Vitec Software Group AB (publ) on 5 December agreed to acquire 100% of the shares in the Norwegian software company Plania AS, whose product is an industry-specific software for property management and operation and maintenance of properties. The company’s expected turnover of MNOK 28.4 for the fiscal year 2016, approximately 48% is recurring revenue and EBITDA of approximately 6.6 MNOK.
Payment is in cash at closing. Acquisition is expected to directly result in an increase in earnings per share for Vitec. Closing takes place from December 5, and the company will be part of Vitec segment “Real Estate”.
“Plania is a very well managed company with a business model and a product offering that is completely in line with our growth strategy of Vitec. As an industrial player, it is crucial for us that the companies we buy fits well into our business model and they share our basic values. Plania is an established and mature company that provides proprietary software to a specific industry, they have a profitable business that meets all our criteria, said Lars Eriksson, M & A Vitec Software Group.”
Stratema advises Vitec on its acquisition of Plania.