Vitec acquires Swedish software company Appva AB
PROJECTMANAGER
Magnus Lövdén
MANDATE
Buyside
INDUSTRY
Technology
SaaS & Software
Vitec Software Group AB (publ) has strengthened its Nordic vertical market software position by acquiring all shares of Swedish software company Appva AB on 17 June.
PROJECTMANAGER
Magnus Lövdén
MANDATE
Buyside
INDUSTRY
Technology
SaaS & Software
The company generated revenues of SEK 22.9 million, with adjusted EBIT of SEK 2.1 million, in the 2019 financial year.
Appva AB provides the product Medication and Care Support System, MCSS – a mobile and digital signature app for medication tracking in the municipal health and care system. The product was launched in 2012 and is used by about 100 customers in Sweden, most of which are municipal administrations.
MCSS offers customers an array of functions that facilitate modern working methods. Health personnel can use a tablet, smartphone or computer to record and sign off on medications administered to patients, along with a secure and reliable method for recording each health procedure.
Payment will be in cash and by way of a convertible, with waiver of the shareholders’ preferential rights as authorised in a Shareholders’ Meeting on 10 April 2019. The convertible matures in 36 months and will at full conversion have a 0.1% dilutive effect on capital. The acquisition is expected to directly increase earnings per share for Vitec. Consolidation will take place as at the acquisition date.
– Appva provides business-critical software with a focus on the user experience and the field of application, offering major benefits for customers. The company is highly 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. We are today extending our warmest welcome to some 20 new colleagues, says Lars Stenlund, CEO of Vitec Software Group.
Appva was founded in 2011 and the company currently has offices in Gothenburg and Stockholm.
– I have come to know Vitec as a robust company group with an excellent understanding of what is involved in developing and delivering business-critical software for public sector entities. 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 today and in future. This has been of crucial importance to the founders and owners of Appva, says Ulrika Kjellberg, CEO of Appva AB.
Stratema advised Vitec Software Group AB.
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