Payment is in cash and a convertible bond with deviation from shareholders’ preferential rights in accordance with the authorization of the AGM 2019-04-10. The convertible bonds duration is 36 months, which at full conversion dilutes the capital by 0.8%. 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”.
“Odin Systemer is a well-managed and profitable company, with standardized and niche products for the unique needs of hairdressing and beauty salons. When we acquire companies, we do so in order to retain them. Consequently, we are always diligent in our acquisition criteria. Odin Systemer is a good fit, in terms of its business model and corporate culture, and it is our pleasure today, to welcome 36 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 Bergen, after all, we are experts in our customers’ needs”, says Tom-Arne Furnes, CEO of Odin Systemer AS.
Stratema advised Vitec Software Group AB.