Vitec Software Group AB (publ) is strengthening its Nordic position in Vertical Market Software on June 17 by acquiring all shares in the Swedish software company Appva AB. The company reported sales of SEK 22.9 million, with an adjusted EBIT of SEK 2.1 million for the 2019 financial year.
Appva AB provides the product Medication and Care Support System, MCSS, a mobile and digital signature app for medication tracking within the municipal care system. The product was launched in 2012 and is used by about 100 customers in Sweden, most of which are municipalities.
MCSS offers customers an array of recordkeeping functions, for example, care personnel can use a tablet, smartphone, or computer to enter and sign off on medications given to patients, along with a secure and reliable method for recording each care procedure.
Payment will be in cash and with a convertible, with deviation from shareholders' preferential rights in accordance with the authorization from the Annual General Meeting on April 10, 2019. 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.
- Appva AB provides business-critical software with a focus on providers and the user experience, offering great customer benefit. The company is very profitable and well-managed, with an operation that is a good fit with our business model and corporate culture. We acquire companies to retain them in the Group, which is why we are always careful with our acquisition criteria. Today we would like to warmly welcome some 20 new employees, says Lars Stenlund, CEO of Vitec Software Group.
Appva was founded in 2011 and the company currently has operations in Gothenburg and Stockholm.
- I have come to know Vitec as a robust corporate group with a good understanding of what is associated with developing and delivering business-critical software for the public sector. With Vitec as its owner, I know that Appva will be able to continue as a company that is in it for the long haul, making us a secure and reliable provider both today and in the future. This has been crucial for the founder and owners of Appva, says Ulrika Kjellberg, CEO of Appva AB.
For more information, please contact:
Lars Stenlund, CEO Vitec Software Group AB (publ), mobile +46 (0)90 659 49 39
Patrik Fransson, IR Vitec Software Group AB (publ), mobile +46 (0)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 800 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.
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