Tieto wins bid to expand Alektum’s factoring business across Europe
With an ambition to increase its European footprint, the family-owned Swedish company sought a partner who could launch the service quickly and efficiently, working together with Alektum’s IT department.
Camilla Hennemann, CIO at Alektum says: “We chose Tieto’s ProFinance solution because it collects all of our financing services in one place, meaning we can serve 16 markets from one platform. The fact that it offers on-premises hosting with an open and available database is also important, since we have a centralised IT department to integrate enterprise resource planning applications (ERP) with internally developed applications.”
Factoring allows companies to sell invoices and receive an advanced payment, turning outstanding receivables into available funds. Tieto’s platform manages the factoring process completely, helping businesses improve cash flow and increase their financial flexibility. The European factoring market is estimated at 1.5 trillion euros and continues to grow six percent annually*. It is one of the fastest growing services within the corporate finance market.
Pedram Tadayon, VP, Financial Services at Tieto says: “Our end-to-end factoring platform will help Alektum automate its value chain across 16 countries, supporting its business and market expansion plans. This new and exciting partnership will complement the work we have done with Alektum over many years, through our Collection Suite Nova.”
For more information, please contact:
Pedram Tadayon, SVP at Tieto Financial Service
Camilla Hennemann, CIO at Alektum
Tieto aims to capture the significant opportunities of the data-driven world and turn them into lifelong value for people, business and society. We aim to be customers’ first choice for business renewal by combining our software and services capabilities with a strong drive for co-innovation and ecosystems. In 2016, Tieto acquired Emric, a global leading provider of software solutions for origination and management of virtually any type of loan, mortgage, asset finance and lease. www.tieto.com
The family-owned company Alektum Group was started in 1992 as a pure debt collection company. Today, they offer digital credit checks, corporate financial solutions, debt collection and purchase of overdue receivables portfolios. They are present in 16 European countries, with over 500 employees and a turnover exceeding SEK 700 million. Read more about their journey and how they help develop their customers’ businesses at www.alektumgroup.com
*EUF data from 2016