Netcompany's third quarter results fully incorporate the acquisition of banking data firm SDC for the first time. The newly renamed Netcompany Banking Services now contributes substantially to overall revenue. Company revenue grew 34 percent this quarter compared to the same period last year. Organic growth, excluding acquisitions and currency effects, reached 8.2 percent.
CEO André Rogaczewski said in a statement that integrating the banking data business with the rest of the company is progressing well. Integration efforts are moving faster than expected, he noted. He expressed enthusiasm about the opportunities Netcompany Banking Services creates within the financial sector.
Netcompany expects the merger to generate annual cost savings between 300 and 350 million Danish kroner. That equals approximately $43-50 million USD. The company also revised its full-year organic growth forecast downward. The new projection ranges between 6 and 8 percent, down from the previous 5 to 10 percent range.
The former SDC provided data services to several Danish savings banks and commercial banks. These institutions previously owned SDC until Netcompany acquired the business for one billion Danish kroner. The acquisition significantly expands Netcompany's presence in Denmark's financial technology sector.
This strategic move demonstrates how Nordic IT firms are consolidating to compete in specialized markets. The revised growth forecast suggests integration costs might be affecting short-term performance despite the revenue boost.