Arev Securities was the advisor to minority shareholders in the sale of Regla to Finago. The Finnish software company has signed an agreement to acquire all shares in Regla, which offers cloud solutions for bookkeeping, payroll processing and invoicing. The transaction is expected to be completed in November 2026.
The sellers are the Norwegian investment group Hawk Infinity and the minority shareholders of Regla. Hawk Infinity acquired an 82.5% stake in Regla in 2024, and Arev was also an advisor to the company's owners (See the previous news about the sale of Regla to Hawk Infinity and Hawk Infinity Software's announcement on the Oslo Stock Exchange).
Regla: a fast-growing Icelandic software company
Regla was founded in 2008 and is headquartered in Reykjavík. The company primarily serves small businesses and accountancy firms, and its solutions cover financial accounting, invoicing, payroll processing, purchasing and sales systems.
Regla's operations have been solid. Revenue amounted to 634 million krónur in 2025, a year-on-year growth of 25+%, and profit was 154 million krónur. The sale is therefore among the most notable deals involving an Icelandic software company this year.
Finago's acquisition of Regla: the first step into the Icelandic market
Finago is one of the largest software companies in the Nordic region, specialising in financial, human resources, and operational solutions. With the acquisition of Regla, Finago is taking its first steps in Iceland. Regla will continue to be run by its current management and will gain access to Finago's experience of collaborating with accountancy firms across the Nordic countries.
Arev, advisor to minority shareholders
„"Regla is a good example of an Icelandic software company that has built a strong position and attracted the interest of powerful Nordic buyers. It was a pleasure to represent the interests of minority shareholders throughout the process," says Jón Scheving Thorsteinsson, Managing Director of Arev.
Arev Securities Ltd. provides Advice on the purchase and sale of companies, mergers and acquisitions, valuation and financing. The company operates under licence from the Central Bank of Iceland.
The purchase is discussed in more detail in A Viðskiptablaðið news story and in English at ArcticToday.