Vitec Software Group AB acquires Nice AS

Vitec Software Group AB (publ) has on December 7 agreed to acquire 100% of the Norwegian software company Nice AS, whose product is an industry-specific software for insurance companies in Norway, Denmark and Sweden.

Payment by 25 MNOK at closing, of which 5 million NOK is compensation, NOK for NOK, for the excess liquidity. The acquisition is expected to directly result in increased earnings per share of Vitec. Consolidation takes place from December 1st 2015.

Nice AS has since 1987 focused on the development, implementation and operation of fully integrated system solutions for insurance companies. The company’s SaaS-based systems which was launched in 2011 is used by customers in Norway, Sweden and Denmark. The acquisition adds 13 new employees to the Vitec Group.

Read more about the acquisition on Vitecsoftware.com or read the press release here.