Vitec makes an add-on acquisition within church-related administration in Norway
Vitec Software Group AB (publ) is strengthening its Nordic position in Vertical Market Software on September 8, by acquiring all shares in the software company Ecclesia Systemer AS. The acquisition is an add-on acquisition to the business unit Vitec Agrando. Ecclesia Systemer reported sales of SEK 7 million for the 2020 financial year and after the acquisition the combined operations with a focus on churches in Norway will have sales of approximately SEK 33 million.
Ecclesia Systemer develops and provides a SaaS service for the administration of cemeteries, crematoria, graves, and grave monuments in Norway. The software enables invoicing and bookings of funerals, ceremonies, and cremations. The approximately 260 customers mainly consist of "kirkelige fellesråd” which are a joint committee between municipalities and parishes in Norway's municipalities.
Payment will be in cash. The acquisition is expected to yield an immediate increase in earnings per share for Vitec. Consolidation will commence as of the acquisition date.
Through the add-on acquisition, Ecclesia Systemer becomes part of the Vitec Agrando business unit, which provides software for church-related administration in Norway.
“We know the company well from before and are happy to welcome new employees to us today. I firmly believe that together we will continue to develop the software for the benefit of our customers,” says Dagfinn Skogøy, CEO of Vitec Agrando.
Ecclesia Systemer was founded 1983 by Einar Bjorvand and Reidar Bjørge and has been run by Einar's son Anders Torvill Bjorvand since 2000.
“Ecclesia Systemer is a profitable and well-managed company, that is a good fit with our business model and corporate culture. I'm glad we can make this add-on acquisition that complements our offering in vertical software for churches,” says Olle Backman, CEO of Vitec Software Group.
For more information, please contact
Olle Backman, CEO, email@example.com, +46 70 632 89 93
Patrik Fransson, Investor Relations, firstname.lastname@example.org, +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 975 employees are based in Denmark, Finland, Norway and Sweden. Vitec is listed on Nasdaq Stockholm and had net sales of SEK 1,313 million in 2020. Find more at www.vitecsoftware.com.