The story of how humanity was liberated from endless, routine work
When Sverre Stockinger saw how much time was wasted on manual reconciliation work, he thought, “Surely a computer could do the job much easier?”
Sverre Stockinger was contracted by Norwegian bank ‘Sparebanken ABC’ in 1987 to help its Funds Department with reconciliation work. It proved easier said than done.
Much to his surprise, Sparbanken had a person employed full time to work on manual reconciliations of a single account. Every day, 8 am to 4 pm, all year round.
He was puzzled and concerned. How could a professional business put so much time and resources into simple reconciliation? Surely a computer could do the job much easier and faster?
World premiere for automatic reconciliation
It would take two years before Stockinger found the solution to the problem. When working on a new contract, he learned to work with PC communication and file transfers. He then managed to create a PC application that could import data from records and from the bank and reconcile the entries, automatically!
Adra AS – an acronym for ‘administrative rationalization’, was founded the same year. Thus was created the first commercial product in the world for automatic reconciliation. Adra won its first client, Cargo Partner AS in Oslo, Norway, in April 1990.
Adra AS was founded in Norway by Sverre Stockinger
First Customer, Cargo Partner AS in Oslo, receives a program for automatic reconciliation
The program switches from DOS to Windows
Adra Match AS quoted on the OTC list at the Oslo Stock Exchange
Adra Match AB started in Sweden
Merger with major competitor Enter Data AS
Launched Adra Match Receivables, a solution for automatically updating payments in cooperation with DnB Nor
Adra Match ApS started in Denmark
Adra Match acquired by Via Venture, POD Holding and Sverre Stockinger. Removed from the OTC list on the Oslo Stock Exchange
Adra Match Account launched
Adra Match Ltd founded in England
Developed the first web-based solution for automatic reconciliation together with DNB
Launch of Adra Match Accounts as Saas solution through Citrix