Vitec Software Group AB (publ) will be strengthening its position in the Nordic market for Vertical Software, through the acquisition of all shares in the Norwegian software company, Web Insurance Management Systems AS.
The company’s product is aimed for the insurance industry in Norway, Sweden and Denmark. The company reported sales of NOK 24.8 million, with an adjusted EBITDA of NOK 4.4 million for the 2018 financial year. standardized and niched products designed for the insurance industry.
IMAP's member in Norway Stratema advised Vitec Software Group AB
Lars Stenlund, CEO of Vitec Software Group said
"When we acquire companies, we do so in order to retain them. Consequently, we are always diligent in our acquisition criteria. WIMS is a good fit, in terms of its business model and corporate culture, and it is our pleasure today, to welcome new employees and customers to the Group."
Per-Gunnar Swahn, Managing Director of Web Insurance Management Systems AS, added
“Our employees deep understanding of the insurance industry in combination with the long track record Vitec has in the vertical software market will provide us with excellent opportunities to continue developing our products and the business.”