Leading Scandinavian accounting firm with strategic partnership with 24SevenOffice

ECIT AS, which is one of the largest accounting firms in Scandinavia with 1,400 employees and close to 1,6 billion SEK in revenue, establishes a strategic business unit specialized on 24SevenOffice technology including AI accounting, and best practice. ECIT will through that business unit acquire new accounting firms mainly in Norway and Sweden where all portfolio companies will use the 24SevenOffice accounting/ERP system.

ECIT has made a strategic choice to only focus on the AI (Artificial Intelligence) powered 24SevenOffice accounting/ERP system in all the acquired accounting firms. ECIT has an exceptional experienced management team where the former CEO of Visma Services, Peter Lauring, is both the founder and CEO.
 

Based on the historical growth and number of acquired accounting firms done by ECIT so far, this will potentially represent a significant source of growth in software revenue for 24SevenOffice Scandinavia AB.

24SevenOffice Scandinavia AB is pleased that ECIT will build this new venture around the 24SevenOffice software and that the partnership has been strengthened. 
 

The focus on just an accounting/ERP system, will streamline and automate the processes in the accounting firms. 24SevenOffice has a goal to automate 60- 70% of the manual tasks done in the portfolio accounting firms today. This goal is assumed to be completed within a year after the implementation of the agreement. The reason for this assumptions are amongst others by using powerful technologies like AI and our embedded banking features in Optin bank, where 24SevenOffice Scandinavia AB is a major shareholder. 
 

This disclosure contains information that 24SevenOffice Scandinavia AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 10-10-2020 14:36 CET.

For further information please contact:

Ståle Risa, CEO

Tel: +46 70-023 63 03, str@24sevenoffice.com

24SevenOffice in brief

24SevenOffice's vision is to empower businesses for the future, through delivering world class cloud based business systems to small and medium-sized companies in the Nordic region. The system is currently used by 54,500 companies in the Nordic region, with PwC and KPMG, among others, as accounting partners. The business system is module-based, where the modules are provided independently or packaged as complete solutions. For more information see www.24sevenoffice.com