OpusCapita to sell Financial and Accounting Outsourcing business to Norwegian Longship
May 04, 2017
Finnish OpusCapita Group Oy, a fully owned subsidiary of Finnish Posti Group Corporation, has agreed to sell its Finance and Accounting Outsourcing business (FAO) to various funds managed by Longship, a Norwegian private equity investor. Longship has NOK 1.4 billion in funds under management. The value of the agreement has not been published.
The divestment allows OpusCapita to focus on its core transaction and software businesses, which include printing, scanning, software, e-invoices and other electronic transactions. For FAO business, the arrangement enables it to develop its operations further with clearer customer focus and growth plan. The core offering for FAO continues to be Finance & Accounting and Payroll process management services as well as Robotic Process Automation.
The FAO deal is estimated to close during September 2017. All services to FAO customers will continue as usual through the transition, and all affected customers will be contacted individually. In total 800 employees in 8 countries will be transferred to new ownership with current terms and conditions of employment. Of these employees, 11% work in Finland. The net sales of the FAO business in 2016 was EUR 30 million. The Head of the Finance and Accounting Outsourcing business in Norway, Knut Anders Opstad, will head the new stand-alone company after closing. After closing, OpusCapita will employ 1300 professionals in 9 countries with annual net sales of EUR 210 million excluding FAO in 2016.
Separation and transfer planning starts immediately. Until the closing, the FAO business continues as a core part of OpusCapita. The divested FAO business will remain a technology and operational partner of OpusCapita after closing. Posti Group will remain a core customer of FAO.
“This arrangement is an important strategic step for OpusCapita. It will allow both FAO and the continuing businesses to have a sharper strategic focus. I look forward to the strategic collaboration with Longship, as the plan is to develop the operations and invest in growth”, said Patrik Sallner, CEO, OpusCapita.
“We are excited that OpusCapita’s Finance and Accounting Outsourcing business will become a new portfolio company of Longship. There are clear growth opportunities for the business as companies are increasingly looking for a partner to provide them with reliable and efficient finance processes management and automated solutions. We believe the company is well positioned to take advantage of this opportunity.” said Espen Stenumgård, Partner, Longship.
OpusCapita helps organizations sell, buy and pay more effectively by providing them with extended purchase-to-pay and order-to-cash solutions. With 600 million transactions processed annually by over 8,000 customers across more than 100 countries, we have created a global ecosystem where buyers, suppliers, banks and other parties connect, transact and grow. Together with our customers, OpusCapita is transforming sales, procurement and financial processes for the digital age. In 2016, OpusCapita’s net sales were EUR 240 million and employed 2,000 professionals. Founded in 1984, OpusCapita is headquartered in Helsinki, Finland. OpusCapita is a fully owned subsidiary of Posti Group Corporation. To learn more, please visit www.opuscapita.com.
Longship is a private equity investor targeting medium sized growth companies in Norway. Longship is partnering with owners and high calibre management teams in growth businesses. We support our companies with financial resources and experience, in order to accelerate growth and realize their full potential. We like complex and challenging opportunities, and always try to look beyond the obvious to understand the uniqueness of a particular business. Longship believes that partnering with management, who are as ambitious as we are, is essential to unlock the full potential of any company. To learn more, please visit www.longship.no.
Patrik Sallner, CEO
tel. +358 40 544 3441
Tuomas Itkonen, Head of Finance and Accounting Outsourcing
tel. +358 40 596 4004
Pellervo Hämäläinen, Communications Manager
tel. +358 40 674 5257