Dave Sandberg
Partner
Dave Sandberg
Buy-side
Technology
SaaS & Software
Odin has built a strong customer base in Norway’s rapidly digitalising leisure market and was seeking a partner for international expansion. Recognising the consolidation potential in this sector, Vitec acquired Smart Visitor Systems in 2018 and, through Stratema’s introduction, identified Odin as a complementary provider, with its leading Norwegian market position and product portfolio.
Stratema is exclusive M&A advisor to Vitec in the Nordics, providing expert assistance in identifying and facilitating strategic transactions.
“Odin Systemer is a well-managed and profitable company, with standardised and niche products for the unique needs of hairdressing and beauty salons. We acquire companies to retain them. Consequently, we always apply diligently selected acquisition criteria. Odin Systemer is a good fit, in terms of its business model and corporate culture, and it is today our pleasure to welcome 36 new employees to the Group.”
Lars Stenlund, CEO of Vitec Software Group
“It feels right to have Vitec as our new owner. They have extensive niche software experience and therefore have an in-depth understanding of our business. The business will continue to be run by us here in Bergen, as we are best placed to understand our customers’ needs.”
Tom-Arne Furnes, CEO of Odin Systemer AS
Vitec is the market leader for Vertical Market Software in the Nordics. They develop and deliver standard niche software. Vitec grows through acquisitions of well-managed and well-established software companies. The Group’s integrated processes, combined with its employees’ in-depth knowledge of customers’ local markets, facilitate continuous improvement and innovation. Vitec is listed on Nasdaq Stockholm.
Odin Systemer provides digital solutions for hairdressing and beauty salons. The company reported revenues of NOK 62.2 million, with adjusted EBITDA of NOK 13.0 million, for the 2018 financial year.
