Innofactor Plc, a leading software provider in the Nordic countries, has signed an agreement to acquire Invenco Oy, a private company focused on data integration, business intelligence, business performance management, and reporting solutions. The purpose of this acquisition is to become Finland’s leading provider of data solutions in the Microsoft ecosystem. The deal is expected to close on June 30, 2022.

Innofactor helps customers digitize their businesses and develop business processes using secure cloud services. Invenco Oy is a Finnish company specializing in forecasting and planning systems, information management systems, data warehousing and reporting, data integration, and business intelligence and analytics. Being a long-term Microsoft partner in data and analytics, Invenco has strictly adhered to the policy of customer success. With this acquisition, Innofactor intends to grow Invenco’s revenue and elevate its profitability through synergy benefits.

“Invenco has very experienced top professionals, great customers, and good partners. Also, our way of working and culture seem to go well together, which is very important to me. I would like to warmly welcome the new colleagues, customers, and partners to Innofactor.” said Sami Ensio, Founder and CEO of Innofactor.

This transaction is meant to be financed with Innofactor’s bank finances and cash funds. The purchase price is closed at a fixed price of 3 million euros and an additional purchase price equivalent to three years’ revenue, which is estimated to be around 3.75 million euros.

Sakari Pitkäsalo, Invenco’s main shareholder and CEO, said, “Thanks to Innofactor’s broad shoulders and wide solution portfolio, we’re able to offer our customers even more comprehensive services and provide excellent development opportunities to our highly qualified experts. Innofactor’s Nordic reach and growth strategy create a solid basis for us to reach a new phase. We believe that Invenco’s partner strategy complements Innofactor’s chosen strategy very well and for us it’s a great occasion to join Innofactor’s top team on their growth journey.”