Stacc's Nordic expansion continues with the company acquiring 100% of the shares in the Danish company Bytelab A/S. The strategic acquisition represents a major investment in IT solutions for the Asset Finance industry, with a clear goal: become the largest vendor in the Nordics.
Stacc provides modular software solutions for banks and financial institutions in the Nordic region. Over the past year, the company has expanded with two new offices in Sweden through the acquisition of Farm Interactive AB, and Stoer Technologies AB. Now, Stacc sets its sights on Denmark, and expands into the Danish market through the acquisition of Bytelab A/S.
Bytelab delivers a complete and user-friendly software solution for leasing and financing of cars. The company has a turnover of 36 million Norwegian kroner in 2023, with around thirty customers. The 24 employees are located in Aarhus, and since 2001, the company has primarily provided solutions in the Danish market. Now, Stacc and Bytelab join forces to take a prominent position in the Nordic Asset Finance market.
Complementary solutions covering the entire value chain
Stacc already delivers solutions to several Nordic customers within Asset Finance. The acquisition brings together complementary solutions that combined cover the entire value chain of IT solutions in the Asset Finance industry. Bytelab has developed a modern front-end solution especially targeted for car dealerships and leasing companies, while Stacc's strength lies in digital user experiences, automated credit processes, and a modern core system for the automated lifecycle management of asset finance products and contracts.
Stacc's strategy to provide modular solutions to our customers remains firm. Bytelab's solution is 100% complementary to Stacc's product offering, strengthening our overall delivery capacity and market offering. Together with Bytelab, we now cover the entire value chain in car financing, leasing, fleet management, and equipment finance.
Geir Nordrik, CEO Stacc
Rapidly changing market - need for good customer experiences and increased automation
The Asset Finance market is constantly changing, and many players need to modernize and automate their IT solutions based on changing customer needs, new business models, and internal efficiency considerations. Both Stacc and Bytelab have extensive experience and a history of delivering software solutions to the automotive industry, describing "love of the car industry as their common DNA."
Both companies have long planned further expansion beyond their respective home markets. By joining forces, the companies will consolidate their efforts in sales, product development and project deliveries with a clear goal of gaining a strong foothold in all the Nordic countries.
It is a perfect strategic match, as Stacc aims to strengthen its position within asset finance software deliveries, including solutions for automotive finance and point-of-sale. These are areas where Bytelab excels. In addition, Stacc wants to establish local presence in Denmark, while Bytelab has long had Nordic ambitions but, due to its size, has found it challenging to be considered as a supplier at the Nordic level. Bytelab has also previously lacked local presence through offices and employees in the new markets.
Jakob Lykke Hansen, CEO Bytelab
Asset finance focus spearheading into Europe
Since its inception, Stacc has had a clear ambition to become an international software provider for the banking and finance industry. The expansion in the Nordic region is well underway with offices and local delivery capacity in Norway, Sweden, and now Denmark.
Becoming the market leader in the Nordic region within Asset Finance software is the first step. It is natural to think that further expansion into the continental Europe will happen based on Stacc's asset finance offering, which is significantly strengthened by joining forces with Bytelab. Stacc´s ambition is to help customers realize the mobility and financing solutions of the future. Stacc aims to be part of the solution for car dealers, financial companies and banks that want to offer first-class customer journeys and automated processes, as well as flexible IT solutions that evolve in line with changing market and customer demands. Despite significant changes in the market in recent years, we believe this journey has only just begun.
Geir Nordrik, CEO Stacc
Facts about Stacc
Stacc is a software company established in 2016, providing software solutions and services to banks and financial institutions in the Nordic region. After the transaction, Stacc consists of approximately 250 employees across offices in Bergen, Oslo, Stockholm, Skövde, and Aarhus. The Stacc group is expected to have a turnover of approximately 285 million kroner in 2023 (proforma, after the acquisition).
Since its start in 2016, the group has more than twenty folded its revenue. In 2022, the Stacc group had a turnover of 220.6 million, with an EBITDA of 30.8 million and a pre-tax profit of 15.9 million.
Facts about Bytelab
Bytelab is a software company established in 2001, developing software for the automotive and financing industries primarily in Denmark. Bytelab consists of 24 employees and is located in Aarhus. Bytelab is expected to have a turnover of approximately 36 million Norwegian kroner in 2023.