Vitec Software Group AB: Vitec acquires the Danish software company Cito IT A/S
Vitec Software Group AB (publ) strengthens its Nordic position in Vertical Software by today, on May 31, acquiring all of the shares in the Danish software company Cito IT A/S. The company's product is an industry-specific software for the pharmacy market in Denmark. The company had a turnover of MDKK 25.5 with an EBITDA result of MDKK 7.6 for the financial year 2016/17.
Payment is in cash at the time of entry. The acquisition expects to result in an increase in earnings per share for Vitec. Consolidation takes place from acquisition date.
"Cito IT is a well-managed and profitable company with standardized products for a specific niche. Vitec has a long-term perspective. When we acquire companies, we do so to keep them and we are therefore always careful with our acquisition criteria. Cito IT fits well into our business model as well as corporate culture, and it is therefore gratifying to welcome new employees and customers to the Group today," says Lars Stenlund, CEO Vitec Software Group.
"Vitec has a long track record of developing, selling and supporting vertical software. Together with our employee's knowledge of customer needs in our niche gives us great opportunities to continue developing software for the pharmacy market", says Bo Nielsen, CEO Cito IT A/S.
For more information, please contact
Lars Stenlund, VD Vitec Software Group AB (publ), mob. +46 70 659 49 39
Patrik Fransson, IR Vitec Software Group AB (publ) mob. +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 600 employees are based in Denmark, Finland, Norway and Sweden. Vitec is listed on Nasdaq Stockholm and had net sales of SEK 855 million in 2017. Find more at www.vitecsoftware.com.