Vitec Software Group AB (publ) strengthens its position in Vertical Market Software on June 13, by signing an agreement to acquire all shares in the Finnish SaaS company Neagen Oy. The company reported sales of € 5 million for the financial year 2022 with high profitability.

The software company Neagen develops and delivers advanced yet user-friendly medical imaging archiving and viewing solutions for the healthcare sector. The company’s products, NeaLink, NeaRIS and NeaView, are central and integrated parts of healthcare IT architecture. Neagen holds a market leading position in Finland, with a majority of the Wellbeing Services Counties as customers, and the company’s products are used by e.g. university hospitals, central hospitals and health centers. Neagen was founded in 2002 and has operations in Oulu and Helsinki.

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 1,380 employees in Denmark, Finland, Netherlands, Norway and Sweden and had net sales of SEK 1,978 million in 2022.

Payment will be in cash and with a convertible, with deviation from shareholders' preferential rights in accordance with the authorization from the Annual General Meeting. The convertible matures in 36 months and at full conversion will have a dilutive effect on capital of less than 0.1%. The acquisition is expected to yield an immediate increase in earnings per share for Vitec.

Before closing, the acquisition needs approval from the Finnish Ministry of Economic Affairs and Employment under the Act on the Monitoring of Foreign Corporate Acquisitions in Finland.

Carner Corporate Finance advised Vitec Software Group throughout the acquisition process. The acquisition of Neagen was the seventh transaction in Finland that Carner has advised Vitec on.

Link to Vitec Software Group's press release