Total Specific Solutions expands to Iceland with the acquisition of dk Hugbúnaður

Dec 03, 2020 Iceland
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Total Specific Solutions ("TSS") has acquired the Icelandic software company dk Hugbúnaður ehf., a leading business solutions and accounting software provider for the SME market in Iceland. TSS enters the Icelandic software market and expands its foothold in the Nordics with this region's tenth acquisition. Arion Bank acted as sell-side advisor for dk Hugbúnaður in the sales process. The purchase price is not disclosed.

dk software offers cloud-based business software for more than 5,000 clients across multiple verticals in Iceland, making it the respective market leader in its segment. The solutions allow accountants to connect directly to their respective companies' accounting data, enabling accountants and their clients to work together electronically. The accounting system has a general ledger, powerful analyses, and financial statements. It has modules which can be added, such as the sales invoice system, inventory system, payroll system, job ledger module, and handling system. The latest developments are apps for mobile phones or tablets.

Birthe Elkjær, Managing Director at TSS: "It is exciting to announce that we have an Icelandic company joining TSS. We believe that dk and TSS are a good match. dk has a strong track record of consistent growth since it was founded in 1998. We have extensive experience with software solutions fully tailored to specific markets. This requires strong connections with the market to enable companies to continue adding value to their clients. The unique nature of the Icelandic market makes this business quite comparable to many within our group. In addition to sharing practices, we are also eager to learn from dk Hugbúnaður. We look forward to collaborating with Dagbjartur and Magnús Pálsson, who both will stay on as managing directors, as well as their respective teams."

Dagbjartur Pálsson, Managing Director at dk Hugbúnaður: "Although we are one of Iceland's largest software businesses, we look forward to joining a software group and gain over 3,000 colleagues in 12 European countries. Joining TSS will give our loyal team of employees access to new opportunities, perspectives, and insights. We expect to be able to contribute to practices and learnings as well, as well as providing ideas around operating a horizontal software business in a tight-knit community."

Magnús Pálsson, Managing Director at dk Hugbúnaður: "Our company was established over twenty years ago and has been mostly employee-owned. In the coming years, several of our founders will retire, and this has made us re-assess the ownership and search for a new owner and partner. TSS believes in perpetual ownership, which is very important to us and our staff. Our company will be run as an independent business unit, which means that the legacy of our business can continue growing into the future. We are incredibly proud of what we have achieved over the past decades and the company we have built. We look forward to the next part of the journey."

dk Hugbúnaður
Founded in 1998, dk software is used by more than 5,000 companies in various industries in Iceland. dk Hugbúnaður is a leading company in the field of ERP and business software for smaller and medium-sized companies. Their solutions offer fast, accurate, and secure handling of information vital for daily management and strategic decisions. The company and employees focus on customer satisfaction by delivering the best solutions and services. dk has its headquarters in Kópavogur and another office in Akureyri, Iceland.

If you are an owner of a Vertical Market Software company in Iceland and you would like to know more about joining TSS, please contact:

Gunnar Guðmundsson
Telephone: +31(0)640553326
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