Greenstep to Build a New End-to-end, Automated Fund Services Platform for the Pan-European Market

Greenstep has acquired 100 percent of the shares of Rundit Oy to strengthen its position in the European fund services market. The acquisition marks a new kind of strategic move for Greenstep, a company that has grown almost entirely through organic expansion until now.

“We have been eyeing on some startups in the market, which could strenghten our position, says Greenstep founder Tove Teir.

Startup Rundit is known for its modern, agile reporting and portfolio platform and its highly skilled software development team. By combining Rundit’s technology with Greenstep’s fund services expertise, the company will create a new end-to-end solution that enables highly automated and transparent fund back-office operations.

“Our goal is to build the most automated and highest-quality fund back office on the market.”
The ambition is to scale the new solution across Europe and significantly grow Greenstep’s market share in the rapidly evolving fund reporting landscape.

With this acquisition, the two sides of fund reporting – investor and portfolio reporting on the frontend, and fund accounting and related processes on the back office – are brought together for the first time into one seamless end-to-end solution. Rundit’s modern platform and development team compliment Greenstep’s existing technology and expertise, enabling fund data and reporting to flow across the entire process without siloed systems.

“We have been developing our fund services in a focused and structured way for nearly a decade, and we have become the market leader in VC fund back-office services in Finland. This acquisition is a natural continuation of that development and strengthens our position as a comprehensive service provider,” says Minna Riihimäki, Head of CFO External Reporting Services at Greenstep.

What makes Greenstep’s offering unique is the combination of technology with deep specialist services. In addition to a modern software stack, clients gain access to fund advisory, tax and legal services, KYC processes and other essential expertise that software companies typically do not provide. This combination does not exist elsewhere in Europe.

Moving together toward Europe’s leading fund services platform

With the acquisition, Greenstep takes a significant step toward its goal of becoming the leading moderniser of fund services in Europe. The new concept brings together data, technology and deep expert services in a way that has not been seen in the market before.

Greenstep is a European professional services company supporting growth-oriented organisations with financial administration, advisory and technology-enabled services. The company combines modern technology, automation and deep expert knowledge to help clients build scalable, transparent and compliant operations.

Founded in Finland, Greenstep has grown primarily through organic expansion and today operates across multiple European markets, serving companies, funds and public organisations.

This year alone, the IT consulting firm has hired 140 employees. Greenstep started from scratch in 2010, and since then, the company has grown profitably by 10% to 30% annually.

Having evolved from a one-man accounting firm into a technology-driven software house, Greenstep’s revenue today is hovering around €85 million, and the company already employs 800 people.

“We are a consulting firm. Our most important resource is our people—we don’t have anything else. That means we have to find great people for Greenstep constantly,” summarizes the company’s founder, Tore Teir.

This growth proves that Greenstep must be doing something right. Tore Teir talks about corporate culture, values, and employee well-being, but then again, so do many other executives.

Greenstep to build a new end-to-end, automated fund services platform for the European market

Greenstep has acquired 100 percent of the shares of Rundit Oy to strengthen its position in the European fund services market. The acquisition marks a new kind of strategic move for Greenstep, a company that has grown almost entirely through organic expansion until now.

Startup Rundit is known for its modern, agile reporting and portfolio platform and its highly skilled software development team. By combining Rundit’s technology with Greenstep’s fund services expertise, the company will create a new end-to-end solution that enables highly automated and transparent fund back-office operations.

“Our goal is to build the most automated and highest-quality fund back office on the market.”

The ambition is to scale the new solution across Europe and significantly grow Greenstep’s market share in the rapidly evolving fund reporting landscape.

With this acquisition, the two sides of fund reporting – investor and portfolio reporting on the frontend, and fund accounting and related processes on the back office – are brought together for the first time into one seamless end-to-end solution. Rundit’s modern platform and development team compliment Greenstep’s existing technology and expertise, enabling fund data and reporting to flow across the entire process without siloed systems.

“We have been developing our fund services in a focused and structured way for nearly a decade, and we have become the market leader in VC fund back-office services in Finland. This acquisition is a natural continuation of that development and strengthens our position as a comprehensive service provider,” says Minna Riihimäki, Head of CFO External Reporting Services at Greenstep.

What makes Greenstep’s offering unique is the combination of technology with deep specialist services. In addition to a modern software stack, clients gain access to fund advisory, tax and legal services, KYC processes and other essential expertise that software companies typically do not provide. This combination does not exist elsewhere in Europe.

Moving together toward Europe’s leading fund services platform

With the acquisition, Greenstep takes a significant step toward its goal of becoming the leading modernizer of fund services in Europe. The new concept brings together data, technology and deep expert services in a way that has not been seen in the market before.

Greenstep is a European professional services company supporting growth-oriented organisations with financial administration, advisory and technology-enabled services. The company combines modern technology, automation and deep expert knowledge to help clients build scalable, transparent and compliant operations.

Founded in Finland, Greenstep has grown primarily through organic expansion and today operates across multiple European markets, serving companies, funds and public organizations.


This year alone, the IT consulting firm has hired 140 employees. Greenstep started from scratch in 2010, and since then, the company has grown profitably by 10% to 30% annually.

Having evolved from a one-man accounting firm into a technology-driven software house, Greenstep’s revenue today is hovering around €85 million, and the company already employs 800 people.

“We are a consulting firm. Our most important resource is our people—we don’t have anything else. That means we have to find great people for Greenstep constantly,” summarizes the company’s founder, Tore Teir.

This growth proves that Greenstep must be doing something right. Tore Teir talks about corporate culture, values, and employee well-being, but then again, so do many other executives.

However, how many companies give a significant portion of their profits to their employees—on top of their salaries? Greenstep distributes one-tenth of its earnings as an equal flat-sum bonus to its entire staff.

“It means all our people get to enjoy the results if we’ve done a good job together. In recent years, over a million euros a year has been distributed to the staff through this program,” Teir says.

This extra bonus has padded employees’ pockets by a couple of thousand euros a year.

“I believe this creates the feeling of a fair workplace and encourages our people to perform at their absolute best. When things are good at home, it reflects onto the customers. This is our philosophy.”
Five years ago, Greenstep founded a non-profit cleaning company called Carestep. It helps immigrants enter the Finnish workforce.

“We train them as cleaners first, but Carestep is just a stepping stone,” Teir explains.

The cleaners spend one to three years at Carestep improving their language skills. At the same time, they receive training and career counseling for fields that interest them. The idea is that, eventually, these employees will be ready for the broader Finnish job market—using either their previous education or new skills—as either employees or entrepreneurs.

“This is how these people integrate and become productive taxpayers. This operation will never be profitable for us. However, it is important, and I believe Greenstep employees are proud that we put money into something like that,” Teir says.

You don’t hear corporate stories like this every day. In Teir’s view, Greenstep can do things differently because it is a family-owned business.

Usually, the primary goal of a business is simply to maximize shareholder profits. “But in that case, the company’s values and its spirit can’t be as cohesive and strong as they are here,” Teir says.

Greenstep uses its founder Tove Teir also on the face side of the play notes for several competitions for charity purposes. All the winnings were donated to the charities of the choice.