Total Specific Solutions strengthens its position in Iceland with the acquisition of Five Degrees

Reykjavik / Nieuwegein, 17 May 2023. Total Specific Solutions (“TSS”) and Topicus, both part of Inc, have successfully completed the acquisition of cloud core banking provider Five Degrees Holding B.V. Topicus acquires Five Degrees’ Matrix and Neo platforms whereas the former Libra/Matrix Lending & Securities platform will continue as Five Degrees Iceland and become part of TSS. The acquisition enables TSS to expand its portfolio in Iceland in the financial institutions vertical.
Five Degrees Iceland, is a long-standing and leading company in software for loans (Matrix Lending) and securities back-office capabilities (Matrix Securities). The security solution supports the investment lifecycle for market-traded securities. The system greatly supports servicing portfolios, i.e., asset management, fund management, and global custody. The loan offering is a product administration module supporting the entire lifecycle of loan products such as mortgages, leases, and multi-currency transactions.

Birthe Elkjær, General Manager for the Nordics at TSS: „It is exciting to announce that we have a second Icelandic company joining TSS following dk hugbúnaður. Five Degrees Iceland has a truly dedicated offering for a specific area in the financial sector, loan, and security management. We believe that Five Degrees Iceland and TSS are a good match. We have extensive experience with software solutions fully tailored to specific markets. And Five Degrees is the first in this particular segment of the financial services vertical, where we already focus on the pension, insurance, and accounting sector in the Nordics. Covering a broad range of verticals in a region is a solid foundation for building our future. Especially with companies like Five Degrees Iceland that have been around for more than 20 years and have a very close relationship with their clients.“

Ragnar Þorri Valdimarsson, Managing Director of Five Degrees Iceland: „We are delighted to join TSS. We have been part of the Dutch fintech company Five Degrees for many years, expanding our overall knowledge of and exposure to the international financial market. And over the years, we have become a leading provider in our specific segment in the Icelandic finance industry. We are ready for the next step of our journey as a company by joining a fully dedicated vertical market software group. It will be inspiring to gain new insights on running successful software companies and sharing the knowledge that we have gained over the years.“

Willem Willemstein, general partner & founder Velocity Capital: “Velocity Capital Fintech Ventures has been proud to support Five Degrees over the past 12 years, providing them with funding and expertise to bring them to maturity. Since its
inception in 2011, Five Degrees has established itself as a successful challenger in core banking. I’m delighted to see Five Degrees become part of a proven, strategic party such as”

Five Degrees Iceland
The company began over 20 years ago as Libra, which was acquired by Five Degrees in 2018. Five Degrees Iceland offers dedicated loan and security solutions that cover the full lifecycle of both segments. It has 2 offices in Iceland, Kópavogur and Akureyri.

Five Degrees
Five Degrees, founded in 2011, is a leading fintech company that provides modern and flexible core banking solutions to financial institutions worldwide. The company’s mission is to empower banks to drive digital transformation and deliver innovative and personalized banking experiences that meet the needs and expectations of today’s customers. The company has over 150 employees who are operating from offices in The Netherlands, Iceland and Portugal. Since its inception, the company has had Velocity Capital Fintech Ventures as a significant shareholder.

Total Specific Solutions (TSS)
Total Specific Solutions is an international provider of IT business solutions and consists of independent business units that deliver products and services to their specific vertical market segments. This market expertise is based on decades of experience. TSS is active in healthcare, local and central government, financial and legal services, accountancy, agriculture, automotive, construction, education, geoscience, hospitality, libraries & archives, manufacturing, maritime, mobility, publishing, real estate and retail. TSS is part of Inc, a public company listed on the Canadian TSX Venture Exchange. Inc is part of the ecosystem of Constellation Software Inc (CSI), a global provider of vertical business solutions.
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