In November last year, we announced our first acquisition in Sweden. Now, we continue our Swedish expansion through the acquisition of the Swedish fintech company StoEr Technologies AB, further strengthening our focus on digitizing the mortgage journey.
Stacc provides software solutions and services to banks and financing companies in the Nordic region. We have more than 30 years of experience in delivering solutions to Norwegian banks related to their mortgage processes and have expertise and solutions ranging from user experience, financial analysis and credit process orchestration to core banking. Over the past year, we have consolidated our internal forces in a strategic mortgage initiative, which has resulted in an automated, digital, and highly user-friendly mortgage journey, supporting all types of mortgage products.
The end-to-end solution includes Stacc's own process automation platform handling the complete origination process including digital application, onboarding, and credit process as well as our core banking solution based on market-leading cloud technology from Microsoft.
Investing in local expertise and proximity to customers
StoEr is headquartered in Stockholm and has developed a fully automated credit process for mortgages over several years with Söderberg & Partners as a customer and majority owner. The team has significant expertise and a network in the Swedish mortgage market through development of an automated platform for credit process and mortgage distribution through credit intermediaries issued by the Swedish credit institution Borgo.
With the acquisition of StoEr, we will increase our local capacity in the Swedish market. Stacc already has several Swedish banks and credit institutions on our client list, and in 2023 it is expected that more than 60 million of our revenue will come from outside Norway. The main objective is to help Swedish banks and financial institutions digitalize and automate their credit and lending processes.
Stacc's ambition is to be a modern alternative for Swedish banks and financing companies looking to digitalize and streamline their credit processes, also alongside with existing IT solutions. StoEr's expertise in mortgages combined with Stacc's product portfolio, will allow us to develop and deliver solutions that address the needs of the Swedish banking market.
Geir Nordrik, CEO of Stacc
The StoEr team, consisting of experienced developers with strong industry and technology expertise, will now become part of the rapidly growing software company, which has 220 employees spread across offices in Bergen, Oslo, Skövde, and Stockholm.
This is incredibly exciting. The Swedish financial industry needs a strong player capable of delivering modern software solutions for an increasingly complex technology landscape. We were impressed with Stacc's approach and flexible product range early on, and are pleased to contribute with our local expertise. Together, we will be in a unique position to have a significant impact on the Swedish market.
Jonathan Olsson, team lead for the StoEr team
Collaborating with former owners
As part of the transaction, Stacc will take over the management of the distribution solution developed by StoEr together with former owners Söderberg & Partners. The parties also enter into a distribution agreement related to the sale of Stacc's solutions in Sweden.
StoEr has played a crucial role in establishing Söderberg & Partners in the mortgage market. With Stacc as owner, StoEr can truly leverage its capacity and potential in all areas. We also have the pleasure of maintaining our relationship with the StoEr team through our new collaboration on the distribution of the distribution solution that we have developed together.
Gustaf Rentzhog, CEO of Söderberg & Partners
Continued great potential in the Nordics
For 2023, the Stacc group estimates a revenue of close to NOK 260 million. The plan for the coming years is to continue expanding in the Nordic region by establishing a solid foothold and market position in the local markets. Denmark and Finland are natural next steps after Sweden, but the company also looks beyond the borders of the Nordic region in the longer term. The ambition has been clear from the beginning: to become an international provider of financial technology for the banks and financial institutions.
Based on our experience speaking with both large and small banks in the Nordic region, we believe there is still significant potential to automate and streamline today's credit processes, including mortgage loans. We aim to be a collaborative partner for our customers in their ongoing digitalization journey, and our ambition is to help banks reduce complexity in their current IT systems and processes. We still see a significant need for a player like Stacc in the Nordic market.
Geir Nordrik, CEO of Stacc
Facts about Stacc
Stacc is a software company established in 2016 that provides software solutions and services to banks and financial institutions in the Nordic region. Since 2016, we have more than twentyfolded our revenue. Stacc has 220 employees located in offices in Bergen, Oslo, Stockholm, and Skövde.
Facts about StoEr Technologies AB
StoEr Technologies AB was founded in 2016 with a primary focus on digitizing mortgage processes for both end customers and banks. With extensive experience in developing IT and system support in the financial sector, StoEr delivers a digital platform that automates the handling of mortgage loans and other credit products.
Facts about Söderberg & Partners
Söderberg & Partners was established in 2004 and is one of Sweden's leading financial advisors and intermediaries for insurance, as well as financial products and services. The company operates in various areas, including pension advisory services, insurance advisory and brokerage, as well as investment advisory and asset management.