Vitec acquires the Swedish software company Nordman & Co AB
Vitec Software Group AB (publ) is strengthening its Nordic position in Vertical Market Software on April 26 by acquiring all shares in the Swedish software company Nordman & Co AB. The company reported sales of SEK 20.2 million, with an EBIT of SEK 3.8 million for the 2019/2020 financial year.
Nordman & Co AB develops and provides the software Argus CRM, a complete sales force system for FMCG, pharmacy, food services and construction, primarily in the Nordic region. The system, with several additional modules, enables sellers to plan and manage, for example, store visits, orders, marketing activities, product information, and presentations. The about 130 customers consist mainly of companies in Sweden and the rest of the Nordic region.
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 June 23, 2020. The convertible matures in 38 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.
”Nordman & Co AB is a profitable and well-managed company, with a stable operation that is a good fit with our business model and corporate culture. We acquire companies to develop and retain them in the Group, which is why we always are careful with our acquisition criteria. Today we would like to warmly welcome 12 new employees,” says Lars Stenlund, CEO of Vitec Software Group.
Nordman & Co AB was founded in 1999 and has been run for a long time by Peter Norgren, CEO, together with Keyvan Haghighat. The company is based in Stockholm and has operations in Piteå.
“Vitec is a long-term owner with a very good understanding of what it means to develop and deliver business-critical software. I have followed Vitec for a long time, and I am firmly convinced that together we will continue to develop Nordman & Co AB to the great benefit of our customers today and in the future,” says Peter Norgren, CEO Nordman & Co AB.
For more information, please contact
Lars Stenlund, CEO Vitec Software Group AB (publ), mobile +46 70 659 49 39
Patrik Fransson, Investor Relations Vitec Software Group AB (publ), mobile +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. Our 975 employees are based in Denmark, Finland, Norway and Sweden. Vitec is listed on Nasdaq Stockholm and had net sales of SEK 1,313 million in 2020. Find more at www.vitecsoftware.com.