In Short
Vitec Software Group AB (publ) is strengthening its Nordic position in Vertical Market Software on May 4 by acquiring all shares in the Finnish software company Hotellinx Systems Oy.
Carner Corporate Finance advises Vitec Software Group in the acquisition of Hotellinx Systems
The Whole Story
Founded in 1992 and based in Turku, Finland, Hotellinx Systems develops and delivers software for hotels, restaurants, and spa and conference facilities. The software manages bookings, room- and restaurant bills and supports the daily work routines for reception, sales, cleaning, and service activities. Hotellinx has approximately 250 customers with about 400 facilities, mainly located in Finland. The company reported sales of EUR 1.8 million, with an EBIT of EUR 0.8 million for financial year 2021.
Vitec is market leader for Vertical Market Software in the Nordic region and develops and delivers standard niche software. Vitec grows through acquisitions of well-managed and well-established software companies. Vitec is headquartered in Umeå and listed on Nasdaq Stockholm. Vitec has 1,050 employees in Denmark, Finland, Netherlands, Norway and Sweden and had net sales of SEK 1,571 million in 2021.
Payment will be in cash. The acquisition is expected to yield an immediate increase in earnings per share for Vitec. Consolidation will commence as of the acquisition date.
“Hotellinx Systems delivers a versatile software with great customer benefit for the hotel and restaurant industry in Finland. The company is very profitable and well-managed and meets our acquisition criteria well. We are pleased to welcome eight new employees to us today,” says Olle Backman, CEO, Vitec Software Group.
“We know Vitec as a stable Group with a good understanding of what it means to develop and deliver business-critical software. For our employees and customers our new owner means that we can continue to develop as a secure and reliable software provider also in the future,” says Sonja Taipaleenmäki, CEO, Hotellinx Systems.
”I have been following Vitec for a long time and I am firmly convinced that Vitec with its broad expertise and extensive experience in Vertical Market Software is a perfect match for us”, says Ilkka Paloheimo, founder of Hotellinx Systems.
Carner Corporate Finance advised Vitec Software Group throughout the acquisition process.