19 Apr 2021

Stacc acquires Escali

Stacc acquires Escali

Stacc is a Norwegian fintech company delivering IT-solutions and services to the banking and finance industry. Stacc has over 100 employees, headquarters in Bergen, office in Oslo and customers across the Nordics.

Escali was founded in 2002 and has 16 employees located in Bergen and Oslo. The most important customer segments are insurance companies, pension funds, banks, investment firms and other large and capital-intensive companies such as shipping, real estate, industrial and power companies.

“In addition to our solutions being complementary in the same market segments, we see a great synergy effect from pooling our resources, e.g. on development, marketing and sales. Both companies have high IT- and digitalisation expertise, combined with deep industry knowledge. Stacc is therefore an extremely good match for us", says Gerdt Vedeler, Chairman and Founder of Escali.

In total, Stacc and Escali had a turnover of more than NOK 120 million in 2020. For 2021, the Stacc Group’s ambition is to increase turnover significantly, and further strengthen the position in the Nordic market.

"We have always had high focus on digitalization and automation through use of cloud-based solutions. As part of the Stacc Group we will have access to more resources that enables us to develope tomorrow's solutions faster and better. This will benefit all our customers.”, Vedeler continues.

CEO of Stacc, Geir Nordrik, states that Stacc’s ambition is to become an international fintech player. Both companies have long experience from software industry in banking and finance, and both Nordrik and Vedeler agree that the two companies are a good fit strategically, and in terms of culture and competence. Both Stacc and Escali have strong brands and many satisfied customers. The next step is to strengthen the market position further in the Nordics.

“With Escali on the team, we are now a more complete supplier of solutions for the banking and finance industry. Escali has build software solutions that handles all kinds of financial instruments. The solutions are based on international regulations such as GIPS, IFRS, Solvency II and EIOPA, making the solutions well suited for the global market”, Nordrik states.

Contact information:

Geir Nordrik
CEO, Stacc AS
+47 908 92 837

Gerdt Sverre Vedeler
Board Chairman Escali Financial Systems AS
+47 926 22 063