Netcompany: New large order from Kombit - Nordea

Today, the Kombit announced that it has awarded Netcompany a development contract for a new election system in Denmark. The contract value was not disclosed, but we estimate it at around DKK 200-250m. Besides the value of the contract, the development contract also illustrates Netcompany’s strong position in Denmark. The contract was won in competition with three other IT vendors, after DXC lost the contract and a new tender was initiated. Initially, DXC was expected to deliver the system in 2019 to replace a 30 years old system developed by KMD. When DXC missed that deadline and announced the system would be ready in 2022, Kombit lost patience and DXC lost the contract. We understand that the DXC contract value was around DKK 125m, and the new tender was based on a DKK 100m larger development contract.

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