Vitec completes the acquisition of Taxiteknik Nordic AB
Vitec Software Group AB (publ) has completed the previously announced acquisition of the Swedish software company Taxiteknik Nordic AB.
The acquisition announced July 9th needed approval from the Inspectorate of Strategic Products under the Screening of Foreign Direct Investments Act. This approval has now been obtained.
The software company Taxiteknik develops and delivers a complete business system for taxi companies, through its Traffic Management, DriverApp and BookingApp products. The products offer core packages with add-ons to fit the needs of the customer. The company operates primarily on the Swedish market where it holds a stable position. Taxiteknik has an annual revenue of just over SEK 20 million.
Vitec acquires a majority stake. Over the next few years, Vitec will increase its ownership and will hold 100 percent by 2027.
The acquisition is expected to directly result in an increase in earnings per share for Vitec. Consolidation takes place from today.