Vitec Software Group AB: Vitec acquires Plania AS in Norway

Vitec Software Group AB (publ) has on December 5 agreed to acquire 100 % of the shares in the Norwegian software company Plania AS, specialized in software for real estate administration, facility management and property maintenance. The company is expected to report sales of 28.5 MNOK for the fiscal year of 2016, with approximately 48 % recurring revenue and an EBITDA of 6.6 MNOK.

Payment is in cash at closing. Acquisition is expected to directly result in an increase in earnings per share for Vitec. Consolidation is from December 5. The acquired company will be included in the Vitec business segment "Real Estate".

-       Plania is a very well-managed company with a business model and product offering that is completely in line with our growth strategy of Vitec. As an industrial player, it is crucial for us that the companies we acquire fits well into our business model and that they share our core values. Plania is an established and mature company that provides proprietary industry specific software, they have a profitable business that meets all our criteria, said Lars Eriksson, M&A.

For more information, please contact
Lars Stenlund, CEO Vitec Software Group AB (publ), Phone +46 70 659 49 39
Lars Eriksson, M&A Vitec Software Group AB (publ), Phone +46 70 831 15 02
Leif Kvie, Founder Plania AS, Phone +47 51 95 90 95

Time of information
The information will be made public at 13:50 CET on Monday, December 5, 2016.