Aptic merges with Asitis, wants to become a major payment tech provider in the Nordics.

Sweden M&A 28 October 2019
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Aptic, a Stockholm, Sweden-based provider of credit management solutions, announced its intentions of acquiring the operations of Skövde, Sweden-based Asitis, a software developer for the financial services industry.

The financial details of the transaction were not disclosed. Asitis's former CEO Ingi Jonasson becomes head of Aptic in Skövde after the acquisition as most of the 180 employees will continue to be coordinated from Skövde, and will also be active in other offices from Sweden, Denmark and the Netherlands.

Aptic, founded in 2001 and led by CEO Knut Eirik Storsul, has developed an advanced and comprehensive platform – Aptic ARC – for current account services, invoice purchases, debt collection, as well as account and credit management.

Asitis was founded in 2002 by Thordur Erlingsson and Joakim Rickardson.

In 2018, Aptic had sales of SEK 129 million ($13.4M) and Asitis SEK 44 million ($4.5M) - the new entity is expected to have a turnover of about SEK 270 million ($27M) in 2020.