Avoine Oy acquired by Vitec Software Group AB

Vitec Avoine
Avoine Oy acquired by Vitec Software Group AB

Vitec Software Group AB will be strengthening its position in the Nordic market for Vertical Software through the acquisition of all shares in the Finnish software company, Avoine Oy. Avoine’s product is aimed for associations such as sports clubs and trade unions. The software is delivered through a Software as a Service (SaaS) model. In financial year 2018, the company reported sales of EUR 2.8 million with an adjusted EBITDA of EUR 0.6 million. The company employs ca. 25 persons.

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“Avoine is a well-managed and profitable company, with standardized products designed for a specific niche. When we acquire companies, we do so in order to retain them. Consequently, we are always diligent in our acquisition criteria. Avoine is a good fit, in terms of its business model and corporate culture, and it is our pleasure today to welcome new employees and customers to the group,” says Lars Stenlund, CEO of Vitec Software Group.

“Vitec has extensive experience in the development, sales and support of proprietarily developed vertical software. We see that the values and culture of Vitec are a perfect fit for us. In combination with the in-depth understanding of our employees about our customers’ needs, this will provide us with excellent opportunities to continue developing our company,” says Tuomo Heikkilä, Managing Director of Avoine.

Vitec is market leader for Vertical Market Software in the Nordic region. The company develops and delivers standard niche software. Vitec grows through acquisitions of well-managed and well-established software companies. The company’s 650 employees are based in Denmark, Finland, Norway and Sweden.

 

ProMan IMAP Finland advised Vitec Software Group throughout the acquisition process.