April 08, 2009 11:47 ET

Vitec Announces International Expansion

STOCKHOLM, SWEDEN--(Marketwire - April 8, 2009) - After attaining a dominant market position in Sweden, Vitec Fastighetssystem, the real estate subsidiary of Vitec Software Group (AT:VIT B), will begin expansion into the European market with their Energy Management System WebEss. Vitec will engage in a number of ventures with selected partners operating locally, while gradually recruiting additional partners for the successful implementation of the launch.

"Vitec has advanced expertise, developed in the Swedish market, which can be translated to the greater European market. The great interest that we are seeing in the market to invest in sustainable development is the basis for our decision to initiate an international expansion. We have studied and followed the market in Central Europe in the last year and we believe that now is the right time to introduce our advanced offering. By cooperating with local partners with the right skills, we are able to enter the market while ensuring quality in customer relationship and supply", says Tommy Hallberg, CEO Vitec Fastighetssystem.

The Vitec Energy Management System is a comprehensive software solution for monitoring all forms of energy usage while benchmarking and assessing the energy and environmental performance of buildings, to reduce energy-related costs and environmental burden. In Sweden the system is used widely by major property holders including Vasakronan, IKEA and Rodamco.

Vitec Fastighetssystem AB

Vitec Fastighetssystem is the property based software subsidiary of Vitec Software Group. They offer integrated software solutions for property management, energy and environmental management, financial management and customer communication systems for property holders. Vitec Fastighetssystem has an annual turnover of over EUR 6 million.

Vitec Software Group AB

Vitec Software Group AB (publ) is a software company. The Company has annual net sales of EUR 13.5 M and has 130 employees with offices throughout Sweden in Umea, Stockholm, Vasteras, Linkoping, Goteborg and Malmo. Vitec is listed on Aktietorget under VIT B.

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