Since 2020, the Norwegian company Pearl Group has expanded to Sweden, Finland, Poland and Latvia. With the acquisition of Applicon, Pearl Group is now entering the Icelandic market and sees a turnover of more than one billion NOK in 2024.
Pearl Group confirms the purchase of Swedish Applicon. The acquisition also involves Origo's SAP business solutions and banking solutions in Iceland and leads to the establishment of Pearl Iceland, where the director of software solutions in Origo, Ingimar Bjarnason, will become CEO.
The changes take effect on October 1st this year.
Applicon is a subsidiary of Origo in Iceland, a fintech company that collaborates with banks and financial institutions in the Nordics. The company has around 70 employees in Sweden and Iceland with extensive experience in the banking sector and leading expertise in management, system development and adaptation to international banking systems.
"This acquisition is strategically important for Pearl Group. Our ambitions for growth are significant, and we have already moved into the Swedish and Finnish markets since 2020. We also have a presence in Poland and Latvia. Now we are entering the Icelandic market," says chairman and co-founder of Pearl Group, Geir Thoresen.
At the same time, Pearl Group sees Sweden as the largest market in 2024. Applicon has its head office in Stockholm. The Icelandic operation – also included in the acquisition – has some of Iceland's most prominent companies in its portfolio. The acquisition matches Pearl's business culture well.
"We are happy and proud to make this announcement. Over many years, Origo and Applicon have shown that high local expertise close to customers creates long-term partnerships. This is also Pearl's DNA. We will ensure that our joint expertise and culture further develop the strong partnership Origo and Applicon have created with its customers. At the same time, we will offer this to new customers and employees," says Thoresen.
The head of the new Icelandic company, Ingimar Bjarnason, looks forward to joining Pearl Group.
"This is a very thrilling opportunity for our customers and employees. We bring a solid and knowledgeable group of employees with us on this journey, and it will be exciting to participate in Pearl's growth process and make it even stronger in its field," he says.
"We will focus on providing our customers with first-class service within SAP and banking solutions, both in Iceland and internationally, now with a strong Nordic supporter and owner. Pearl possesses extensive expertise in this field of business software for various industries, and that knowledge will benefit us in Iceland, at the same time as we add interesting banking knowledge and solutions to Pearl's operations," he says.
Pearl Group has had a solid development in turnover in recent years, from NOK 414 million in 2021 to NOK 549 million in 2022 and NOK 688 million in 2023. In 2024, the company has steered towards over NOK 800 million in turnover, and with the acquisition of Applicon, Pearl Group will achieve a pro forma turnover of over NOK 1 billion in 2024.
Pearl Group comprises more than 400 consultants, experts, developers and project managers, making the company the largest SAP partner in the Nordics. Pearl offers solutions within SAP business solutions, software solutions and other related systems and has extensive expertise in these areas. With the motto "Your Business, Next Level", Pearl emphasizes partnering with businesses and helping them succeed in operations and information technology.