Swedish IT consultancy Knowit acquired local insurance software company Insicon for an enterprise value of $3.6 million. The deal includes a conditional earn-out based on commercial milestones, which is estimated at SEK 50 million and will be recorded in the acquisition balance sheet upon the expected closing in early July. Founded in 2009, Insicon has around 50 employees, with a management and sales presence in Sweden and a development and support team based in Serbia. Its cloud-based platform enables automation and fast feature deployment for clients in the Nordic insurance sector.
The acquisition is set to strengthen Knowit’s fintech offerings by adding a consulting service focused on banking, finance, and insurance. Insicon CEO Måns Hulterström said, “We are now ready to take the next step with our cloud-based solution and see great potential in merging with Knowit. With Knowit as our new owner, we become a significantly stronger player.” Knowit plans to integrate Insicon in the autumn and leverage synergies between the two firms. “Harnessing the drive and knowledge that exists within the Knowit organisation is an important part of our culture,” said Knowit CEO Per Wallentin, adding that the acquisition supports the company's broader strategy to deliver value to clients through platform-based services.
