Latest news with #Knowit
Finextra
9 hours ago
- Business
- Finextra
Innovation Norway selects Mabu and Knowit for core banking
Innovation Norway has selected Knowit and Mambu to modernise its core banking platform, marking a significant milestone in the digital transformation of public financial services. 0 The new solution, powered by Mambu's cloud-native technology and seamlessly integrated to the Norwegian financial systems by Knowit, will optimise Innovation Norway's loan, grant, and guarantee functions, enabling greater efficiency and scalability for the organisation and the businesses it supports. As Norway's government-owned national development bank, Innovation Norway plays a pivotal role in supporting innovation and business development across all counties in the country. To support the needs of its customers, Innovation Norway requires a replacement for its legacy banking solution, which currently handles critical functions related to loans, grants, and guarantees, including loan origination, product configuration and setup, funding management, credit processes, and case management. 'Innovation Norway plays an important role as an industrial bank supporting Norwegian companies by offering the full range of financing solutions: risk loans, market loans, guarantees and grants. We are looking forward to further improve our services together with Knowit and Mambu to build a financial platform that will serve our customers in years to come,' says Leon Bakkebø, EVP Banking & Financing at Innovation Norway. The new core banking solution will streamline manual processes, enhance data quality, and enable improved real-time insights. These advancements align with Innovation Norway's objectives of fostering greater digitalisation and operational efficiency. Knowit, serving as the primary system integrator, will ensure smooth implementation and integration of the new platform within Norway's financial ecosystem 'We're proud to support Innovation Norway realise its digital transformation goals. Together with Mambu we are delivering a solution that will automate processes, improve data management, and provide real-time insights, empowering Innovation Norway to better serve Norwegian businesses. We already have extensive experience in implementing and modernizing financial solutions in the Nordic region, and have, among other things, a similar project for the Norwegian Public Service Pension Fund (SPK), where delivery is expected to be in place shortly,' says Jan Georg Lehmann, Chief Commercial Officer at Knowit Financial Solutions. 'Many established institutions are locked into legacy environments making it incredibly challenging to adapt to new consumer and market demands. We are excited to partner with Knowit to deliver a modern, cloud-based banking solution to Innovation Norway. Our platform offers the flexibility and scalability needed to future-proof Innovation Norway's operations, while driving innovation in key areas like loans, grants, and guarantees. This collaboration is an important step towards empowering Norwegian businesses for the future.' says Jorno Levels, Commercial Lead Nordics & Baltics at Mambu. The project spans four years, with an option for annual extensions up to eight years. The agreement was signed this week and the work to develop and improve the financial platform has already started.
Yahoo
6 days ago
- Business
- Yahoo
Knowit buys Swedish insurance software company Insicon
Swedish IT consultancy Knowit has agreed to acquire local insurance software developer Insicon for an enterprise value of Skr35m ($3.6m). The acquisition agreement also includes a conditional earn-out, which is subject to the achievement of certain commercial targets. Knowit has projected that the earn-out will amount to roughly Skr50m and will be accounted for in the acquisition balance sheet upon the completion of the transaction, expected to occur in early July. Insicon, founded in 2009, employs around 50 staff, with a small management and sales unit in Sweden and a larger development and support organisation in Serbia. Its cloud-based platform supports automation, flexibility and quick deployment of new features, serving clients in the Nordic insurance market. Insicon CEO Måns Hulterström said: 'We are now ready to take the next step with our cloud-based solution and see great potential in merging with Knowit. With Knowit as our new owner, we become a significantly stronger player. 'With a stronger delivery organisation, we can together take a larger position in the Nordic and European markets.' The acquisition is expected to enhance Knowit's fintech capabilities by adding a platform-based consulting service tailored to the banking, finance and insurance industries. The integration of Insicon into Knowit is planned for the autumn period, with the aim of creating synergies between their respective product offerings and extending Knowit's reach into the insurance domain. Knowit CEO Per Wallentin stated: 'Harnessing the drive and knowledge that exists within the Knowit organisation is an important part of our culture. 'There are several examples of how this innovative capacity has led to the development of successful products and platform solutions that today are key complements to our broader service offering – creating value for our clients and an innovative environment for our employees.' "Knowit buys Swedish insurance software company Insicon " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
