Clearwater International Denmark advises Cito IT on its sale to Vitec Software Group

Clearwater International Denmark advises Cito IT on its sale to Vitec Software Group

Clearwater Advisor

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.

”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