Björn Lundén, Swedish accounting and financial administration software provider, acquires Stockholm-based Due Compliance AB (“Due Compliance”). Due Compliance provides tools for AML, KYC and Risk Assessments. The acquisition will help Björn Lundén expand its presence in the European financial software market. The acquisition was backed by leading European software investor Main Capital Partners.
The acquisition of Due Compliance represents Björn Lundén’s fifth add-on acquisition since Main Capital Partners became a majority investor in July 2021 and enables Björn Lundén to expand the product portfolio to both existing and new customers, further strengthening the group’s position in the Nordics and rest of Europe.
Due Compliance offers comprehensive KYC & AML tools to ensure compliance in easy-to-use solutions integrated into existing ERP and CRM systems. In accordance with current legislation and directives, the products simplify monitoring, screening, and checks for the end customers.Due Compliance services a wide range of end customers’ specific needs with over 300 customers to date.
The market for KYC software is predicted to grow at a CAGR of 21% in the coming seven years, driven by the need for user-friendly cloud-based solutions for management of customer data and the need to navigate an increasingly complex regulatory landscape. Underlying factors driving the market growth include increased regulatory pressure, financial crime, data security needs and the globalization of digital processes.
Wessel Ploegmakers, Partner and Head of Nordics at Main, comments: “Due Compliance represents Björn Lundén’s fifth acquisition of the group. The acquisition marks an important step towards expanding the offering with regulatory driven tools with an improved value proposition for both existing and new customers. We see many opportunities for the Björn Lundén group to continue its growth journey, which includes both inorganic and organic initiatives, to become a European leader offering a full suite of cloud-based accounting, ERP and RegTech solutions.”
Ulf Svensson, CEO at Björn Lundén, adds: “I am pleased to announce the acquisition of Due Compliance, which offers modern and comprehensive software solutions for KYC & AML for accountancy firms, law firms and more. There is an increasing demand for KYC & AML solutions in the accounting industry driven by regulation. With the experience and knowledge of the management of Due Compliance and with this internationally scalable software, we look forward to a very interesting future with fast expansion both in the Nordics and the rest of Europe. ”
Petter Flink, Co-Founder and CEO at Due Compliance, concludes: “We are proud that, in a short period of a few years, we have managed to create and establish a unique and leading tool for AML and KYC controls in accordance with Swedish and European legislation. We have now found in Björn Lundén the ideal partner to take a further step in the development of our company, ourselves and our services for the benefit of even more customers and countries. We look forward with great confidence to realizing our plans and ideas in close symbiosis with Björn Lundén’s strong team and brand.”
We see many opportunities for the Björn Lundén group to continue its growth journey, which includes both inorganic and organic initiatives, to become a European leader offering a full suite of cloud-based accounting, ERP and RegTech solutions.
Björn Lundén, founded in 1987, provides accounting and financial software solutions targeted at accountancy firms and SMEs throughout the Nordics and the Benelux market. From its offices across Sweden, Denmark and the Netherlands, the company serves over 60.000 end companies. The company has developed a comprehensive portfolio of solutions and tools for administration, finance, accounting, tax, legal, personnel administration, time, project & expense management and ERP and in addition offers knowledge tools, books and courses in the aforementioned areas. Björn Lundén group has +240 employees today.
Due Compliance has since 2019 been a provider of tools to make it easier for companies to fulfil their legal obligations according to Money Laundering Legislation (AML) and EU’s various AML directives. The needs and requirements differ between different industries and Due Compliance offer tailor-made, solutions integrated into existing systems for, among others, Lawyers, Law Firms, Accountants, Accounting Consultants, Financial Advisors and Real Estate Agents. Due Compliance has over a short period of time gained a strong position in the Swedish market and currently also growing in Norway.
Read more about other recent acquisitions or mergers within the Main network.