Company announcement No. 67
ECIT is pleased to announce that the Norwegian accounting company, XACCT
Accounting AS (XACCT), has become a part of ECIT. The acquisition adds to ECIT's
strong position within Accounting and Payroll.
ECIT is acquiring 100% of the shares in XACCT, while management reinvests 18 %.
The acquisition has been settled in cash.
"We are pleased to welcome XACCT into the ECIT family. Originally a spin off
from KPMG, XACCT delivers high quality Accounting and Payroll services based on
a strong technology fundament. XACCT strengthens ECIT's position to serve medium
to larger customers with a highly qualified offering" says Peter Lauring, CEO
in ECIT.
The combination of XACCT and Norian (acquired by ECIT in 2021) will form one of
the largest X-ledger partners in Norway.
About XACCT Accounting AS
XACCT has a 2021 revenue of 49.8 MNOK and appr. 40 employees who serve a large
portfolio of national and international customers. XACCT serves customer
subsidiaries in 23 countries.
XACCT provides Accounting and Payroll services based on Xledger ERP, Microsoft
ERP and other cloud-based ERP solutions. XACCT offers a portfolio of high-end
solutions to a wide range of customers within technology, banking, finance,
insurance and retail, including national companies and international
subsidiaries.
Read more at: https://www.xacct.no
About ECIT
ECIT was founded in 2013 and supports a large customer base with Accounting,
Payroll and a broad range of IT services and solutions. ECIT has a well-proven
model for acquisition and integration, ensuring proximity to customers and local
entrepreneurship combined with the strength of being a larger international
group. ECIT has a proforma revenue (2021) of 2.55 billion NOK and +2,200
employees across 10 countries. M&A has been a driver of the Company's growth and
ECIT has completed more than 125 acquisitions since 2013. Read more at
www.ecit.com