Knowit sells non-controlling interests in Stacc ASPublished 25 May 2022
The Board of Knowit AB has decided to sell the Group’s holdings in the Norwegian fintech company Stacc AS. The sale will be performed at a valuation of NOK 73 million for Knowit’s holdings. The deal is expected to be finalized during the second quarter of 2022.
Knowit has been one of the owners of Stacc since the 2010 acquisition of a Norwegian corporation in which Stacc was a subsidiary developing a banking product for clients in the finance sector. Since then, the operations have developed and now make up an independent company with almost 150 employees. Stacc offers products that can be delivered as standalone modules or ready-to-use total solutions for fintech clients. Knowit is selling its current non-controlling interests to the company’s main owner.
“Stacc has a solid platform and prime conditions for a continued growth journey. At the same time, there is a need for further investments to realize the potential of the company, something that is not currently in line with Knowit’s strategy. Freeing up capital to make further investments in our core operations is a higher priority for us,” says Marie Björklund, CFO at Knowit.
Further examples of platforms and products developed and offered from various parts of Knowit include, among other things:
- Dploy – a user-friendly platform for automated processing of loan applications.
- Zizr – a solution that combines advanced technology and artificial intelligence to give clients a realistic size guide for online clothes purchase.
- BlueGo – an application framework and software for Bluetooth, with all the functionality needed in Bluetooth systems.
- SignPort by Knowit – a complete service for digital signatures.
“Preserving the drive and knowledge found in Knowit’s organization is an important part of our culture. There are several examples of when this innovative power has resulted in various product solutions that are now important complements to other services and offers within Knowit, both as value creators in our client relationships and as contributors to an innovative environment for our employees,” says Per Wallentin.