement, SDC will become fully owned by Netcompany, with the aim of improving banking services for existing and future customers.
As part of the deal, Netcompany will pay DKK 1 billion (US$145 million) in cash to SDC’s shareholders, using its existing credit facilities. The transaction is expected to be completed by mid-2025, pending regulatory approval.
This acquisition strengthens Netcompany’s presence in the financial services industry, one of the biggest sectors for IT investment in Europe.
In Denmark, Norway, and Sweden alone, the market is expected to grow beyond DKK 44 billion (US$6.4 billion) in 2025, with an annual growth rate of over 10% until 2028.
Netcompany’s existing digital platforms, such as AMPLIO, mit.dk, AMI, and EASLEY, along with Festina Finance’s banking and pension products, will be combined with SDC’s core banking system.
This integration aims to modernise banking by offering better digital services, personalised financial advice, and smoother processes for tasks like mortgages and account setup.
The combined company will have over 9,200 employees.
André Rogaczewski, CEO of Netcompany, said:
“This strategic move marks a significant milestone for Netcompany, and it aligns with our Go-To-Market strategy to expand our capabilities and enhance our service offerings within the financial services industry.
“The goal of this transaction is to create innovative and best-in-class services in Denmark, Scandinavia, and the rest of Europe, to the benefit of current and future customers, thereby adding substantial value for our shareholders and stakeholders.”
Klaus Skjødt, Chair of SDC, said:
“Together with Netcompany, we have a shared ambition to make the banking sector a driving force for digital innovation, setting new standards for the advice and service customers can expect from their bank.”
With this deal, Netcompany and SDC aim to make banking more efficient and user-friendly across Denmark, Scandinavia, and Europe.
Featured image credit: edited from SDC
