Talenom strengthens its position in Spain by acquiring Nomo, one of the leading local FinTech platforms
Talenom Plc, Press release 30 June 2022 at 16:00 EEST
Talenom strengthens its position in Spain by acquiring Nomo, one of the leading local FinTech platforms
Talenom Plc has today agreed to acquire the platform business called Nomo in an asset deal. Nomo operates from Barcelona, Spain, and its business operations cover the entire country. Nomo offers its customers a comprehensive digital platform for accounting and financial and tax planning. The platform is aimed at self-employed people and SMEs and includes solutions for sales invoicing, expense management, bank connections and reconciliation, payment accounts and cards, accounting and tax advice. The seller is Innocells, the corporate venture unit and digital innovation hub of Banco Sabadell, the fourth largest bank in Spain.
The acquisition of Nomo provides Talenom access to 6 million micro-SMEs and self-employed people on the Spanish market, which have traditionally been underserved by digital solutions. Nomo will form the basis for Talenom's operations in this strategic customer segment with a scalable solution that combines software, automation and personal service.
Nomo has grown rapidly and built an innovative digital solution in less than three years. Nomo and Talenom share a common vision of a financial management product that combines software, services and banking. The companies complement each other with local market expertise and will, over time, cooperate in a cross-border product development team. Today Nomo employs approximately 25 skilled experts. The customer base consists of local self-employed & micro-SME customers. After the acquisition, Nomo will continue to operate from Barcelona under its own brand as a Talenom subsidiary. Nomo will continue its investments and intends to increase its position in the Spanish small customer sector while expanding its service portfolio.
Nomo has proved its capability and performance on the Spanish market by successfully accelerating its growth. We expect accelerating and scalable growth to continue. The business acquisition does not have a considerable effect on Talenom's financial position or future outlook in the short term. The purchase price is not published.
"Nomo has developed a great product. We are impressed by their productivity and focus on customer experience. The shared passion of the teams is to help small businesses. I am very excited about this opportunity to grow together. This acquisition will significantly accelerate the progress of Talenom's strategy in Spain,” says Otto-Pekka Huhtala, CEO of Talenom.
"This transaction gives recognition to Nomo's growth, scalability and potential by a reference company like Talenom. We are very pleased to be part of a pioneering company in the accounting services industry that will help Nomo to continue growing as the optimal solution for self-employed people and SMEs to manage their daily business, accounting, finances and taxes. This transaction expands our ability to respond to all financial needs of small businesses,” says Xavier Capellades, CEO of Nomo.
Further information:
Otto-Pekka Huhtala
CEO, Talenom Plc
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About Talenom
Talenom is an agile and progressive accounting firm established in 1972. Our business idea is to make daily life easier for entrepreneurs with the easiest-to-use digital tools on the market and highly automated services. In addition to comprehensive accounting services, we support our customers’ business with a wide range of expert services, as well as financing, account and payment traffic services. Our vision is to provide superior accounting, account and payment traffic services for SMEs.
Talenom's growth history has been strong – average annual net sales growth was 16.2% in 2005-2021. In 2021, Talenom had an average of 1,012 employees in Finland, Sweden and Spain at a total of 52 locations. Talenom's share is quoted on the Main Market of Nasdaq Helsinki. Read more: sijoittajat.talenom.fi/en/
About Nomo
Nomo is a comprehensive service platform that combines all services and tools involved in managing the business, accounts, invoicing, taxation, and finances of self-employed people, freelancers and SMEs through a subscription model. In February 2022, the omnichannel platform launched its own current account and virtual Mastercard card and became the first platform in Spain for SMEs and self-employed people to integrate accounting, taxation and digital banking.
