Vitec Software Group AB (publ) has on April 9 agreed to acquire all shares in the Swedish software company PP7 Affärssystem AB. The company develops software for the construction and installation market in Sweden. The main product is a cloud-based software for project and business support that optimizes flows and routines for a specific project. The company had a turnover of close to MSEK 8 for the fiscal year 2017, with an EBITDA result of MSEK 1.4.
Payment is in cash at the time of entry. The acquisition is expected to directly result in an increase in earnings per share for Vitec. Consolidation takes place from acquisition date and the company will report in the Real Estate business area.
"PP7 Business Systems is a well-managed and profitable company with standardized products for a specific niche. Vitec has a long-term perspective, when we acquire companies, we do so to keep them and we are therefore always careful with our acquisition criteria. PP7 Business system fits well into our business model as well as corporate culture, and it is therefore gratifying to welcome new employees and customers to the Group today," says Lars Stenlund, CEO Vitec Software Group.
"We are facing a generation change in the company and this will be a safe solution for our customers and employees. The experience of developing, selling and supporting niche software within Vitec, together with our employee's knowledge of customer operations, gives us great opportunities to continue developing future software for building and installation companies' project management," says Birgitta Bååth, CEO & Founder PP7 Business Systems.
For more information, please contact
Lars Stenlund, VD Vitec Software Group AB (publ), mob. +46 70 659 49 39
Patrik Fransson, IR Vitec Software Group AB (publ) mob. +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 600 employees are based in Denmark, Finland, Norway and Sweden. Vitec is listed on Nasdaq Stockholm and had net sales of SEK 855 million in 2017. Find more at www.vitecsoftware.com.Pressrelease - Vitec acquires the software company PP7 Affärssystem AB
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