Vitec Software Group AB (publ) will be strengthening its position in the Nordic market for Vertical Market Software through the acquisition of all shares in the Finnish software company, M&V Software Oy. The company’s product is aimed for parishes in Finland. The company’s expected sales for the financial year 2019 are SEK 19.0 million, with an adjusted EBITDA of SEK 4.6 million.
The payment is made in cash. The acquisition is expected to directly result in an increase in earnings per share for Vitec. Consolidation is from the acquisition date, and the company will be included in the segment Health and Education.
Vitec Software Group AB is market leader for Vertical Market Software in the Nordic region. The group employs approximately 700 persons and achieved a turnover of SEK 1,017 million in 2018. Vitec is headquartered in Umeå and listed on Nasdaq Stockholm.
IMAP Finland (Carner) continues advising Vitec in its growth strategy execution actively looking for new vertical software acquisition targets.
Lars Stenlund, CEO of Vitec Software Group, commented
“M&V Software Oy is a well-managed and profitable company, with standardized and niche products for the unique needs of parishes. When we acquire companies, we do so in order to retain them. Consequently, we are always diligent in our acquisition criteria. M&V Software is a good fit, in terms of its business model and corporate culture, and it is our pleasure today to welcome 15 new employees to the Group.”
Jani Konsi, CEO of M&V Software Oy, added
“It feels good with Vitec as the new owner of the company. They have a long experience of niche software and therefore understand our business in depth. The business will continue to be handled by us in Rauma and Jyväskylä, after all, we are experts in our customers’ needs.”