Aico Group’s Board of Directors has today proposed to the Annual General Meeting to elect Samu Konttinen as a new member of the Board of Directors. Samu Konttinen has over 15 years‘ extensive experience in building and managing international B2B software sales channels as well as knowledge in data security. Since 2005 Samu has held various positions in F-Secure Oyj, including President and CEO in 2016–2020.
Furthermore, the Board of Directors proposes Juho Lipsanen (chairman), Dan Ahlstedt, Mikko Jääskeläinen, Hanna Viinikainen and Tapani Varjas to be re-elected to the Board of Directors.
Huge global demand for financial closing automation solutions
Aico Group Oy is a leading provider of financial closing automation solutions for large enterprises in Northern Europe. The financial automation market is still quite untapped as the majority of the global 165,000 target customers does not have any financial close solution. The global market size is estimated to be $18.5 bn. Aico Group’s solution has many unique features, such as a high degree of automation, real-time integration with back-end systems, and the ability to connect the solution with multiple ERP systems.
Revenue grows 83% in the financial year 2020
Aico Group’s offering includes world-class intelligent financial close automation solutions supporting account reconciliation, close task management, journal entry and financial request processes. Aico Group has offices in Finland, the UK and Latvia, and Aico Group’s software is currently used almost in 100 countries by tens of thousands of users. In the financial year 2020, Aico Group’s revenue grew 83 per cent to EUR 3 million, and EBITDA was EUR 0.5 million.
“We are very pleased to have Samu Konttinen joining Aico Group Oy’s Board. Samu will bring unique hands-on experience in building international distribution channels and partnership networks for B2B software. Aico is the leading time and cost saving financial automation solution in the market and we are pleased to add Samu’s capabilities from data security, marketing and leadership to hyper scale our operations. On behalf of the Board and Management I want to thank the leaving board member Esa Korvenmaa for his valuable contribution to Aico’s successful international growth during the start-up phase”, says the Chairman of the Board Juho Lipsanen.
“I am very excited to join Aico Group’s Board. Aico Group’s team has developed a truly advanced financial automation solutions with many unique features such real-time integration and multi ERP capabilities. The global financial close automation market is vast and Aico’s solution has extremely good fit with customer requirements. Aico has already many demanding enterprise clients and its very fast growth showcases its potential”, comments Samu Konttinen.