Vitec acquires the software company DocuBizz ApS
Vitec Software Group AB (publ) is strengthening its Nordic position in Vertical Market Software on January 21 by acquiring all shares in the Danish software company DocuBizz ApS. The company reported sales of SEK 27 million, with an EBITDA of SEK 6 million for the 2021 financial year.
The software company DocuBizz develops and provides a SaaS solution that digitizes and automates handling of all types of supplier invoices. The software matches invoices with purchase orders, presents history and more, and via the system the invoice is sent to the right person for approval. The software also supports automatic accounting in the customer's business system. The approximately 350 customers are mainly in the automotive industry in Scandinavia, Germany, and the USA.
Payment will be in cash and with a convertible, with deviation from shareholders’ preferential rights in accordance with the authorization from the Annual General Meeting on April 28, 2021. The convertible matures in 36 months and at full conversion will have a dilutive effect on capital of 0.02%. The acquisition is expected to yield an immediate increase in earnings per share for Vitec. Consolidation will commence as of the acquisition date.
”DocuBizz is the market leader in accounts payable solutions for the automotive industry in Denmark and with the acquisition we strengthen our position further in auto. They are an established partner who with their software streamlines and simplifies the payable process for their customers. We are pleased to welcome 12 new employees to Vitec today,” says Olle Backman, CEO, Vitec Software Group.
DocuBizz was founded in 2002 and has operations in Taastrup, Denmark.
“Vitec has a strong position in the Nordics and has extensive experience and broad expertise in vertical software. For us, it is important with a committed owner who understands our business fundamentally. With long-term perspective as our common guiding principle, we will continue to develop and run DocuBizz for the benefit of our customers,” says Mads Toksvaerd, CEO, DocuBizz.
For more information, please contact
Olle Backman, CEO, Vitec Software Group AB (publ), olle.backman@vitecsoftware.com, +46 70 632 89 93
Patrik Fransson, Investor Relations, Vitec Software Group AB (publ), patrik.fransson@vitecsoftware.com, +46 76 942 85 97
About Vitec
Vitec is market leader for Vertical Market Software in the Nordic region. We develop and deliver standard niche software. Vitec grows through acquisitions of well-managed and well-established software companies. The Group's overall processes together with the employees' in-depth knowledge of the customer's local market enables continuous improvement and innovation. Vitec has 1,000 employees, is listed on Nasdaq Stockholm, and had net sales of SEK 1,313 million in 2020. Find more at www.vitecsoftware.com.