Danish IT services firm Netcompany has struck a deal to buy local banking tech outfit SDC for around $139 million.
Under the agreement, set to close in mid-2025, Netcompany will make the acquisition through a newly formed company - Netcompany Banking Services - that will pay DKK1 billion in cash to SDC shareholders.
Netcompany says SDC gives it a strong foothold in the financial services industry, the highest spending vertical within IT services in Europe.
SDC's core banking platform will be combined with Netcompany's platform suite to offer FS firm technology that helps them with personalised advice, self-service, and digital processes for things like housing journeys and onboarding.
André Rogaczewski, CEO, Netcompany, says: "With SDC's core banking platform and Netcompany's innovative DNA, products, and platforms, we are looking into unprecedented opportunities for the entire banking sector."