On Jan. 1, 2013, Swedish billing software companies Basset AB will merge with TailorMade Consulting Group. Operating under the brand Basset, the merged company will focus on billing solutions for the telecom and energy industries.
Both companies are owned by Modern Holdings Inc., a U.S. holding company, and, while both have experience in billing solutions for the telecom industry, TailorMade has been focusing on the energy market, where the need for more complex billing solutions increases with the rollout of smart meters and smart grids.
The new company is expected to have sales of more than $14 million for 2013 and about 80 employees. Jens Björkman, president of both Basset and TailorMade, will continue as CEO of the new merged company, which will have more than 200 installations in 70 countries, within telecom operators and utilities around the world.
According to Basset, one of the driving forces behind the merger is product innovation within the billing domain, a transaction-intense environment. The possibilities and challenges of large transaction volumes are something the new company will work with and develop further.