NEC Corp. announced that Banqsoft, a Norway-based subsidiary of its Denmark-based KMD unit, has acquired part of Danish software firm E Foqus, specifically the assets and rights related to its Focus Finance business.
E Foqus, based in Lyngby, outside of Copenhagen, specializes in software related to finance and shipping. The acquisition involves the financial software business, according to a press release.
Under the new structure, E Foqus will be split into two parts, one will be renamed Banqsoft Denmark and include operations and development of the Focus Finance brand. The second will operate independent of Banqsoft, and operate under the name EF Solutions A/S.
"With today's acquisition, we have secured ourselves a good base for Banqsoft to continue growing across Scandinavia," Per Johanson, chairman of Banqsoft and a member of the KMD executive board, said in the release. "I will not deny that this is an offensive acquisition that we have made today. Banqsoft has an ambition to be one of the Nordic region's strongest providers of financial software and therefore by today's acquisition marks an important milestone."
Niels Ammandrup, co-founder and CEO of E Foqus, will continue as CEO of EF Solutions.
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