The Amsterdam-based banking software company bought Libra, an Icelandic company that provides core banking IT systems to the financial sector in the country.

The acquisition is part of Five Degrees’ international growth ambitions in the realm of digital banking platforms, as banks increasingly must meet modern standards set by both customers and regulators.

Specifically, Libra complements the Dutch fintech’s offerings by bringing core banking solutions that can be used for the loans and securities sector, according to a press release by Five Degrees. The release says the acquisition will allow the company to deliver a “complete digital transformation path to its customers”.

Martijn Hohmann, CEO of Five Degrees, said the following about the acquisition:

“The combined expertise and track-record of Five Degrees and Libra uniquely positions us to support customers to transfer smoothly to ‘digital’ and to benefit from increased flexibility and reduced costs. This acquisition represents a perfect opportunity to accelerate progress and deliver value to our clients and employees”

Libra’s CEO, Thordur Gislason, remarked that the company had been actively searching out opportunities to grow over the past few years in order to better support their customers and the future of Iceland’s financial market, and that becoming a part of Five Degrees will help them increase their value for their customers. Having access to a larger market also made the acquisition attractive, he said.