Sale of Model IT Oy to Ålandsbanken
Applex Attorneys advised sellers in the sale of Model IT Oy to Crosskey Banking Solutions Ab Ltd, a subsidiary of Bank of Åland Plc (Ålandsbanken Abp).
Model IT develops and operates information technology platforms for banking and financial sector. The company’s products comprise OneFactor platform for customers in asset management and cFrame system for insurance sector customers. In the Finnish market, Model IT has been successful and has worked with a number of customers active in asset management or insurance. For several years, Crosskey and Model IT have collaborated closely and have together attracted a number of customers in the Swedish market. During its latest financial year, Model IT sales were about EUR 1,8 million. The company has 13 employees.