Vitec was founded by Lars Stenlund and Olov Sandberg. The first software was a product for monitoring energy usage in properties.
The operation was scaled up and the Board of Directors was strengthened with external members.
The company was named Vitec. The invented name Vitec won the voting among the employees.
Vitec moved into the energy sector with a software for calculating short-term forecasts for energy requirements in large energy systems.
Vitec was listed on Innovationsmarknaden.
Vitec was listed on AktieTorget. A number of acquistions were conducted in Sweden.
Vitec paid a dividend for the first time. This was unique among IT-companies in Sweden, the year when the IT-bubble burst.
An analysis of how the existing business had grown profitably through the years resulted in the acquisition-driven growth strategy, that still applies today.
The Media segment was established when Vitec acquired the company Veriba AB, whose product was mainly targeted at newspaper publishers. Vitec also acquired IBS Vertex and became the most dominant software supplier in the real estate sector.
The Estate Agents segment is formed in conjunction with the acquisition of Svensk FastighetsData, a market-leading supplier av software for realtors.
The Finance & Insurance segment was established when Vitec acquired Capitex AB. They developed software for calculating estimates for banks and insurance companies, as well as software for estate agents and the real estate industry.
Vitec was listed on Nasdaq Stockholm. The Estate Agents segment added operations in Norway through the acquisition of IT Makeriet A/S, the first acquisition outside Sweden.
Vitec acquires the listed subsidiary 3L System AB (publ). Thus, 3L System was de-listed from First North.
The Health segment was established when the Finnish company Acute FDS Oy was acquired, with software for the health care industry in Finland.
The Auto segment is formed through the acquisition of AutoData Norway AS, and it software for the Norwegian auto parts market.
The Finance & Insurance segment is expanded to include Denmark, in conjunction with the acquisition of the Danish company, Aloc A/S.
During the year Vitec acquired two companies in the Auto segment; the Norwegian software company Infoeasy AS and the Danish company Datamann A/S. That same year, the Finance & Insurance segment expanded when the Norwegian company Nice AS was acquired.
The Media segment was wound up when Vitec Veriba AB was sold. In the same year Vitec acquired the Finnish company Tietomitta Oy and the new Environment segment was formed. Also, the Finnish company Futursoft Oy and the Norwegian company Plania AS were acquired during the year and were added to the Auto and Real Estate segments.
Vitec is moved from Small Cap to Mid Cap on Nasdaq Stockholm. The Danish software company MV-Nordic A/S with products for reading and writing difficulties was acquired and the Health segment changed name to Education & Health. Olov Sandberg, one of the founders of Vitec, wrapped up his final operating assignments in the company to retire. Olov remains as one of the company’s main owners.
The Construction & Real Estate segment is shored up with the acquisition of the Swedish company, PP7 Affärssystem AB. The Education & Health segment is expanded with the acquisition of the companies, Agrando AS, Cito IT A/S and Smart Visitor System AB.