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Analyst Comment

Enento strengthens its compliance services with a small targeted acquisition in Sweden

By Roni PeuranheimoAnalyst
Enento Group

Summary

  • Enento has acquired full ownership of Eivora AB to enhance its compliance services in Sweden, securing a previously subcontracted data source.
  • Eivora's 2025 revenue was approximately 0.6 MEUR, with half from Enento, resulting in a modest 0.3 MEUR increase in Enento's external revenue.
  • The acquisition aligns with Enento's strategic focus on compliance and proprietary data, crucial for growth in the business information sector, particularly in Sweden.
  • Eivora will initially operate independently under its brand and be integrated into Enento's Sweden segment by Q3.

This content is generated by AI. You can give feedback on it in the Inderes forum.

Translation: Original published in Finnish on 6/8/2026 at 8:15 am EEST.

Enento announced on Friday that it had acquired full ownership of the Swedish company Eivora AB. This acquisition strengthens Enento's strategic growth area of compliance in Sweden and secures ownership of a data source previously purchased on a subcontracting basis. The acquired company is very small by Enento standards, as Eivora's revenue in 2025 was only about 0.6 MEUR, half of which came from sales to Enento. Consequently, the increase in the group's external revenue is only about 0.3 MEUR, a very small amount compared to our forecast of 159 MEUR in revenue for Enento this year. This effect is thus partially offset by the loss of revenue resulting from the divestiture of Emailer. We also expect the purchase price to have been reasonable for the company.

Eivora collects ownership data of Swedish companies and provides related services, particularly to the financial sector. Compliance services are one of Enento’s key strategic growth areas, and with this acquisition, Enento is strengthening its capabilities in proprietary data, which we believe is crucial in the age of artificial intelligence.

Overall, Enento has room to grow in the business information sector, particularly in Sweden, where consumer credit information is currently the largest line of business by far. Since Enento and Eivora have collaborated in the past, we believe that the risks associated with integrating the acquired business are minimal. Eivora will continue to operate as a stand-alone company under its own brand during the initial phase and will be reported as part of Enento’s Sweden segment after the transaction is complete, expected in Q3.

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Enento Group operates in the IT sector. The group is dedicated to developing digital information services that affect risk management, decision-making, sales and marketing. The vision is to offer programs and digital platforms that can be further used for analysis of company data, routines and decision-making processes. The company was previously known as Asiakastieto and is headquartered in Helsinki.

Read more on company page

Key Estimate Figures28.04.

202526e27e
Revenue152.7158.9164.8
growth-%1.5 %4.1 %3.8 %
EBIT (adj.)41.046.248.5
EBIT-% (adj.)26.9 %29.1 %29.4 %
EPS (adj.)0.841.251.36
Dividend1.001.001.00
Dividend %6.3 %6.7 %6.7 %
P/E (adj.)18.812.011.1
EV/EBITDA11.99.18.3

Forum discussions

Here are Roni’s comments on Enento’s small acquisition in Sweden Inderes – 8 Jun 26 Enento vahvistaa compliance-palveluitaan pienellä täsmäostolla...
11 hours ago
by Sijoittaja-alokas
10
The numbers look quite reasonable. Hopefully, the purchase price isn’t outrageous. Of course, it is a small deal relative to Enento’s size regardless...
6/5/2026, 7:24 AM
by Dr_LBO
7
A small acquisition from Enento: Enento ostaa Eivoran vahvistaakseen compliance-palvelujen kyvykkyyksiä Ruotsissa | Kauppalehti On 5 June 2026...
6/5/2026, 7:09 AM
by NukkeNukuttaja
13
Yes, as I understand it, Dun & Bradstreet will continue to operate in Finland regarding consumer credit default and population data as before...
5/30/2026, 6:03 AM
0
Does B2C by Dun & Bradstreet refer to consumer data such as demographic data, consumer negative credit remarks, etc., or specifically to services...
5/19/2026, 8:56 AM
by Kacey
0
Hi, I can’t comment specifically on Dun&Bradstreet’s accounting, but I believe that decline in revenue is related to D&B’s divestment of its...
5/15/2026, 10:06 AM
by Roni Peuranheimo
4
CEO on a buying spree, 3,250 shares: Enento Group Oyj - Johdon liiketoimet - Paavola | Kauppalehti
5/15/2026, 6:39 AM
by NukkeNukuttaja
18