Vitec Software Group AB acquires Nice AS

Vitec Software Group AB (publ) has on 7 December agreed to acquire Norwegian software company Nice AS, which provides industry-specific software for insurance companies in Norway, Denmark and Sweden.

Stratema identified Nice AS as a well-run Vertical Market Software company, whose solution is an excellent fit for Vitec’s FinTech portfolio. Nice AS sought a partnership to bolster its credibility with major insurance providers. Concurrently, Vitec has been strategically focused on reinforcing its standing in the banking and insurance software sector. This alignment of interests facilitated Nice’s successful retention of a key customer.

Stratema is exclusive M&A advisor to Vitec in the Nordics, providing expert assistance in identifying and facilitating strategic transactions.

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

About Vitec

Vitec is the market leader for Vertical Market Software in the Nordics. They develop and deliver standard niche software. Vitec grows through acquisitions of well-managed and well-established software companies. The Group’s integrated processes, combined with its employees’ in-depth knowledge of customers’ local markets, facilitate continuous improvement and innovation. Vitec is listed on Nasdaq Stockholm.

About Nice

Nice provides a modern and well-functioning insurance software system that covers all aspects of life and non-life insurance.

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