Finnish software company Finago has acquired Regla, an Icelandic provider of cloud-based software for accounting, payroll and invoicing, from Snowball Software Group and the remaining minority shareholders. Finago says it will bring Regla into its product portfolio as it seeks to strengthen its position in the Nordic market for accounting software.
Snowball Software Group, a subsidiary of Hawk Infinity, is selling Regla as part of a portfolio reshuffle. Snowball describes itself as a Nordic group focused on cash flow and growth through recurring software revenues and acquisitions. Joakim Karlsen, CEO of Snowball Software Group, said Finago’s Nordic presence and experience with accounting firms make it the right owner to take Regla into its next phase.