Finago acquires Regla and expands into Iceland
Finago has signed an agreement to acquire all shares in Regla, an Icelandic provider of cloud-based accounting, payroll, and invoicing software, from Hawk Infinity and Regla’s minority shareholders. Upon completion, the acquisition will mark Finago’s entry into Iceland and its continued growth as one of the leading business software providers in the Nordics.
“We are pleased to welcome Regla and its team to Finago. Regla has built a modern cloud platform that is highly rated by Icelandic businesses and accounting offices, making it an excellent addition to Finago. Geographical expansion is an important pillar of our growth strategy, and this is an essential step on that journey – with more to come,” says Lars Engbork, Group CEO of Finago. “Our ambition is to be one of the leading players in every market we operate in with cloud-based accounting and payroll software as the foundation. These systems are at the heart of how businesses are run, and when customers are satisfied with how we support them with their most business-critical processes, they will want to trust us with more of their needs over time. Regla’s strong position with Icelandic customers gives us an excellent foundation to continue developing software together that helps accounting offices and businesses succeed in Iceland, across the Nordics, and beyond.”
Founded in 2008 and headquartered in Reykjavík, Regla offers a cloud software that covers the accounting and operational needs of small businesses and accounting offices, from financial accounting, invoicing and payroll to purchasing and point of sale. By joining forces, Regla gains access to Finago’s experience of working with accounting offices across the Nordics, while it continues to serve its customers with deep local expertise.
“Regla has continued to grow under our ownership, and we are proud of what Magnús and the team have built for Icelandic businesses. With its Nordic reach and long experience of working with accounting offices, Finago is the right owner to take Regla into its next phase. We wish Regla and Finago every success together,” says Joakim Karlsen, CEO of Hawk Infinity Software.
The new ownership does not affect Regla’s daily operations, personnel, or customer relationships. Regla will continue to operate independently within the Finago Group, led by its current management. Over time they will collaborate in creating stronger commercial offerings and business enablement functions to create value for their customers, employees, and investors.
“Joining Finago gives Regla an outstanding Nordic partner with the experience and capability to grow together with accounting offices and small businesses. Over time, our customers will gain access to a broader range of solutions, including Finago’s AI capabilities that automate business administration and reporting and reduce time spent on routine work. Regla will also be able to take some of its strongest offerings to new markets, while our employees will gain new opportunities to learn and develop with colleagues across the Nordics. For our customers, we will continue as before: the same team, the same service, and the same focus on making everyday business administration simpler for Icelandic companies,” says Magnús Björnsson, CEO of Regla.
The acquisition is subject to customary closing conditions and is expected to be completed in November.