Carner advised Vitec Software Group AB in the acquisition of M&V Software Oy

In Short

M&V Software Oy acquired by Vitec Software Group AB

For the second time in 2019, Carner Corporate Finance advised Vitec Software Group AB in its transaction in Finland when Vitec acquired M&V Software Oy, a vertical software developer for parishes known for its Katrina software product. Earlier in 2019, Vitec acquired Avoine Oy, a vertical software developer for smaller unions and local associations known for its Sence and Yhdistysavain software products. Both acquisitions well support Vitec’s growth plan, creating together close to 5 M€ revenue increase for Vitec’s year-on-year level with the majority being SaaS revenue.

The Whole Story

Vitec Software Group AB (publ) will be strengthening its position in the Nordic market for Vertical Market Software through the acquisition of all shares in the Finnish software company, M&V Software Oy. The company’s product is aimed for parishes in Finland. The company’s expected sales for the financial year 2019 are SEK 19.0 million, with an adjusted EBITDA of SEK 4.6 million.
The payment is made in cash. 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.

“M&V Software Oy is a well-managed and profitable company, with standardized and niche products for the unique needs of parishes. When we acquire companies, we do so in order to retain them. Consequently, we are always diligent in our acquisition criteria. M&V Software is a good fit, in terms of its business model and corporate culture, and it is our pleasure today to welcome 15 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 in Rauma and Jyväskylä, after all, we are experts in our customers’ needs”, says Jani Konsi, CEO of M&V Software Oy.

Vitec Software Group AB is market leader for Vertical Market Software in the Nordic region. The group employs approximately 700 persons and achieved a turnover of SEK 1,017 million in 2018. Vitec is headquartered in Umeå and listed on Nasdaq Stockholm.

Carner continues advising Vitec in its growth strategy execution actively looking for new vertical software acquisition targets.