ECIT Virtus ehf becomes part of ECIT

29 Mar 2023 18:06 CEST

Company announcement No. 141

ECIT AS hereby announce that ECIT Virtus ehf (former Virtus fjármál ehf), an
Icelandic Accounting and Payroll company, has become part of ECIT.

- By this acquisition ECIT enters Iceland. We are pleased to welcome customers
and employees of ECIT Virtus, says Peter Lauring, CEO in ECIT.

ECIT is acquiring 50.1 % of the shares in ECIT Virtus ehf, with an option to
acquire all remaining shares in the company. The acquisition has been settled
partly with cash, and partly with treasury shares. ECIT AS stock of treasury
shares is 2,752,484 after the transaction.


About ECIT Virtus ehf
ECIT Virtus ehf, located in Reykjavik, Iceland, provides expertise within
Accounting and Payroll services. ECIT Virtus ehf has +15 employees and a revenue
of 204.1 million Icelandic krona (MNOK ~ 15.5) for the fiscal year ending 31
December 2021. As part of the transaction a business transfer has been made from
Virtus fjármál ehf to ECIT Virtus ehf. Read more on https://virtus.is

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 proforma 2022 revenue of 3.0 billion NOK and more than 2,300
employees across ten countries. M&A has been key to drive the Company's growth
as ECIT has completed more than 130 acquisitions since 2013. Read more at
www.ecit.com



For further information please contact

Mads Skovgaard, Group CFO
mskovgaard@ecit.com
+45 2780 4942

More information:
Access the news on Oslo Bors NewsWeb site

586552_ECIT_StockExchangeRelease_No 141.pdf