Exsitec AB acquires Millnet BI AB for $14.5 million

Exsitec AB, a Linköping, Sweden-based IT integrator, announced that it acquired the also Sweden-based decision support specialist Millnet BI AB.

The deal was made for 100% of the shares for SEK 118.75 million ($14.5M), in a cash and equity combination and including an earnout.

Millnet BI, founded by CEO Mattias Nilsson, is an IT consulting company that specialises in the software Qlik Sense, Qlik View and Planacy. The company has an office in Stockholm with about 45 employees and sales of SEK 82 million ($10M), of which recurring software revenues of SEK 24 million.

As part of the deal, Mattias Nilsson will be responsible for the business area that focuses on Business Intelligence and Corporate Performance Management.

Exsitec, led by CEO Johan Kallblad, is a business system software provider, including ERP, business intelligence and mobile solutions for medium-sized companies in Sweden. The business consists of over 200 employees with combined expertise in IT, business management and business development. Exsitec is listed on a local public market from Sweden.