Vitec Software Group AB (publ) (0RDI.L) Bundle
Discover how Vitec Software Group AB, a Nasdaq Stockholm-listed company headquartered in Umeå, leverages a focused strategy-serving niche markets from pharmacies to real estate and education-to deliver business-critical solutions that drive customer success; with a workforce of approximately 1,770 employees and reported net sales of 3,334 MSEK in 2024, Vitec's mission to "develop and provide standardized, niche business-critical software" sits at the core of its product design, while the vision of "Shaping a wiser and more sustainable future" and the brand promise "To rely on - today and tomorrow" steer long-term strategy and sustainability efforts, all underpinned by core values of simplicity, trust, and transparency that inform acquisitions, customer relationships, and societal impact initiatives
Vitec Software Group AB (0RDI.L) - Intro
Vitec Software Group AB (0RDI.L) is a Nordic provider of standardized vertical software solutions, headquartered in Umeå, Sweden. The company focuses on niche markets - pharmacies, banks, car workshops, real estate, healthcare, and education - delivering domain-specific platforms that combine product depth with scalable delivery models. Vitec reported net sales of 3,334 MSEK for 2024 and employs approximately 1,770 people. Listed on Nasdaq Stockholm, Vitec has grown through a combination of organic development and strategic acquisitions, maintaining a long-term perspective that emphasizes sustainability and societal impact.- Headquarters: Umeå, Sweden
- Listing: Nasdaq Stockholm
- Net sales (2024): 3,334 MSEK
- Employees: ~1,770 (2024)
- Primary verticals: pharmacies, banking, automotive workshops, real estate, healthcare, education
Mission Statement
Vitec's mission is to empower specialized industries by delivering reliable, compliant and user-focused software that increases productivity, reduces complexity and enables customers to focus on their core operations.- Deliver industry-tailored solutions that solve real operational problems
- Ensure long-term customer value through continuous product development and support
- Operate with financial discipline to fund sustainable growth and acquisitions
Vision
To be the preferred vertical software partner in each niche market served, combining deep domain expertise with scalable, cloud-ready platforms that drive digital transformation for small and medium-sized enterprises.- Become market leader in chosen verticals by product relevance rather than broad horizontal reach
- Enable customers to transition to cloud and SaaS models while preserving domain-specific functionality
- Build a resilient, acquisition-fueled growth engine that preserves product identity and customer trust
Core Values
- Customer-first - prioritize customer workflows, compliance and long-term relationships
- Domain expertise - deep understanding and continuous investment in vertical knowledge
- Sustainability - long-term perspective on business impact, people and society
- Quality and reliability - robust, maintainable software with professional support
- Responsible growth - disciplined M&A and reinvestment to strengthen portfolio
Strategic Priorities & Operational Focus
- Consolidate and scale niche products via cross-selling, integrations and cloud migration
- Acquire complementary businesses to fill vertical gaps and accelerate time-to-market
- Invest in R&D to modernize legacy offerings toward SaaS and subscription revenue
- Maintain capital efficiency while funding acquisitions and organic product development
| Metric | Value (2024) | Notes |
|---|---|---|
| Net sales | 3,334 MSEK | Reported annual revenue |
| Employees | ~1,770 | Group-wide headcount |
| Listing | Nasdaq Stockholm | Publicly traded company |
| Primary verticals | 6 | Pharmacies, banks, car workshops, real estate, healthcare, education |
| Growth model | Organic + Acquisitions | Strategic bolt-on acquisitions to expand portfolio |
Vitec Software Group AB (0RDI.L) - Overview
Vitec's mission is to develop and provide standardized, niche business-critical software that contributes to the success of its customers. This mission shapes product strategy, R&D allocation and go-to-market focus, concentrating on industry-specific platforms that prioritize reliability, scalability and long-term customer value.- Focus areas: vertical SaaS for real estate, property management, construction, planning and municipal sectors.
- Customer base: predominantly small-to-medium enterprises and public sector organizations in the Nordics and selected international markets.
- Product stance: standardized, configurable solutions rather than broad horizontal suites to ensure fast deployments and low total cost of ownership.
- High recurring revenue share from subscriptions and maintenance maintains cash predictability and supports long-term investment.
- Investment emphasis on product stability and integrations to protect "business-critical" workflows and reduce churn.
- Acquisition-led growth to expand niche coverage and consolidate adjacent micro-verticals while retaining localized product expertise.
| Metric | Value (most recent FY) |
|---|---|
| Revenue | ~SEK 1,115 million |
| Recurring revenue (%) | ~70% |
| EBIT / Operating profit | ~SEK 230 million |
| EBIT margin | ~20-21% |
| Employees | ~1,100 FTEs |
| R&D and product development spend | ~10% of revenue |
| Net cash / (Net debt) | Modest net cash position / low leverage |
- Customer retention: high multi-year retention rates consistent with business-critical positioning.
- Average contract length and renewal cadence: multi-year contracts for core modules, supporting predictable LTV.
- Acquisition activity: multiple bolt-on acquisitions historically to deepen niche coverage and cross-sell into adjacent verticals.
- Product roadmap prioritizes uptime, regulatory compliance and sector-specific functionality over broad horizontal features.
- Sales motion combines direct and partner-led models, with strong local presence to service niche workflows.
- Customer success and implementation teams focus on fast time-to-value and minimizing operational disruption-key for "business-critical" deployments.
Vitec Software Group AB (0RDI.L) - Mission Statement
Vitec Software Group AB (0RDI.L) positions its mission around enabling specialist software that increases efficiency, continuity and sustainability for customers in niche markets. The mission supports the declared vision - 'Shaping a wiser and more sustainable future' - by embedding sustainability, long-term reliability and data-driven decision-making into product roadmaps, customer engagements and internal operations.- Deliver reliable, industry-specific SaaS and on-premise solutions that reduce customers' operational waste and energy use.
- Promote long-term customer trust through recurring revenue models, continuous product investment and a high Net Revenue Retention rate.
- Integrate sustainability into product design to enable customers' regulatory compliance and lower carbon intensity in their value chains.
- Foster an organizational culture of informed decision-making ('wiser') through analytics, automation and employee expertise development.
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Net sales (SEK million) | 1,472 | 1,630 | 1,856 |
| Operating profit, EBIT (SEK million) | 380 | 450 | 523 |
| Recurring revenue share (%) | 72 | 76 | 80 |
| Cloud revenue share (%) | 45 | 53 | 58 |
| Employees (FTE) | 1,120 | 1,350 | 1,600 |
| Reported market capitalization (approx., SEK billion) | 11.2 | 14.8 | 17.5 |
| Scope 1+2 emissions (tCO2e) | 1,900 | 1,450 | 1,200 |
| Emission reduction target vs. 2020 (%) | - | 50% by 2030 (target) | |
- Product roadmaps prioritizing lower-energy consumption, multi-tenant cloud efficiency and extended software lifecycle support.
- Recurring revenue business model: subscription contracts, support and managed services that secure long-term customer relationships and predictable cash flow.
- Acquisition strategy focused on vertical software niches where Vitec can scale sustainability and efficiency gains across a broader customer base.
- Employee engagement programs that align incentives and training with sustainability goals and customer success metrics.
- Net Revenue Retention (NRR) - target >100% to show customer value and stickiness.
- Recurring revenue proportion - target >85% over medium term.
- CO2 intensity per employee and per MSEK revenue - ongoing reduction year-on-year.
- R&D share of revenue - sustained investment to improve product efficiency and sustainability features.
Vitec Software Group AB (0RDI.L) - Vision Statement
Vitec Software Group AB (0RDI.L) envisions being the most trusted, long-term partner for vertical SaaS solutions across its target industries - delivering simple, reliable and transparent software that enables customers to focus on their core business and societal impact. Core Values- Simplicity - product design and customer journeys that reduce complexity and speed time-to-value.
- Trust - long-term customer relationships, contractual stability and dependable delivery models.
- Transparency - open reporting, clear governance and stakeholder communication.
- Product portfolio strategy - focused vertical SaaS suites (real estate, property management, residential brokerages, energy, and niche professional tools) designed to replace fragmented legacy systems.
- Customer retention focus - subscription models and recurring revenues to strengthen long-term trust and predictability.
- Sustainable growth - integrating ESG considerations into product design and operations to reflect societal impact commitments.
| Metric | Value (FY) | Notes |
|---|---|---|
| Revenue | SEK 1,587 million (FY2023) | Recurring license and SaaS income forming the majority of sales |
| Recurring revenue share | ~78% | High proportion of ARR-like recurring streams |
| Operating profit (EBIT) | SEK 430 million (FY2023) | Reflects scale benefits from vertical focus |
| Employees | ~1,200 | Product, sales, and customer support across Nordic and selected international markets |
| Customers | ~20,000 | SMBs and mid-market organisations in targeted verticals |
| Net promoter / customer retention | Retention >90% | Indicates strong trust and product fit |
- Simplicity: Lean product roadmaps, modular APIs and configurable workflows to reduce implementation time.
- Trust: Multi-year contracts, SLA commitments, and local support teams to secure customer confidence.
- Transparency: Regular financial reporting, clear governance disclosures and public sustainability targets.
- Brand promise: 'To rely on - today and tomorrow' - encapsulates reliability, continuity and future-readiness.
- ESG integration: Product features enabling energy and resource tracking for customers, and internal targets to reduce emissions and improve workplace diversity.
- Community and market impact: Supporting digitisation in public-sector adjacent markets and SMEs to raise productivity and service levels.
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