The right conditions for the best core banking solution in the Nordics
Andreas Eliasson, CEO of Applicon, looks forward to becoming part of the Pearl Group.
– This is an incredibly exciting opportunity for our customers and our staff. We bring with us a strong and knowledgeable team on this journey. It will be very exciting to participate in Pearl's growth process and together build an even stronger banking and finance offering, he says.
– We will focus on providing our customers with top-notch service in SAP and banking solutions, now with a strong Nordic supporter and owner. We now have the conditions we need to offer the best core banking solution on the market to the entire Nordic region. Pearl has extensive expertise in business software across various industries, and that knowledge will benefit us in Iceland, while we contribute valuable banking expertise and solutions to Pearl’s operations, he adds.
Targeting Sweden and Iceland
– This acquisition is strategically important for Pearl Sweden. We have ambitious growth plans and have already established ourselves in Sweden and Finland since 2020. We also have a presence in Poland and Latvia. Now, we are also entering the Icelandic market,” said Carl Östholm, CEO at Pearl.
At the same time, Pearl is now aiming for Sweden to become its largest market in 2024. The Icelandic operations, included in the acquisition of Applicon, boast some of Iceland’s largest companies in their portfolio. The acquisition aligns well with Pearl’s business culture.
– We are pleased and proud to make this announcement. For many years, Origo and Applicon have demonstrated that strong local expertise close to customers creates long-term partnerships. This is also part of Pearl’s DNA. Together, we will ensure that our combined expertise and culture continue to develop the strong partnerships Origo and Applicon have established with their customers. At the same time, we will offer this to new customers and employees, said Östholm.
Pearl has seen solid growth in revenue over the past few years, from SEK 414 million in 2021, to SEK 549 million in 2022, and SEK 688 million in 2023. In 2024, the company is aiming for over SEK 800 million in revenue, and with the acquisition of Applicon, Pearl is projected to achieve a pro forma turnover exceeding SEK 1 billion in 2024.
About Pearl Group
Pearl Group comprises more than 400 consultants, experts, developers, and project managers, making it the largest SAP partner in the Nordics. Pearl offers solutions in SAP business solutions, proprietary software, and related systems and has significant expertise in these areas. With the motto "Your Business, Next Level," Pearl focuses on being a partner to companies and helping them achieve success in operations and information technology.
