Vitec acquires the Swedish software company Travelize International AB
Vitec Software Group AB (publ) is strengthening its Nordic position in Vertical Market Software on February 3, by acquiring all shares in the Swedish software company Travelize International AB, with subsidiary. Travelize reported sales of SEK 17.1 million, with an adjusted EBITDA of SEK 4.1 million for the 2020 financial year.
Travelize develops and provides a complete enterprise management system for small and medium-sized travel agencies, primarily in Scandinavia. The web-based software enables travel reservations, web publishing and administration. The system offers an array of functions for customer and payment management, as well as marketing. The company’s approximately 300 customers are mainly located in Sweden, Denmark and Norway.
Payment is 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 36 months and at full conversion will have a dilutive effect on capital of 0.1%. The acquisition is expected to yield an immediate increase in earnings per share for Vitec. Consolidation will commence as of the acquisition date.
“Travelize provides advanced and user-friendly software with a focus on customer benefit. This well-established and profitable company is a good fit in our business model and in the Nordic corporate culture. We acquire companies to retain them in the Group, which is why we are extremely careful with our acquisition criteria. Today we would like to warmly welcome eight new employees to the Group,” says Lars Stenlund, CEO of Vitec Software Group.
Travelize was founded in 2001 by Anders Johansson, who is also CEO. The company has its headquarters in Gothenburg and Katrineholm. The subsidiary Åbergs DataSystem i Katrineholm Aktiebolag has been part of Travelize International AB since 2019.
“It feels great to have Vitec as the new owner of Travelize. Their long-term perspective and extensive expertise in vertical software enables them to fundamentally understand our operation. Their involvement and annual investments in technology and innovation set the stage for continued development of Travelize to benefit our customers,” says Anders Johansson, CEO of Travelize International AB.
For more information, please contact
Lars Stenlund, CEO Vitec Software Group AB (publ), mobile +46 70 659 49 39
Patrik Fransson, IR Vitec Software Group AB (publ), mobile +46 76 942 85 97
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 950 employees are based in Denmark, Finland, Norway and Sweden. Vitec is listed on Nasdaq Stockholm and had net sales of SEK 1,156 million in 2019. Find more at www.vitecsoftware.com.