Vitec Software Group AB: Vitec acquires Tietomitta OY in Finland

Vitec acquires Tietomitta OY in Finland

Vitec Software Group AB (publ) has on July 5 agreed to acquire 100 % of the shares in the Finnish software company Tietomitta OY, whose product is an industry-specific software for supporting waste-management in Finland. The company reported sales for the fiscal year 2015 of EUR 3.5 million, with approximately 65 % recurring revenue, and EBITDA of EUR 0.8 million. Payment is in cash at closing. Acquisition is expected to directly result in an increase in earnings per share for Vitec. Consolidation is done from the date of acquisition.

For more information, please contact
Lars Stenlund, CEO Vitec Software Group AB (publ), Phone +46 70 659 49 39
Timo Sivula, CEO Tietomitta OY, Phone +358 (0) 207 780 502

Time of information
The information will be made public at 11:00 CET on Tuesday, July 5, 2016.

Vitec Software Group AB (publ) is a Nordic software company that develops and delivers standardised software for industry specific needs. The Group has operations in Sweden, Denmark, Finland and Norway and grows in the mature part of the software industry by consolidating vertical software segments. Our customers include facility management companies, construction and real estate companies, banks and insurance companies, utilities and energy traders, healthcare companies, car spare part dealers and newspaper companies. The Group has 450 employees and had 2015 a turnover of SEK 618 million. Vitec is listed on Nasdaq Stockholm.                                                                                                                          

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