Vitec Software Group AB (publ) strengthens its Nordic position in Vertical Software by acquiring all of the shares in the Danish software company Cito IT A/S. The company's product is an industry-specific software for the pharmacy market in Denmark. The company had a turnover of MDKK 25.5 with an EBITDA result of MDKK 7.6 for the financial year 2016/17.
Payment is in cash at the time of entry. The acquisition expects to result in an increase in earnings per share for Vitec. Consolidation takes place from acquisition date.
Lars Stenlund, CEO Vitec Software Group said
"Cito IT is a well-managed and profitable company with standardized products for a specific niche. Vitec has a long-term perspective. When we acquire companies, we do so to keep them and we are therefore always careful with our acquisition criteria. Cito IT fits well into our business model as well as corporate culture, and it is therefore gratifying to welcome new employees and customers to the Group today".
Bo Nielsen, CEO Cito IT A/S added
"Vitec has a long track record of developing, selling and supporting vertical software. Together with our employee's knowledge of customer needs in our niche gives us great opportunities to continue developing software for the pharmacy market".
The former shareholders will continue to be closely associated with the group and remain minority shareholders and support the management team in the role of an advisory board as well as consultants.
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