M&A Activity • Jul 11, 2022
M&A Activity
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Verismo Systems AB becomes part of ECIT
Company announcement No. 81
ECIT AS hereby announce that the Swedish HR-software company Verismo Systems AB has become a part of ECIT. The acquisition strengthens ECIT`s position within HR business administration advisory and modern, cloud-based HR-systems.
ECIT is acquiring 18 % of the shares in Verismo, with an option to acquire all remaining shares in the company. The acquisition has been settled in cash, partly by a capital increase in Verismo.
- The acquisition strengthens our product portfolio and our position within the delivery of an integrated HR solution including systems, services and advisory. Verismo`s HR-systems complements the product portfolio within ECIT`s software division and ECIT can now offer modern HR-systems to both existing and potential customers. We are pleased to welcome customers and employees of Verismo to ECIT, says Peter Lauring, CEO in ECIT.
About Verismo Systems AB
Verismo Systems AB, located in Stockholm, Sweden, is a Swedish HR-software specialist supporting and automating processes within recruitment, onboarding, employee development, pay roll and employee benefits. Verismo AB has 7 employees and had a revenue of 5,3 MSEK in 2021. Read more on www.verismo.se
About ECIT
Founded in 2013, ECIT supports a large customer base with accounting, payroll, and a broad range of IT services. ECIT has a proven model for acquisition and integration, ensuring proximity to customers and local entrepreneurship combined with the strength of a larger international group. ECIT has a proforma revenue (2021) of 2.6 billion NOK and +2,200 employees across 10 countries. M&A has been a key driver of the Company's growth and ECIT has completed more than 125 acquisitions since 2013. Read more at www.ecit.com
For further information please contact
Iselin Paulsen, Head of Communication Mads Skovgaard, Group CFO
[email protected] [email protected]
+47 901 40 166 +45 2780 4942
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