Mash Group Oyj
Euroloan sells part of collection software business
Euroloan concentrates on high-growth core FinTech business and the latest cloud-based systems as the group's subsidiary Digna IT Oy divests the older Perintäkarhu collection business.
Helsinki, Finland, 2015-05-26 08:00 CEST (GLOBE NEWSWIRE) --
Digna IT Oy, the wholly-owned subsidiary of Euroloan Group PLC, has sold part of its collection system portfolio, the Perintäkarhu collection software business, to Q2 Consulting Oy.
The buyer has previously provided development and support for the Perintäkarhu system. “We feel confident that our Perintäkarhu collection system customers will receive excellent service also in the future. The buyer has all the expertise and experience needed to support the customers and develop the system further” states Tommi Lindfors, chairman of Euroloan Group. Perintäkarhu customers will become Q2 Consulting customers as part of the deal. All customers are from Finland and include banks, insurance companies, pension insurance companies, cities, municipalities and other public and private sector clients.
Digna IT bought the Perintäkarhu system five years ago and has continued to develop it together with the buyer over time. “The system was a fine product of decades of collection expertise and a popular albeit small part of our service portfolio. As our other business areas have grown massively, we now found it was the right time to divest legacy systems and concentrate on our high-growth areas. The sale frees up resources and funds that we can use on further growing our core FinTech business”, Lindfors continues.
The divestment is part of Euroloan Group’s strategic focus on financial technology and cloud-based systems. Digna IT continues to develop and operate its next-generation cloud-based collection systems, which were not part of the Perintäkarhu sale.
The sale is profitable, and will have a moderate positive one-time effect on Euroloan’s consolidated result and balance sheet.
Euroloan Group PLC (Euroloan) is a rapidly growing international finance group specialized in financial technology (FinTech). The group’s headquarters are located in Helsinki, Finland, with offices in Stockholm, Sweden and Warsaw, Poland. Euroloan has developed the most efficient financing business models and systems in the market. Euroloan’s fully automated and internationally scalable cloud banking services provide real-time credit solutions for consumers and small-to-medium size businesses. Euroloan has consolidated its market position and increased its market share continuously since the company was established in 2007. More information about the company can be found at www.euroloan.com.
For more information, please contact:
Euroloan Group PLC
Tel +358 10 217 1003