ECIT AS — M&A Activity 2024

Mar 1, 2024

ECIT Virtus, Iceland acquires two customer portfolios

ECIT Virtus, Iceland acquires two customer portfolios

Company announcement No. 232

ECIT AS hereby announce that ECIT Virtus ehf. has acquired Accounting and Payroll operations of PwC ehf. and Húnabókhald ehf. As part of the transactions seven employees in total will enter as employees of ECIT Virtus ehf.

- The acquisition strengthens ECIT’s presence within F&A in Iceland. We are pleased to welcome customers and employees to ECIT, says Peter Lauring, CEO in ECIT.

The acquisitions has been settled in cash.

About the portfolios

ECIT Virtus will continue the delivery of Accounting and Payroll services to the clients after the transition from PwC and Húnabókhald. Seven experienced employees has chosen to continue as employees of ECIT Virtus. The portfolios had a revenue of approx. 130 MISK for the fiscal year ending 31.12.2023. We are pleased to welcome customers and employees to become part of the ECIT business environment, says Peter Lauring, CEO in ECIT.

For further information please contact

Mads Skovgaard, Group CFO

mskovgaard@ecit.com

+45 2780 4942

About ECIT

Founded in 2013, ECIT supports a large customer base with accounting, payroll, and IT services. ECIT has a proven model for acquisitions, combining proximity to customers, local entrepreneurship and the strength of a larger international group. ECIT has a full-year proforma revenue of 3.6 billion NOK per FY 2023 and more than 2,600 employees across ten countries. M&A has been key to drive the Company's growth as ECIT has completed more than 135 acquisitions since 2013. Read more at www.ecit.com.