Crosskey acquires Model IT
Crosskey, a leading supplier of services and systems to the Nordic financial industry focusing on banks, card issuers, asset managers and fund managers, strengthens its offerings by acquiring all shares in the Finnish software company Model IT. Helsinki-based Model IT has 13 FTEs and is developing IT-systems for the asset and fund management business based on its OneFactor platform and for the insurance business based in its cFrame system. Model IT’s revenues accounted to approximately 1,8 meuro during the previous financial year.
Model IT is one of the leading suppliers in asset management systems in the Finnish market and through the previous collaboration between Crosskey and Model IT, the parties have together also taken market shares on the Swedish market. To Model ITs customers in Finland, as well as for customers in Sweden, this deal means that customers can expect a continued good service and good conditions for continued Market-leading IT development.
– Crosskey and Model IT have already had a close collaboration and through this acquisition we will now create a significant opportunity to continue to further develop our offering says Johan Dahlström, Head of Capital Markets at Crosskey.
Both Model IT and Crosskey have been very positive to this deal since the dialogue started and both parties are convinced that this is the right way to go and that the combined company will be able to offer even more value to the market. Crosskey will through this deal get full access to Model ITs product portfolio and Model IT will also add significant knowledge and expertise to the company. In parallel Model IT will become part of a strong and long-term secure organization that will ensure continued development.
– It is the perfect future solution for Model IT, and we are confident that this will be the best solution for customers, staff and also for the common future says Osmo Jauri, CEO at Model IT.
The Sellers of Model IT is the current management and some of the employees. The current management and employees of Model IT continue in their roles after the acquisition and Crosskey and Model IT will now, with joint forces, further develop the offering to existing and new customers.
– In recent years Crosskey has developed a new offering for the asset and wealth management business in the Nordics. Model IT has from the start been a strategic and important part of this investment and when we now see that this investment bears fruit, that we get new customers and that there is a strong interest, well then, this acquisition is completely logical, says Thomas Lundberg, CEO of Crosskey
Crosskey, celebrating 15 years in business, delivers modular Banking-, Card and Capital Markets services and systems. More than 250 employees take care of satisfied customers out of Crosskey’s offices in Stockholm, Mariehamn, Turku and Helsinki. Crosskey strives for sustainable solutions that have a positive impact on the environment.
Model IT provides innovative software solutions and advisory services in the financial sector. Crosskey’s Capital Markets solution is based on the OneFactor Wealth Management-platform developed by Model IT.
Head of Capital Markets
+46 (0)72 535 42 56
+358 (0)40 5913159