Best annual report so far

Epico, one of Denmark's largest IT consultancies, came out of 2022 with over DKK 700 million on the top line and almost DKK 15 million on the bottom line and is now expanding in Sweden via a strategic acquisition of the majority stake in Swedish Dynamant. And according to the 'architect' behind the deal, there is far more at stake than just bases in Gothenburg and Stockholm: The Danes will have a unique position in the Scandinavian market for Mainframe, and this could be the key to the expansion of the consultancy from Ballerup, which announces more acquisitions in the pipeline.

Simultaneously with its 2022 financial statements, the consulting firm Epico-IT A/S not only presents its best results to date measured in terms of both revenue, gross profit and net profit, which at group level ended at DKK 717.6 million and DKK 120.9 million and DKK 14.9 million respectively, but also its first acquisition ever: From May 2023, Swedish Dynamant will be, which is particularly known for its expertise in Mainframe, namely part of the Epico family through the purchase of 60% of the shares. However, Dynamant will retain its name and, together with its employees, will become an independent business area in Sweden in parallel with e.g. Epico Tech and the freelance business in Sweden, and according to Epico's CEO for Norway and Sweden Christian van Roon Thomsen, who has been the 'architect' behind the deal, it is a strategically important step in the direction of a Scandinavian expansion of the Danish consulting firm. where with Dynamant they now have a total of 150 consultants sitting in Sweden - and more acquisitions may be in the offing:

"The acquisition of the majority stake in Dynamant is part of a larger growth strategy in the Swedish market, where Epico is taking a big step forward in the direction of delivering more services to more customers throughout Scandinavia. This means that we can now offer expert solutions within both the Oracle, Data Science and Mainframe platforms across the Øresund, and since it is the ambition that we will be as well known on the other side of the water as we are in Denmark, more acquisitions can easily be considered in both Denmark and Sweden," says Christian van Roon Thomsen. who do not want to put a figure on the transaction, other than that it is a "double-digit million amount".

Christian Van Roon Thomsen
Nordic Sales Manager & CEO Sweden & Norway

Lack of Mainframe

In 2022, Dynamant reached a turnover of approximately SEK 50 million, which was approximately 17% more than the previous year. However, the fact that Epico is throwing its love on Dynamant is not only due to the solid growth, but also to the fact that the company is the market leader in Mainframe solutions, which according to Sara Høyer Tækker, Head of Communications and spokeswoman for the Epico Group, is a competence that will have its justification for many years to come, when there will even be a shortage of experts. And this is especially true in the financial sector, says Sara Høyer Tækker:

"The financial sector in particular is built on the Mainframe in several places. That won't change anytime soon, but several industries are already experiencing a shortage of mainframe experts. Therefore, we believe that we can help alleviate the demand together with Dynamant. We will also work to get more young IT talents to work with Mainframe. We believe that Mainframe will continue to have its value and existence for many years to come, and therefore we are not afraid to invest in this business area in Epico Group," it reads.

Sara Høyer Tækker
Head of Marketing and Communications, Epico

IT exchange across the Sound

At Dynamant, they are also pleased to have become part of the Epico family, where IT skills will now be able to flow back and forth across the Sound to an even greater extent, says Patrik Boman, CEO of Dynamant, which since the Corona year of 2020 has succeeded in making the company profitable, which from 2021 to 2022 alone meant an increase in net profit by approximately 50% from SEK 2.26 million to SEK 3.3 million:

"Epico is a beacon when it comes to delivering competent IT consultants to both the public and private sectors, so we are looking forward to getting a lot of new colleagues on the other side of the Øresund. We see great synergies between Epico's way of doing business and our own, and since Epico has already succeeded in running a very successful business in relation to the company's business. Oracle and data science consultants and know the processes thoroughly, we therefore believe that this acquisition can drive value for all of us in many areas. At the same time, the pan-Scandinavian IT collaboration is strengthened, which is so necessary if we are to be able to meet the huge demand for competencies that exist on both sides of the Øresund, and here the common cultural mindset and set of values has clearly been an advantage, and something we look forward to strengthening further," concludes Patrik Boman, CEO of Dynamant.

Patrik Boman
CEO, Dynamant

Written by Sara Høyer