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Ageras targets ‘1-2 major acquisitions’ amid growing revenue, profits and market appetite for a pan-European consolidation of fintechs to catch its ‘camel ride’

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Danish fintech Ageras, a leading provider of accounting, banking and business software solutions for more than 300,000 European small businesses, is ready to respond to a ‘growing market appetite’ for a pan-European consolidation in the fintech and business software sector, targeting to complete 1-2 major acquisitions before a potential IPO in 2026. And according to its CEO, the company is already in ‘advanced talks’ with prospects that can fulfil its vision of becoming Europe’s largest in its industry, aiming to execute on its ambitions as early as 2024, as the publication of Ageras’ 2023 annual report shows its first-ever profitable EBITDA and continued revenue growth of 53% to support its further expansion plans:

“As a result of our transformative and strategic ‘One Company’ initiative, we grew our revenue by 53% and reached the important milestone of becoming profitable, ending the year at an EBITDA margin of +30%. This accomplishment not only validates the effectiveness of our strategic direction, but also underpins our position as a resilient player in the market. This is a unique platform for consolidation and further growth and with other European fintechs and SaaS companies having been hit in the wake of the last couple of years’ financial turmoil, we believe there is now both supply and demand for a pan-European consolidation on our platform for accounting and banking software; together we can own the niche,” says Rico Andersen, CEO and co-founder of Ageras.

A financial ‘camel ride’

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According to Ageras’ 2023 annual report, the 53% revenue growth amounted to a turnover of EUR 31.7 million in a fiscal year labelled its ‘most exciting year ever’ which also included the Danish fintech’s first-ever profitable EBITDA of EUR 1.2 million. More importantly, an upward trend in Compound Annual Growth Rate (CAGR) for the past five years of a similar 53% underlines that Ageras is on a stable and strong growth trajectory defying the financial environment. Thus a unique market position that serves as a clear call-to-action for other fintechs and business software companies wanting to consolidate and join the journey, Rico Andersen argues:

“Last year we spoke about Ageras being a camel, a financial term coined by Alex Lazarow. Camels can survive the scorching heat of the desert sun, sandstorms, as well as the freezing desert nights. Unlike unicorns, camels are not imaginary creatures living in fantasy worlds. They are real, resilient, and can survive in the harshest places on Earth. Our 2023 metrics and market position proved that we are mission-critical and resilient. We can survive turbulent times. It is this financial ‘camel ride’ we want to offer Europe’s fintechs and business software companies servicing SMEs with accounting, banking and tax solutions,” elaborates Rico Andersen.

Timing ‘couldn’t be better’

Earlier in the spring of 2024, Ageras raised EUR 82 million in fresh equity for new acquisitions with overwhelming commitments from the existing investor Investcorp and new investors including Norwegian state pension fund Folketrygdfondet and American asset manager Lazard. And with the European tech sector showing stabilisation and the ECB having just announced easing on interest rates, Ageras’ investors too feel confident that the timing is right for Europe’s accounting and banking software suppliers to come together to service the continents’ almost 25 million SMEs on a central platform under the Ageras brand:

“We are continuing to successfully execute our strategy to acquire and consolidate the fintechs and business software companies servicing Europe’s millions of SMEs. On the Ageras platform, they will benefit from economies of scale, cross-border reach and thus the ability to tap seamlessly into new markets across the continent, and with the macroeconomic environment easing its grip on Europe’s tech sector combined with Ageras’s unique market position, both financially speaking and concept-wise, timing couldn’t be better,” says Gilbert Kamieniecky, Head of Private Equity Europe at Investcorp, who entered Ageras as investor in 2017.

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The post Ageras targets ‘1-2 major acquisitions’ amid growing revenue, profits and market appetite for a pan-European consolidation of fintechs to catch its ‘camel ride’ appeared first on HIPTHER Alerts.

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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Blockchain

Bybit Web3 Launches World’s Largest GameFi Playground at Crypto Ark-ade as GameFi Market Size Surges to $20bn

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