Its product is aimed at municipal leisure and cultural departments in Sweden and Norway. The company reported revenues of SEK 23.7 million and adjusted EBITDA of SEK 3.1 million for the 2017 financial year.
Payment will be made in cash upon takeover. It is anticipated that the acquisition will increase the earnings per share of Vitec. Consolidation will be applied as of the acquisition date.
“Smart Visitor System is a well-managed and profitable company with standardised products for a specific niche. Vitec adopts a long-term perspective. Vitec acquires businesses with a view to retaining them. Smart Visitor System is a good fit in terms of both business model and corporate culture, and it is with great pleasure that we welcome new employees and customers to the Group today” says Lars Stenlund, CEO of Vitec Software Group.
“Vitec has extensive experience in the development, sales and support of proprietary niche applications. In combination with our employees’ in-depth knowledge of the operations of our customers, this will afford us excellent opportunities for continuing the development of Actor SmartBook, a comprehensive solution for booking, visitor processing and subsidy management, aimed at municipalities and visitor facilities”, says Anders Åslund, Managing Director of Smart Visitor System.
Stratema advised Vitec Software Group AB.