The products are aimed at the welfare and health sector in Norway. The customers consist of companies, municipalities, counties and voluntary organizations. The company had sales of MNOK 16.0 with an adjusted EBITDA result of MNOK 1.7 for the financial year 2018.
Payment is in cash. The acquisition is expected to directly result in an increase in earnings per share for Vitec. Consolidation is from the acquisition date and the company will be included in the segment Health and Education.
“HK data is a well-managed and profitable company with standardized and niche products that help in the treatment of, for example, addiction problems. HK data also has a product that supports municipalities in their work for students with special needs. HK data is a good fit, in terms of its business model and corporate culture, and it is our pleasure today, to welcome 18 new employees to the Group”, explains Lars Stenlund, CEO of Vitec Software Group.
“It feels good with Vitec as the new owner of the company. They have a long experience of niche software and therefore understand our business in depth. The business will continue to be handled by us here in Moelv, after all, we are experts in our customers’ needs”, says Tom Theodorsen, CEO of HK data AS.