24SevenOffice acquires 51% of Oflow AS

24SevenOffice has secured 51% ownership of Oflow AS with an issue of 5 MNOK in cash.

Oflow AS has developed a 100% cloud based debt collection software which is already integrated with 24SevenOffice. The software makes it possible for customers to both send reminders directly themselves or buy an outsourced reminder service from Oflow. Oflow has a subsidiary with a debt collection license in Norway. This enables customers in 24SevenOffice to have a fully integrated, one click, debt collection service within the 24SevenOffice portal. Oflow had approximately 2.5 MSEK in revenue the last 12 months with a breakeven EBITDA. 

The new web-based debt collection solution is built on a modern technological platform with a specific focus on creating a holistic flow, providing control and easy interaction between debtor, creditor and accountant. Oflow AS is very flexible and this makes it possible to adapt to new countries and regulations. This is a sought after functionality from our existing and new customers. 

The total potential revenue by upselling and activating these services to existing 24SevenOffice customers is substantial. It is, however, difficult to estimate the conversion rate of customer activations. The solution is flexible and scalable, which means it can be rolled out quickly to all of 24SevenOffice’s existing customers, as well as to new customers through both direct sales and relevant partners.