Vitec Software Group, a Swedish provider of vertical market software, revealed on Thursday, October 12, that it had acquired Picturae ICT, a Dutch software firm. Picturae ICT has been renamed Vitec Memorix (Memorix) due to the purchase.
According to Vitec, it paid cash for the transaction since it will instantly increase Vitec’s earnings per share. The sum, however, has not been made public.
Vitec’s position in the software industry for vertical markets is anticipated to grow due to the transaction. Also included in the deal are about 30 additional workers from Picturae ICT.
“Memorix is a profitable and well-managed company with an operation that is a good fit with our business model and corporate culture,” claims Olle Backman, CEO of Vitec Company Group.
The financial results of Memorix confirm its profitability and point to its potential for further expansion and synergy within the Vitec group. Memorix made sales of €4 million in the fiscal year 2022.
Describe Picturae ICT
A division of Picturae, a leader in the digitization, management, preservation, enrichment, and accessibility of large-scale digital cultural heritage and natural history collections, is Picturae ICT, or now Memorix.
The business was established in 1997, has its headquarters in Heerhugowaard, Netherlands, and dominates its sector in the Benelux area. It operates in Europe, the United States, Australia, and Asia and digitizes various items for archives, museums, and libraries, including herbaria, insects, papers, pictures, and books.
According to Bas Bloekpoel, management of Memorix, “We are confident that together we will continue to develop Memorix for the benefit of our customers today and in the future.”
Recent purchases
Vitec, a well-known provider of Vertical Software based in Ume, Sweden, was founded in 1985. The company’s product line meets specific needs in various specialty industries, including healthcare, education, real estate, auto repair, and pharmacy.
1,400 people work at Vitec, which is listed on Nasdaq Stockholm. In 2022, the company’s net sales was SEK 1,978 million (€171 million). Ume is home to the company’s headquarters and the majority of its Group Management Team.
Vitec is committed to fostering sustainable growth, having a beneficial influence on society, and reducing risk through its products, ethical business methods, and team knowledge. The Paris Agreement, European Green Deal, UN Agenda 2030, and Global Goals serve as its guiding principles, with an emphasis on addressing present needs while preserving the future.
The most recent firm to be added to Vitec’s list of 2023 acquisitions is Memorix. Vitec purchased the software firms Enova (the Netherlands), DL Systems (Sweden), Entry Event (Sweden), Neagen (Finland), Codea (Finland), and Navicode (Finland) earlier this year.
These businesses create and implement programs and innovations across a range of industries, including emergency vehicle management, travel and hospitality services, and energy management. The firm may now provide over 30 consumer programs as a result of the acquisitions.
