QUALCO Group - Comprehensive Analysis Report
Summary
QUALCO Group is an international financial technology organization with over 25 years of experience across more than 30 countries. It has transformed from a technology entity into a dynamic organization that is redefining the credit management landscape. The company's mission is to leverage technology, analytics, and data-driven solutions to empower clients to grow and thrive within the debt management industry, fostering digital transformation in the financial sector by enhancing liquidity, efficiency, and business resilience. The Group operates across three core business segments: Software & Technology, Platform as a Service, and Portfolio Management. QUALCO aims to transform credit to deliver liquidity to the real economy seamlessly.
1. Strategic Focus & Objectives
Core Objectives
QUALCO Group's strategic focus is to reinforce its leading position in European and international markets through stable, visionary, and determined execution. Key objectives include:
Accelerated international expansion: Achieved through dynamic organic growth and targeted high-value acquisitions.
Promotion of strategic partnerships: To contribute to growth and expedite internationalization.
Optimal utilization of resources: Ensuring complete transparency in capital structuring for immediate shareholder benefits.
Enhancement of operational planning and project monitoring: Optimizing efficiency and strengthening profit margins.
Maximizing shareholder value and strengthening corporate governance.
Specialization Areas
The company specializes in developing proprietary platforms that integrate embedded analytics, artificial intelligence (AI), and deep domain expertise across the entire credit lifecycle. These platforms empower credit, collections, and lending teams to make informed decisions. QUALCO offers comprehensive support across the entire credit cycle for both banking and non-banking sectors. Its unique value proposition stems from its over 25-year track record of innovation, proven ability to expand through strategic acquisitions, ownership of intellectual property, and agile organizational structure.
Target Markets
QUALCO Group primarily targets banks, financial institutions, and other organizations in both banking and non-banking sectors. The company serves clients in over 30 countries across Europe and the Middle East. It is committed to providing fair, ethical, and responsible solutions that adapt to changing market regulations.
2. Financial Overview
Funding History
QUALCO Group secured investment from PIMCO, a major asset manager, in 2018, which marked a pivotal moment in its growth and innovation journey.
The company was listed on the Athens Stock Exchange in May 2025. The initial public offering (IPO) generated net proceeds of 47 million EUR. More than 10 million EUR of these proceeds were allocated to investments within the first two months, significantly ahead of the projected 18-month deadline, with an additional 2 million EUR utilized for working capital improvement.
Recent Financial Performance (as of June 30, 2025):
Quarterly Revenue (Q2 2025): 44.32 million EUR.
Last Twelve Months (LTM) Revenue: 197.35 million EUR.
Annual Revenue (2024): 183.77 million EUR, reflecting a 5.04% growth.
Cash Position: 27 million EUR (excluding remaining IPO proceeds).
Net Profit Margins: 2.1% (lower than the previous year's 9.6%).
Earnings Decline: Average annual rate of -23.6%.
Adjusted EBITDA Margin (12-month period up to June 2025): 21%, aligning with IPO guidance of approximately 20% over the next 18-24 months.
Leverage: Stable at 0.8x Net Debt (excluding SCI Proceeds) to LTM Adjusted EBITDA.
Cash Conversion: Improved to 50%.
3. Product Pipeline
QUALCO Group is continuously developing its offerings and expanding its digital footprint through strategic initiatives, including both organic development and acquisitions.
Qualco Technology S.A.: In November 2025, Qualco Group carved out Qualco Technology S.A. as a standalone corporate entity, remaining a 100% subsidiary. This move aims to enhance the competitiveness and agility of its Software and Technology division for future strategic partnerships.
Qualco Intelligent Finance: The spin-off of Qualco Intelligent Finance was completed in December 2024, establishing a more flexible and efficient Platforms-as-a-Service pillar.
Quento: Founded in February 2025 as the Group's new ICT arm, Quento undertakes projects in digital transformation, automation, and cybersecurity across Greece and Europe.
Acquisition of "VIA. Process" (Motivian Holdings Limited): In July 2022, QUALCO acquired the "VIA. Process" software application platform for business process management (BPM) from Motivian Holdings Limited to develop new products.
Acquisition of Cenobe: In July 2025, Qualco Group acquired a 50.01% majority stake in Cenobe for 1.235 million EUR, strengthening its footprint in cybersecurity.
Acquisition of Empedus: In the first half of 2025, Qualco Group fully acquired Empedus, focusing on financial services and utilities.
Acquisition of D.D. SYNERGY S.A.: In January 2026, Qualco Group fully acquired D.D. SYNERGY S.A., a major SAP business partner in Greece, by acquiring the remaining 49.9% minority stake for 3.5 million euros. Qualco had previously acquired a 50.01% majority stake in April 2024.
Increased Participation in Indice: Qualco Group increased its participation in Indice to 50.1%, aiming to strengthen its activities across its three business sectors.
4. Technology & Innovation
QUALCO Group builds and utilizes proprietary platforms to manage, automate, and optimize the full credit lifecycle. Its solutions are built on proprietary software, incorporate extensive data analytics and reporting capabilities, and are underpinned by a strong AI backbone.
Technology Stack
Core Platforms and Technologies:
Qualco Data-Driven Decision Engine (D3E): Leverages advanced AI and predictive analytics to optimize communication channels, boost contact rates, and enhance payment arrangements.
Qualco AI Reporting solution: Simplifies data access and visualizes metrics in real-time through smart data querying and unified data integration.
Qualco Process Automation (QPA): Utilizes AI to streamline document management within a Document Management System (DMS), accelerating processes like loan processing and customer onboarding.
Qualco Loan Originator: A loan approval system designed to automate the origination of financing products.
Qualco Loan Manager: Comprehensive loan administration software covering all stages of credit.
Qualco ProximaPlus: A Factoring and Supply Chain Finance platform for optimizing working capital, which has received Shariah Compliance Certification.
Qualco Kyberas: A robust system for managing the entire dynamic discounting process.
Qualco Collections & Recoveries (QCR): An end-to-end platform for managing the entire debt collections lifecycle, a data-driven solution for managing customer accounts and decisioning.
QCR Accelerator: A pre-configured solution for early-stage collections for small to mid-sized lenders.
Qualco ExtraCollect: A cloud-based, SaaS platform for streamlining outsourced debt collection panel management. It supports 22 clients and manages over £10 billion in portfolios across the UK credit industry, excluding Thames Water.
Proprietary platforms also support receivables management and securitization through Qualco Intelligent Finance.
Qualco Scalefin: A digital banking solution that supports financial institutions in their digital transformation journey.
Innovation Hub: Qualco Group operates an Innovation Hub that focuses on sharing knowledge, supporting technology companies, startups, and larger corporations to nurture new technological products or services. It leverages AI to address complex challenges in finance, real estate, and digital landscapes.
Qualco Applied Intelligence: Provides solutions in IoT & Phygital Services, Generative AI, Operational Excellence, and End-to-End Platforms leveraging advanced analytics and AI technologies, alongside Robotic Process Automation.
Scientific Methodologies:
AI capabilities extend beyond vision-based AI to include time-series analysis, signal processing, and large-scale data management.
Development of simulation frameworks incorporating intelligent agents, UAV swarming, and autonomous operations to enhance decision-making in complex systems.
Expertise in computer vision, focusing on object identification, classification, semantic segmentation, and tracking.
High-performance and scalable solutions for processing, analyzing, and visualizing large structured and unstructured datasets, enabling businesses to gain actionable insights.
Proprietary Developments: The company highlights its Intellectual Property as a key competitive edge and unique value proposition.
5. Leadership & Management
Executive Team
Orestis Tsakalotos: Group Executive Chairman. He serves on the Executive Committee, overseeing client and business areas, developing major initiatives, and leading the Group's strategy. He heads the Board of Directors, focusing on performance, value creation, and accountability. He holds a Ph.D. in Control Systems and a Bachelor's in Mechanical Engineering from Newcastle University.
Miltiadis Georgantzis: Group Chief Executive Officer (CEO) and founding partner of Qualco Group. He oversees all business aspects with over 30 years of experience in technology and financial services. He holds a BSc and an MSc in Mechanical Engineering from Imperial College University of London.
Spyridon Retzekas: Group Deputy Chief Executive Officer and Head of Software & Technology. With almost 20 years at Qualco and over 25 years in the technology industry, he leads the organization's expansion and transformation efforts, focusing on global synergies and investing in new technologies. He holds a BSc in Computer Engineering from the University of Patras and an MSc in Telecommunications from the University of London. In November 2025, he also became CEO of Qualco Technology S.A.
Nikos Psimogiannos: CEO of Quento, a spearhead entity of Qualco Group in the ICT sector. He has 20 years of experience in technology leadership, formerly serving as International Managing Director of Unisystems. He holds a Diploma in Electrical and Computer Engineering from NTUA, an MSc in Techno-economics from NTUA, an ExecMBA from ALBA, and a PhD in NGNs from the Aegean University.
Ioannis Maniadakis: VP Of New Ventures.
Pavlina Louki: Group Executive Director Of Marketing.
N. K.: Group CFO.
N. C.: Chief Business Officer.
Steven Thomas Edwards: Independent Non-Executive Member of the Board of Directors. He is a commercial real estate investment professional with a background in performing and non-performing debt and equity investments, and expertise in originating, structuring, and managing complex financial structures. He holds a Bachelor's degree in Political Science, Government, and Economics from Cornell University.
Recent Leadership Changes
In November 2025, Qualco Group strategically carved out Qualco Technology S.A. as a standalone corporate entity to maximize shareholder value and strengthen corporate governance.
In December 2024, the Qualco Intelligent Finance spin-off was completed, establishing its Platforms-as-a-Service pillar.
In February 2025, Quento was founded as the new ICT arm of the Group.
6. Talent and Growth Indicators
As of June 30, 2025, Qualco Group had 1,223 employees, representing an increase of 140 employees (12.93%) since December 31, 2024. The company made over 230 recruitments within the last 12 months. Approximately 45% of the workforce comprises women. The company fosters an inclusive and diverse environment, prioritizing continuous learning, career development, and work-life balance through flexible working arrangements and various well-being programs. Many employees work on a hybrid or remote model.
Current Hiring Trends and Open Positions:
QUALCO Group is actively recruiting for a range of positions, including:
Associate IT Systems Engineer
Associate Quality Assurance Engineer/Tester
Associate Software Support Engineer (Shifts)
Business Analyst (General and French-speaking)
DevOps Engineer
Full-stack Software Engineer (Mid-Senior)
Head of Solution Design
IT Infrastructure Architect Team Leader
Java Back-end Software Engineer (Mid-Senior)
ML Engineer
Partner Enablement Officer
Project Software Engineer
Quality Assurance Engineer for Digital Banking
Scrum Master
Senior Full Stack Java Software Engineer
Senior IT Cloud Engineer
Senior Python Software Engineer
Senior Quality Assurance Engineer
Senior Pre-Sales Consultant
Operational Sales Manager (Qualco UK)
Client Services Manager (Qualco UK)
Employee testimonials highlight a friendly and supportive atmosphere with continuous learning opportunities and a focus on well-being.
7. Social Media Presence and Engagement
Digital Footprint
QUALCO maintains an active presence across professional networking platforms.
LinkedIn: The company's LinkedIn page (https://www.linkedin.com/company/qualcogroup/) is utilized for sharing job openings, news, updates, and highlighting its corporate culture and values. Content often emphasizes its technological solutions, particularly AI and data analytics in credit management, and features employee testimonials and corporate social responsibility initiatives.
Twitter/X and YouTube: They also maintain a presence on platforms like Twitter/X and YouTube, where videos related to product features and explanations (e.g., QUALCO Process Automation explainer video) are posted.
Brand Messaging: Qualco Group's social media strategy emphasizes thought leadership in fintech, innovation, and sustainability.
8. Recognition and Awards
HRIMA Business Awards 2025: Qualco Group received the 3rd Award in the category "Best Mid–Small Capitalisation Company" at the 23rd HRIMA Business Awards 2025.
Health & Safety Awards 2022: Qualco Group was honored in the Health & Safety Awards 2022 for excelling in the "Healthy & Wellbeing Space" category for its new working facilities and also for "Preventing the Spread of Covid-19" due to its comprehensive pandemic response plan.
Credit & Collections Technology Awards 2021 (UK): QUALCO won the "Business Intelligence Data & Analytics solution" award for its Data-Driven Decisions Engine.
Teams of the Year Awards 2025: Qualco, the technology arm of Qualco Group, celebrated its "Teams of the Year Awards 2025" to recognise outstanding internal collaboration and performance. Categories included Quality & Excellence Champions, Teamwork & Integrity Champions, Cross-Functional Collaboration Champions, and Agility & Innovation Champions.
9. Competitive Analysis
QUALCO operates in the competitive credit management software and solutions industry.
Major Competitors
Cloud Lending: A competitor offering AI-driven credit management software and solutions.
RDC: Identified as a competitor in the AI-driven credit management software and solutions space.
Bankish: Listed as a competitor in the same market segment.
Other prominent companies in the broader credit risk management and financial technology space: Innovis, Equifax, FICO, LexisNexis Risk Solutions, and TransUnion also offer similar or complementary solutions.
Alternatives to QUALCO Collections & Recoveries: Gaviti, Moonflow, DebtView, Treli, 365 Collect, Billtrust, Invoiced, BILL AP/AR, Square Point of Sale, and Celonis are presented as alternatives focusing on accounts receivable automation and debt collection.
10. Market Analysis
Market Overview
The credit management landscape is dynamic and undergoing digital transformation, with a growing demand for technology, analytics, and data-driven solutions. QUALCO Group has a leading presence in this international
