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.
Memorix’s financial performance solidifies its profitability and indicates its potential for continued growth and synergy within the Vitec group. In FY 2022, Memorix achieved sales amounting to €4M.
What is Picturae ICT
Picturae ICT, or now Memorix, is a subsidiary of Picturae, a global leader in digitising, managing, preserving, enriching, and making accessible large-scale digital cultural heritage and natural history collections.
The company was founded in 1997 and is based in Heerhugowaard, the Netherlands, and is a leading player in its vertical in the Benelux region. It operates in Europe, the U.S., Australia, and Asia, digitising herbaria, insects, documents, photos, books, and many more, for archives, museums and libraries.
Two of their key products, Memorix Maior and the recently launched Memorix Nexus, are essential tools for organising and storing digitised data and managing archives.
By transferring its software branch, Picturae can now direct its full attention towards sustainable global expansion. At the same time, Vitec’s acquisition of Picturae ICT marks its entry into the cultural and natural history heritage industry.
“We are convinced that together we will continue to develop Memorix for the benefit of our customers today and in the future,” says Bas Bloekpoel, management of Memorix.
Vitec is a prominent Vertical Software supplier from Umeå, Sweden, established in 1985. The company’s product portfolio caters to distinct requirements in diverse niche sectors, from pharmacies, car workshops, and real estate to healthcare and education.
Vitec has 1,400 employees and is listed on Nasdaq Stockholm. The company generated SEK 1,978M (€171M) in net sales in 2022. Its headquarters and most of its Group Management Team are located in Umeå.
Vitec is dedicated to creating sustainable development, positive societal impact, and risk reduction through its products, responsible business practices, and the team’s expertise. Its focus is on meeting present needs while safeguarding the future, guided by the Paris Agreement, European Green Deal, UN Agenda 2030, and Global Goals.
Memorix is the latest addition to the list of company Vitec acquired in 2023. Earlier this year, Vitec acquired Dutch software company Enova, Swedish software company DL Systems AB, Entry Event Sweden AB, Finnish software company Neagen Oy, Codea Oy, and Navicode Oy.
These companies develop and deliver programmes and innovations in various sectors, from energy management, travel and hospitality services booking systems, emergency vehicles management, and more. With the acquisitions, the company can now provide over 30 consumer programmes.