Vitec Software Group AB (publ) continues to strengthen its position in Vertical Market Software on September 26 by signing an agreement to acquire all shares in the Finnish SaaS companies Codea Oy and Navicode Oy. The acquisition of Codea marks the eighth transaction in Finland that Carner has advised Vitec on, demonstrating Carner’s strong capabilities of identifying targets and swiftly executing the process for its long-term customer.
Codea develops and delivers mission-critical online field management software for emergency vehicles. Codea Nasta, Codea Care and other Codea products are central in both moving emergency vehicles and emergency operations management. Additionally, Codea develops, delivers and maintains a Common Field Command System, KEJO, for all Finnish Public Protection and Disaster Relief (PPDR) authorities. Codea holds a market-leading position in Finland with a ca. 70 % market share.
Vitec is the market leader for Vertical Market Software in the Nordic region and develops and delivers standard niche software. Vitec grows through the success of its group companies as well as through acquisitions of well-managed and well-established software companies. Vitec is headquartered in Umeå and listed on Nasdaq Stockholm. Vitec has 1,400 employees in Denmark, Finland, Netherlands, Norway and Sweden and had net sales of SEK 1,978 million in 2022.
The acquisition is pending approval from the Finnish Ministry of Economic Affairs and Employment under the Act on the Monitoring of Foreign Corporate Acquisitions in Finland.