Easor is a strong player in the Finnish accounting market and has also gained a foothold elsewhere in Europe. The accounting market is stable in nature, but demand for related software is growing strongly due to digitalisation and legislative changes.

Easor’s software package offers the market a compliant and competitive solution. Easor has succeeded in acquiring more than 220 accounting firm partners. The concept of Easor has proven to be successful in Finland, and the goal is to replicate the concept in international markets. In Sweden, the conditions for profitable growth have been created, and in Spain, Easor is well positioned to take advantage of the new Verifactu legislation.

The legislation requires companies to send invoices using digital software by 2027, creating a surge in demand for software and accounting services. Per our estimates, approximately 70 per cent of end customers in Spain do not yet use a digital system, e.g., for invoicing and document delivery. In December 2025, the Spanish Government decided to postpone the entry into force of the Verifactu legislation by one year, from 2026 to 2027.

We estimate that the delay in entry into force gives Easor more time to strengthen its commercial capability in Spain and thus provides even better opportunities to benefit from the expected increase in demand brought about by the legislative change.

Easor has extensive experience in the accounting services market and a strong understanding of the financial management and accounting business needs of SMEs. The development process of Easor’s software has progressed in collaboration with accounting professionals in the day-to-day work of accounting firms, and over the years it has evolved into an effective tool. Drawing on its experience, Easor offers a comprehensive software package and related additional services that support both accounting professionals and end users.

The software package of Easor combines the daily financial processes of SMEs with the tools necessary for accounting firms in a high-quality manner. The software seamlessly connects end-user invoicing, payment transactions, reporting, document management, payroll accounting and travel expenses to accounting tools and automated functions.

Additional services related to the software, such as system support, training, networks, expert services and integration solutions, reduce the workload for partners and facilitate the implementation of the software. Significant product development investments have been made in the software in recent years, and the new software architecture supports Easor’s internationalisation. Easor App integrates with over 400 different ERP systems. Significant product development investments have been made in the software in recent years, and the new software architecture supports Easor’s internationalisation.

Easor operates on a SaaS business model, where the same software can be scaled to many different customers without additional investments. As most of the costs are fixed, an increase in the number of customers directly increases profitability. Software fees are billed on a monthly basis, bringing predictability to net sales and cash flow. Customer relationships are typically long-term, which means that customer lifetime value also rises to a high level.

The profitability of the Software Business can be observed from recent years. Easor’s carve-out-based operating profit was EUR 4.4 million in 2024, EUR 3.5 million in 2023 and EUR 7.3 million in 2022. EBITDA was EUR 13.9 million in 2024 (corresponding to an EBITDA margin of 70 per cent), EUR 13.9 million in 2023 (corresponding to an EBITDA margin of 73 per cent) and EUR 12.9 million in 2022 (corresponding to an EBITDA margin of 75 per cent).

Easor benefits from network effects created by the growing number of partner accounting firms and end users in different markets, as well as integrated software and services. The distribution model enables the acquisition of new customers and controlled scaling. In Easor’s operating areas, the accounting services market is highly fragmented, offering opportunities for new customers.

Digitalisation is accelerating demand for the platform, particularly in areas where there is legislative pressure to digitize the financial processes of SMEs. New obligations relating to e-invoicing, e-receipts and payment transactions, for example, are driving SMEs to enter into partnerships with software companies.

In addition, the shift in consumer preferences towards digital platforms is accelerating the change. The change is currently underway in several European countries, and Easor is seeking to expand particularly in Spain and Italy. Choosing software is a long-term commitment, and switching software later is challenging, and thereby the likelihood of long-term customer relationships is significant. Easor also has the potential to grow in its home market in Finland, as the price point of the software is lower than that of many of its competitors.

Product and technology capabilities are constantly being developed. The focus is on deepening automation in accounting and accounting firm processes, utilising artificial intelligence, and continuously strengthening integration capabilities with other systems to make everyday life easier for companies. In terms of scalability, it is essential that the platform’s tools and interfaces are designed to be replicable. This enables the uniform implementation of features in different countries and local extensions without heavy customer-specific implementations.