Finago buys Icelandic software firm Regla for 25.3 million euros

Finnish technology company Finago has bought all shares in Icelandic software firm Regla for 25.3 million euros, equivalent to just over ISK 3.45 billion, mbl.is reported.

Regla was founded in 2008 by Kjartan Ólafsson, who had also established the software company Fakta. Regla launched its first software in 2010, initially offering cloud-based accounting. Its main product has since developed into a comprehensive business system for small and medium-sized companies.

The company has 22 employees, and its software is used by more than 3,000 Icelandic businesses. In 2024, Norway-based SaaS Holding, a subsidiary of Hawk Infinity, bought an 82.5 per cent stake from Ólafsson and his wife, Anna Guðmundsdóttir, who retained the remaining 17.5 per cent. At the time, Regla was valued at 15.1 million euros.

Regla managing director Magnús E. Björnsson said the sale recognised the company’s performance and its position in Iceland. He said Finago had conducted a detailed due diligence review before finalising the deal.

Regla’s operations in Iceland will continue unchanged, Björnsson said. Its product, customer service and marketing will remain under local management, while the company will gain support from Finago and access to expertise across the group, including in security and information technology.

Finago develops and sells business software and has 170,000 customers and about 1,000 employees. It reported revenue of 190 million euros in 2025. The company is headquartered in Espoo, Finland, and also has main offices in Oslo and Stockholm.

Finago’s history dates back to the accounting program Tikon, launched in 1979. The company took its current form in 2025. Björnsson said the acquisition would give Finago access to the Icelandic market as it pursues its goal of becoming the largest company of its kind in the Nordic region.