Swedish Vertical Market Software provider Vitec Software Group announced on Thursday, October 12, that it has acquired Picturae ICT, a Dutch software company. After the acquisition, Picturae ICT has been renamed Vitec Memorix (Memorix).
Vitec says it sealed the acquisition through cash as it is expected to boost Vitec’s earnings per share immediately. However, the amount has not been disclosed.
The move is expected to bolster Vitec’s presence in the vertical market software sector. The acquisition also brings around 30 new employees 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,” says Vitec Company Group CEO Olle Backman.