ECIT listed on Euronext Growth!

After eight years in operation, ECIT has today been listed on the stock exchange. The company has experienced a significant and profitable growth since its foundation and had in 2020 pro forma revenues of more than NOK 2 billion. ECIT is one of the few Euronext Growth companies that are already profitable before being listed on the stock exchange.

"The listing is an important step for us. Everything we have done since 2013 has been about building the foundation for this moment. Now, we will continue to work to ensure further profitable growth. With the listing, we gain access to more capital, financial strength, and increased market exposure so that we can achieve this", says Peter Lauring, CEO and founder of ECIT.

The listing includes a transaction on a total of NOK 730 million. Of these, NOK 400 million will be raised in the market through the distribution of new shares and the remaining shares through sales from existing shareholders.

A unique model

ECIT provides a range of accounting, payroll, consulting, and IT services. Many small and medium-sized companies experience an increased need of competences within IT and administrative work. In addition to this customer group, ECIT's acquisition of Norian has facilitated that the company now can help, to a greater extent, larger and international customers as well.

Due to the growing complexity of regulation and reporting requirements, as well as a rapid technological development, outsourcing of these services has been the solution for many companies. ECIT has specialists and expertise that can deliver in all these areas. Through a proven and structured model for profitable business acquisitions, as well as organic growth, the company has experienced a rapid growth with over 30,000 loyal customers in nine countries.

ECIT's acquisition model is unique. Through local and central ownership, local entrepreneurship in the companies and proximity to the customers is preserved. The high proportion of managers (over 80%) who choose to continue after acquisitions reflects this. Such a model allows the group to cultivate a strong competence environment with ambitious people. This has a positive effect both internally and externally.

Further growth

When ECIT is now listed, it is with a clear strategy and goal of further growth.

"We want to strengthen ECIT's solid market position in the Nordic region, and at the same time reach a larger European market. We will do this through continued growth and acquisitions, based on the principle of local ownership to ensure that local expertise remains in the services and our group. A target of annual growth of 15% in the next years assures both us and investors that we still have an appetite for making good acquisitions and service offerings", says Lauring.

About ECIT

• ECIT provides a unique combination of accounting and IT services to companies that outsource their administrative work to reduce complexity and cost.
• Established in 2013 by Peter Lauring, CEO of ECIT, and is the result of a clear business idea and a proven acquisition model through 116 acquisitions/mergers of smaller companies.
• Has more than 30,000 customers and 2,100 employees in nine countries (Norway, Sweden, Denmark, UK, Serbia, Finland, Germany, Poland, and Lithuania)
• Has a well-documented model for acquisitions and integration of small businesses in ECIT, which ensures local entrepreneurship and customer proximity by offering a combination of local and central ownership in the company.
• Pro forma key figures of 2020: Turnover of NOK 2 billion, EBITDA NOK 290 million.
• Expects solid, profitable growth, both organically and through further acquisitions/mergers.
• Recently raised NOK 730 million in relation to the planned listing on Euronext Growth in May 2021. Paradigm Capital AG and Varner Kapital AS are cornerstone investors.

Contact:

Christine Lundberg Larsen, COO
christine.larsen@ecit.com
+47 452 11 552