Sitowise acquires Bitcomp, a digital systems pioneer of the forest sector

SITOWISE GROUP PLC INVESTOR NEWS 21 JUNE 2022 11:40 a.m. (EEST)

Sitowise has acquired Bitcomp Oy, a pioneer in SaaS solutions for the forest and natural resources sector. When combining the long experience of both companies, Sitowise will form a leading organization of spatial data solutions. The common goal for the companies is to continue to grow as a geospatial information and asset management pioneer in the Nordic countries.

Bitcomp delivers digital services and SaaS solutions for the forest sector and natural resource operators. With the acquisition of Bitcomp, and its Leafpoint and Foresta products, Sitowise will more than double its SaaS business with scalable recurring revenue contracts.

– Bitcomp complements our digital solutions portfolio by bringing in-depth forestry expertise to Sitowise. The company has extensive experience of successful and steady SaaS business. Also, Bitcomp brings us wide expertise on AI in asset management solutions. So, it is a perfect strategic fit for us, says Teemu Virtanen, Digital Solutions business area director at Sitowise.

Bitcomp employs almost 80 people in Finland and in 2021, company’s turnover exceeded EUR 5.6 million. Bitcomp is expected to grow significantly at high profit margins during 2022-2023 as it rolls out new generation products to its customers.

– Together, we are the pioneer in spatial, data-based digital solutions for the living environment - consisting of both built and natural environment. I am very excited that we build our future together, Virtanen continues.

Bitcomp provides digital solutions for forest asset management and sustainable utilization of forests, as well as solutions for maintaining biodiversity and combating the risks of climate change. The company's systems and analysis services utilize automation, artificial intelligence, and diverse data sources such as satellite data, open spatial data and forest and nature data.

Bitcomp solutions help maintain forest resource information throughout Finland, as well as provide services to hundreds of thousands of forest owners. Forest owners can also manage their own forest assets in a service provided by Bitcomp.

– For us, it was crucial to find a partner who shares similar values, culture, and future vision. Both Bitcomp and Sitowise have a strong will to develop business together. In addition, the sustainability of our operations and the impact of our solutions on combating against climate change are important drivers for us. I am glad that these values ​​are at the very core for Sitowise as well, says Bitcomp CEO Tapani Stjernvall.

– The current global situation is reflected in the growing demand for services and products in the forest sector. The value of our forests is  rising from both an economic and a climate change perspective. There are many new, climate-friendly business opportunities associated with forests. Therefore, forest information management is becoming increasingly important, says Teemu Virtanen.

After the acquisition, all Bitcomp employees will continue in their current positions.

More information:

Teemu Virtanen
Sitowise
Business area director, Digital Solutions
+358 50 404 6622
teemu.virtanen@sitowise.com

Tapani Stjernvall
Bitcomp Oy
CEO
p. +358 407 656 508
tapani.stjernvall@bitcomp.fi

Sitowise is a Nordic expert in the built environment with a strong focus on digitality We design smart cities and spaces for living where daily life finds a sustainable foundation. We operate in three business areas: buildings, infrastructure, and digital solutions. Every day, our over 2,000 experts from different fields join forces for traffic, infrastructure, and buildings to provide the best setting for safe and carefree daily life. We want to raise the bar on smartness and sustainability, which is why our vision is to be the most sustainable and responsible partner in developing a prosperous living environment. Sitowise shares are listed on the Helsinki Stock Exchange under the ticker SITOWS. In recent years, Sitowise has experienced fast and profitable growth, and the group’s turnover is approx. EUR 179 million. The group’s head office is located in Espoo, and the CEO of the group is Heikki Haasmaa. www.sitowise.com

Bitcomp produces the world's most advanced forest and natural resource sector IT products and system services. Our strength is in-depth expertise in the forest sector combined with state-of-the-art technology such as GIS solutions, satellite data and artificial intelligence. Bitcomp products can meet the challenges posed by climate change and at the same time increase the efficiency of business operations. Our expertise is trusted by leading organisations within forestry as well as public sector operators. In 2021 Bitcomp's turnover exceeded EUR 5,6 million. Bitcomp employs in Finland almost 80 persons. The company has offices in Jyväskylä, Joensuu, Seinäjoki and Vimpeli. www.bitcomp.fi