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 on 12 December 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.
Vitec Software Group AB
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.