On March 24, 2020, Karnov Group and LEX247 finalized their agreement to establish a new joint venture, LEXNordics, with the aim of accelerating sales of the LEX247 practice management solution in the Nordic region.
The joint venture has a 60-40 ownership split, with Karnov Group as the majority owner. With head offices in Stockholm, the new company will service the Nordic region, consisting of Denmark, Sweden, Norway, Finland, Greenland, Iceland, and the Faroe Islands. LEXNordics will be fully operational beginning September 1, 2020.
“We are very happy to announce this joint venture as we believe that Karnov Group’s knowledge and market access combined with the strong LEX247 solution will enable us to have an even quicker uptake in the Nordic region. A collaboration with an organization with such a strong knowledge of the needs in the professional services industry will give quick tangible benefits to the joint venture.”
— Magnus Moström, CEO of LEX247
The joint venture will operate independently of the current local sales offices in Denmark and Sweden but will seek the synergies of the current market and customer knowledge from those companies. The current Nordic business of LEX247 will be transferred to LEXNordics as per the day of signing; however, the daily operation and sales support will be transferred gradually.
“This new joint venture is an exciting way for us to get even closer to both current and future customers in the region. We believe that the LEX247 solution represents a way for us of delivering even more value to the customers, both of LEXNordics and of Karnov Group. We will over time seek the synergies between the customer bases, but in the beginning, all focus will be dedicated to accelerating the go-to-market of the LEX247 solution.”
— Flemming Breinholt, CEO of Karnov Group
