About Vitec

Vitec is leading within vertical market software originating in Umeå, Sweden. We develop and deliver standard software for various niches. At Vitec, we all have a common ground and a shared purpose: we come from the same entrepreneurial background and want to contribute to products that are business critical and do good in society. In all honesty, there are many businesses that would stop without Vitec. That’s why we need to keep a long-term perspective, which is evident in our brand promise – To rely on, today and tomorrow.

We started out solving clearly defined challenges.

This is also how we have grown.

Today, we are over 1,000 colleagues within the Group and together we had net sales of 1,572 MSEK in 2021. Our head office and larger parts of the Group Management Team are placed in Umeå and we are listed on Nasdaq Stockholm.

Our products are at the heart of many different businesses, such as pharmacies, car workshops, real estate, healthcare, and education. We often talk about the product being our foundation, which means that we put the team above our own needs and learn from each other – we build Vitec together. Everything here starts with the products, and they are a vital part of our history. They are also our future.

 

 

Our history

It all started in Umeå, as a spin-off from Umeå University, when two research students got an idea to save Sweden from the energy crisis that arose after the oil crisis of the 70s. This is how Lars Stenlund, founder and chairman of the board, describes how it happened when Vitec was started in May 1985:

- Hey, man, Olov said as we stood in line at Snabben, the lunch place at the University in Umeå, I’ve got an idea. Is that so, I thought, my mind mostly on which variation of beef stew was on the menu this fall day of 1984.

- Yeah, he continued. You can program, of course, and I can come up with the money for one of those new PCs! Then you can teach me programming, and at the same time maybe we can put together some program that somebody will want to buy.”

No sooner said than done. I needed a hobby aside from research and the same went for Olov. Pretty soon a beige Ericsson PC stood on my desktop at home and another the following week at Olov’s. We developed in Turbo Pascal – the world’s fastest development environment crammed into an inconceivable 39 kB on a floppy disk. The program we developed stemmed from Olov’s idea about property owners’ need for a better way to check on their energy consumption and the fact that modern tools were needed for this.

The mission was clear as day! By programming at the hobbyist level in Turbo Pascal, we’d save Sweden from the energy crisis that arose in the aftermath of the 1970’s oil crisis. Yep! The hobby project proceeded at turbo speed, and in the spring of 1985 there was interest out in the market to “do business” with us and, in fact, to buy the revolutionary system that we’d developed. Several screenshots were ready, though the functionality behind them was a little iffy. Most of the buttons you clicked on caused the data to freeze. But it looked nice – and surely you had to allow for some bugs and teething problems, right? In any case, we needed to start a company so that we could get out the program and save Sweden from the energy crisis.

2021

Vitec acquired the Dutch company Vabi Holding B.V., the first acquisition outside the Nordic region. Lars Stenlund was elected to serve as Chairman
of the Board of Vitec and Olle Backman was appointed CEO.

2017

Vitec is moved from the Small Cap to Mid Cap list on the Nasdaq Stockholm. Olov Sandberg, one of the founders of Vitec,retired. Olov remains
as the company’s principal owner.

2016

The governance model is clarified and strengthened with the implementation of the role of Vice Presidents of Operations (VPO).

2012

Vitec records the its values, which become a cornerstone of the corporate culture.

2011

Vitec is listed on the Nasdaq Stockholm. Acquisition of IT-Makeriet AS in Norway, the first acquisition of a foreign company.

2003

Vitec formulated its acquisition-driven growth strategy.

1999

Vitec is listed on Aktietorget (currently known as the Spotlight Stock Market) Several corporate acquisitions were completed in Sweden.

1998

Vitec is listed on Innovationsmarknaden (currently known as the Nordic Growth Market).

1990

Operations are scaled up and the Board of Directors is reinforced with external Board members.

1985

Vitec is founded by research colleagues Lars Stenlund and Olov Sandberg.

To work with operationally critical solutions

To succeed in our roles here at Vitec, we need to be humble and constantly question what we do; which software we work with, what products we hold and which solutions we want. And this demands that we can take initiative and shoulder responsibility, that we understand that we solve our tasks as a team and that we truly understand that we develop our products for our customers’ – and their customers’ – benefit. Because without Vitec, their operations stop.