Clearwater International Denmark has advised Cito IT A/S (“Cito”), provider of industry-specific software solutions for pharmacies, on its sale to Vitec Software Group AB (“Vitec”).
Cito is a front-runner in developing, selling and supporting software solutions for pharmacies in Denmark. The company’s strong reputation in the Danish pharmacy market is based upon its ability to develop and implement solutions in close cooperation with its customers. The business delivers innovative solutions that support and optimise the pharmacies’ work flow and adapts to the constant changes and regulatory demands of the industry.
Vitec, listed on Nasdaq Stockholm, is market leader for vertical market software in the Nordic region. The company has approximately 600 employees and operates across Denmark, Finland, Norway and Sweden.
The Clearwater International team consisted of Partner and Head of TMT Denmark Per Surland and Senior Associate Klaus Stenild Hansted.
”Vitec has a strong track record of successfully developing, selling and supporting vertical software. Our employees have an outstanding capability to meet customer needs within our niche, and now we have the right partner to continue developing innovative software solutions for the pharmacy market. From the outset, the Clearwater team understood the importance of finding a suitable partner, who would be able to support the business in the long-term. Selling your company is a comprehensive and, at times, emotional experience. Throughout the process, and especially during negotiations, the team was always poised and ready and I felt confident in the support they offered. Clearwater’s ability to analyse data and present it in a logical and professional manner enabled me to see my own company in a whole new light. ”
Bo Nielsen, Managing Director, Cito IT
”Before engaging with Clearwater, we searched the market for corporate finance advisors, and after having met the team, there was no doubt that Clearwater was the right advisor for us. There was positive interaction between the teams; Clearwater listened to and understood the direction in which we wanted to take the business and also introduced us to a stronger, bigger buyer pool than expected, broadening our options. All this meant that we have had a good process with a strong foundation to work collaboratively on reaching strategic decisions, which has resulted in finding a partner who we are confident is able to take Cito to the next level. ”
Jens Rønholt, Chairman of the board, Cito IT