Vitec acquires software company Entry Event Sweden

Vitec Software Group AB (publ) strengthens its position in Vertical Market Software and the travel and hospitality vertical by acquiring all shares of Swedish software company Entry Event Sweden AB on 12 June. The company had revenues of about SEK 14 million during non-standard financial year 2022.

The software company Entry Event develops and provides a complete business system for the hospitality industry. Customers are mainly Swedish municipalities and companies in the recreation, tourism and hospitality sectors. The system can be used for physical and online booking, as well as payment, entry and ticket management in all types of visitor facilities. The system also provides support for back office and financial management, and is easily integrated with other systems.

Payment is made in cash and in the form of a convertible bond loan with a waiver of the pre-emptive rights of the shareholders pursuant to an authorisation from the Annual Shareholders’ Meeting on 25 April 2023. The convertible bond is for a term of 36 months, and will upon full conversion dilute capital by less than 0.1%. The acquisition is expected to result in a direct increase in earnings per share for Vitec. Consolidation takes effect from the acquisition date.

Press release