Vitec Software Group AB ( publ) - Vitec - started as a spin-off company in May 1985. Olov Sandberg and Lars Stenlund, at that time researchers at The University of Umeå , formed the company and ran it as a sideline in the first years.
In 1989 , Lars Stenlund and two years later also Olov Sandberg left their services at the university for the benefit of entrepreneurship. While scaled up operations, product rights were purchased, financing was arranged and the Board was strengthened with external members.
Between 1992 and 1997 Vitec's revenues grew by an average of 30 percent per year and amounted in 1997 to about 9 million SEK. In order to increase the growth a public issue was conducted by the company which gave a capital of 10 million and 2,000 shareholders.
An acquisition strategy was formulated accordingly, which led to growth in the next three years was 50% , 57% and 86 % and after that the company in 2000 reached a turnover of over 40 million SEK.
During the IT bubble collapse, turnover still maintained while the results gradually strengthened. For fiscal year 2002 the company for the first time released a dividend, which was unique among IT companies in Sweden in 2002.
In 2003, Vitec resumed its acquisition strategy and made several larger acquisitions. Growth has averaged in recent years at approximately 25 % per year and the operating margin has remained around 12%.
In 2009, the target for the operating margin was increased to 15%.
In late 2009, Vitec became majority owner of 3L System AB (publ), listed on OMX First North, Premium, and in February 2010 Vitec announced that it intended to apply for listing on NASDAQ OMX , Stockholm.
In June 2010, the Group acquired Capitex AB based in Kalmar.
On June 23, 2011 Vitec approved for listing on the NASDAQ OMX , Stockholm and 4 July became the first trading day on the Small Cap list.
On July 5 2011, IT Makeries A / S in Norway was acquired. This was Vitec first acquisitions outside Sweden .
In January 23, 2012 Vitec published a prospectus in relation to Vitec offer to the minority shareholders of 3L System to acquire all outstanding shares of 3L System to Vitec .
In December 2013 Vitec announced that it agreed to purchase the Finnish company Acute FDS Oy with SaaS offerings for electronic records management for health care in Finland. Access took place 2014-02-28 .
On April 24, 2014 Vitec announced the it has acquired the Norwegian company Autodata Norge AS, which offers an industry-specific ERP for the Norwegian auto parts. Access took place immediately.
On June 30 2014, Vitec announced that it has acquired the Danish company Aloc A/S who offers industry-specific business systems to the Nordic financial and insurance sector.
On Mars 2 Vitec announced that it had acquired the Norwgian company Fox Publish AS and its Swedish sister company Adservice AB.