For those unfamiliar with Talenom, could you briefly describe your business model, core offering, and which customer segments you primarily serve?

Talenom started as a traditional accounting firm but began our digital transformation in 2002. Today, the company operates in four countries—Finland, Sweden, Spain, and Italy—and focuses on two main business areas: accounting services and proprietary software solutions. Since autumn last year, the company has also begun selling software to other accounting firms.

Talenom primarily serves small and medium-sized businesses, from sole traders to companies generating up to €20 million in annual revenue. We are particularly strong in Finland among firms with revenues between €0.5 million and €10 million, which typically do not have the resources to hire an in-house accountant. While we have tried to reach the smallest companies, pricing is often a challenge in that segment. Still, our software is scalable and used by clients ranging from freelancers to public companies.

Talenom is often described as a technology-driven accounting firm. Can you tell us more about your digital platform and proprietary software solutions, and how you differentiate yourselves from traditional accounting service providers?

Our digital platform includes two separate interfaces: one designed for entrepreneurs and another for professional accountants. The entrepreneur interface is user-friendly, minimalist, and requires no training—it enables self-onboarding with ease. In contrast, the professional interface includes more buttons, automation tools, and rule-based workflows for experienced users.

What sets Talenom apart is our deep understanding of the full accounting value chain. The company isn’t just a software developer—we have extensive experience delivering accounting services and therefore understands both the end-user’s and the accountant’s challenges. This insight has helped us to design software that improves workflow efficiency for both parties. Our solution is currently integrated with over 1,000 external systems and is used by more than 40 partner accounting firms in Finland.

In addition to accounting functionality, our software includes tools for anti-money laundering compliance, ERP solutions, and a marketplace where entrepreneurs can find compatible accounting firms. Although we do not charge for referrals through the marketplace, it ensures continued software use regardless of which accountant is chosen.

What does Talenom’s growth strategy look like going forward? Are there any new markets or service verticals you consider particularly important for your future growth?

Our growth strategy is focused on deepening the presence in current markets rather than entering new ones. In Finland, we’re targeting 5–10% annual organic growth. In Sweden, we’ve completed our most recent acquisition two years ago and has since focused on integration. That work is now bearing fruit, with more new clients being gained than lost, and the software platform being rolled out across Swedish offices.

In Spain, the approach is more acquisition-driven. We plan two to three acquisitions this year and up to six next year. The catalyst is a regulatory shift mandating e-invoicing, which creates urgency and opportunity in the Spanish market. We’re already operating a local software platform in Spain covering invoicing, payroll, and reporting—though it doesn’t yet include full bookkeeping. The goal is to first gain scale and later implement Talenom’s proprietary backend systems for accounting.

What role do further international expansion and M&A play in that strategy? How do you ensure your business model remains scalable as you grow outside of Finland?

M&A remains a critical part of the strategy, especially in Spain where structural changes in regulation are driving digital adoption. The key to scalability is the company’s “OneTalenom” framework, a comprehensive playbook that includes leadership training, best practices, team audits, and operational benchmarks.

We’ve found a strong correlation between our internal OneTalenom index and performance outcomes. Teams that score higher on the index show better salary margins, higher employee satisfaction, and improved customer loyalty. Quarterly audits across all countries ensure that feedback is translated into tangible improvements – this framework allows the company to scale effectively by embedding its culture and systems within acquired firms.

What opportunities do you see to improve profitability as acquired businesses are integrated and your platform scales further?

We see significant potential to improve profitability by standardizing operations and ensuring adoption of its platform. Integration efforts are centered around the OneTalenom model, which helps ensure alignment across teams, processes, and leadership styles. We’ve built a detailed feedback and audit mechanism that helps team leaders identify where improvements are needed.

Regression analysis has shown that when the OneTalenom index increases, so do margins and employee engagement. With the platform already in place and adoption growing across Sweden and Spain, we expect the profitability levels seen in Finland to be replicated in these markets over the next two years.

Where do you see Talenom in one year and what strategic initiatives are you prioritizing to get there?

Within a year, we expect our international operations—particularly in Sweden and Spain—to stabilize and return to margin growth. In Sweden, churn from last year is being offset by new client wins and operational improvements. In Spain, the focus remains on acquisitions and onboarding clients onto Talenom’s software.

Strategic priorities include implementing the OneTalenom framework fully across all countries, deepening software adoption among existing clients, and expanding external sales of the software platform to other accounting firms. As alignment improves, we anticipate higher customer satisfaction, better workplace culture, and stronger margins.

Could you give us three reasons as to why Talenom is an attractive investment today?

Firstly, Talenom has clarified its focus. We’ve exited non-core offerings like debt collection and banking and now concentrates solely on accounting and software – our two historical areas of strength. This simplification enhances strategic clarity and operational efficiency.

Secondly, the software business is now scaling. We’re only migrating internal clients to the platform but has also started selling the solution to external accounting firms. We expect the software segment to grow by over 20% annually, with substantial upside from existing customer conversions and external sales.

Thirdly, the market undervalues Talenom’s international potential. We’ve invested over €100 million in expansion efforts, yet current valuations reflect mainly the Finnish business. With integration largely complete and systems in place, returns from these investments are now beginning to materialize. This offers investors meaningful upside with relatively low additional risk.