Vitec acquires the software company Scanrate Financial Systems A/S
Vitec Software Group AB (publ) is strengthening its Nordic position in Vertical Market Software on June 17, by signing an agreement to acquire all shares in the Danish software company Scanrate Financial Systems A/S. The company reported sales of SEK 57 million, with an EBIT of SEK 25 million for the 2021 financial year.
The software company Scanrate Financial Systems A/S develops and delivers software for analysis, valuation, and risk management with a focus on the Danish bond market. The products RIO and Lima enable comprehensive calculations and analysis of all types of Danish bonds and provide an overview of assets and liabilities. The about 50 customers are mainly based in Denmark, UK and Switzerland and consist of banks, asset managers, financial data providers and real estate investors.
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 26, 2022. The convertible matures in 36 months and at full conversion will have a dilutive effect on capital of less than 0.1 %. The acquisition is expected to yield an immediate increase in earnings per share for Vitec.
Before closing the acquisition needs approval from the Danish Business Authority ("DBA") under the Danish Investment Screening Act ("DISA"). This is expected to take up to 90 working days.
“Scanrate has 35 years of experience, and the company is the leading independent provider of software for investors in the Danish bond market. The advanced but user-friendly software offers complete analysis and data for customers' decision-making. Scanrate is a profitable and well-managed company with an operation that is a good fit with our business model and corporate culture. We are pleased to welcome 26 new employees to us today,” says Olle Backman, CEO, Vitec Software Group.
Scanrate was founded in 1986 and the company has operations in Aarhus, Denmark.
“Vitec has a strong position in the Nordic market with extensive experience and broad expertise in vertical software. For us, it is crucial to have a long-term owner who is committed to the continued development of the company. I am convinced that together we will continue to develop Scanrate for the benefit of our customers today and in the future,” says Svend Jakobsen, CEO, Scanrate Financial Systems A/S.
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 1,050 employees, is listed on Nasdaq Stockholm, and had net sales of SEK 1,571 million in 2021. Find more at www.vitecsoftware.com.