Pioneering Accounting Firm Balanco Oy Continues Its International Growth by Expanding into the Danish Market

Balanco is acquiring the accounting service company Accounting.dk ApS, located in Herlev, Copenhagen. This is the first acquisition of several planned by Balanco in Denmark.

 

Founded in 2006, Accounting.dk offers services in bookkeeping, payroll, and financial consulting. The company's revenue was just under one million euros in the fiscal year ending in 2023. Accounting.dk employs 12 financial professionals.

 

“This is a relatively small acquisition for us, but a significant step in our growth strategy, allowing us to establish a foothold in a very interesting market. We are now looking for companies whose leaders are ready to build growth with us. We believe that we have good growth prospects in Denmark in the future,” says Antti Voittonen, Balanco's Director of Growth and Development responsible for acquisitions.

 

With this acquisition, the number of employees in the Balanco Group will exceed 160. In addition to the company in Finland, the group includes accounting firms in Sweden and Norway.

 

 

With the acquisition of Accounting.dk, Balanco is establishing itself in the Øresund region, home to four million residents, making it the most densely populated area in the Nordic countries and a significant business hub. The company aims to grow both through acquisitions and organically to a revenue bracket of several million euros over the coming years in the region.

 

So far, the financial management sector in Denmark has not experienced the same industry upheaval and wave of acquisitions seen in Finland, Sweden, and Norway. It is believed that this will change in the coming years.

 

“We believe that larger players will become active in Denmark in the coming years, bringing new momentum to the local acquisition market. This, in turn, opens up opportunities for smaller growth companies like Balanco to find interesting acquisition targets.”

 

With the help of an investment from Voland Partners, who joined Balanco’s growth story last fall, the company is accelerating its international growth and investing in the development of automation technologies and software robotics to support financial management services.

 

Balanco aims to more than triple its revenue to 35 million euros by 2027. Acquisitions, the development of service businesses, and technology development are significant growth drivers for Balanco over the next four years.

 

“We have now reached the Nordic countries as defined in our strategy, and next we will focus on increasing our market position. Eventually, we will also start exploring other parts of Europe. I believe that the Danish acquisition will give us the opportunity to gain a foothold in the Central European market as well,” says Voittonen.