Norwegian enterprise feedback management company QuestBack has just announced that they have acquired the Finnish SaaS company Digium Oy. Digium is perhaps the most well known company in this sector in Finland has proven that in their financials as well. In the financial year ending 2009, they turned over about 4 million euros while making over 650k€ in profit. In 2005 they made just about a million in revenue. The new company expects to tally a combined turnover of more than 22 MEUR for 2010. This makes it the largest player in the EFM industry in Europe.
QuestBack has been on a shopping spree lately. They have acquired Easyresearch AB from Sweden and Refleks AS from Norway. Both companies have been integrated fully to QuestBack’s operations and thus adding to their turnover in a successful manner.
QuestBack’s growth strategy has been communicated in the past as one were acquisitions play a major role. Buying Digium from Finland surely makes them a key player in the country instantly. This deal hasn’t come too quickly for sure as Digium has had time to change the logo on their site to reflect the new ownership structure.
“QuestBack and Digium share a similar history and understanding of EFM, and we are very happy with this agreement”, adds Matti Heikkonen, CEO of Digium. “We strongly believe that the consolidated company will create significant value for all of our customers, and continue to push the evolution of the industry.”
It seemse the Norwegians are putting their oil Kronor to use. Just towards the end of August Visma acquired Finnish Severa from the CRM and project mangement market. Interesting to see this amount of deals taking place in such a narrow market of enterprise tools and both of them coming from Norway.
Nevertheless, it’s further proof of the ecosystem working. Norway’s QuestBack will now be a major player not only in Europe, but will have chances at expanding to other parts of the world as well.