Here are my key takeaways:
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I find the initiative of In-house Software Development interesting. Assuming the company currently spends roughly 5/10% of its revenue on external software (2/3M??), developing its own tools for a few million euros (leveraging existing assets, new software development tools and accounting expertise) could offer a very quick payback. More importantly it can grant them the strategic freedom to deploy new automation/AI tools to optimize long-term operations. But it’s true that the management must have a much clearer communication and share it’s long term vision on this.
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In my view, accounting firms could be “net beneficiaries” of AI. They can significantly slash operational costs while maintaining their primary moat : client trust. Throughout 2025, many articles highlighted the trend of VCs targeting accounting roll-ups driven by AI automation. Venture Firms Target Accounting Roll-Ups with AI Automation Play
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These challenges reinforce the ongoing consolidation in the industry. Aallon benefits from this, initially as an acquirer, and maybe as a takeover target in the medium/long term.
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The main headwind remains the weak organic growth and the Finnish macro environment. However, I believe the current valuation already reflects these risks.
Happy to exchange views, good luck to everyone!