Virtus and ECIT Join Forces.

Virtus and ECIT join forces.

March 30, 2023

A big step forward for financial services in Iceland

We are pleased to announce that the Norwegian financial company ECIT AS has completed an agreement to acquire a half-share in Virtus fjármál ehf. According to this agreement, Virtus, which has been a leading company in accounting, payroll and financial consulting in Iceland, will now operate under the name ECIT Virtus. This new merger will not only strengthen our position in the market but also open up new opportunities for existing and new clients.

Virtus has been at the forefront of financial services in Iceland since 2001 and has worked on numerous financial-related projects for individuals, companies, businesses and institutions. Through a solid partnership with our clients, both domestic and international, we focus on fully understanding their needs and ensuring that they are met in the best possible way. Virtus stands for quality, confidentiality and personal service – values that we will continue to uphold under the ECIT Virtus brand.

The agreement with ECIT is a major step for Virtus, as we will now become part of a larger global entity. ECIT is a listed company on the Norwegian Stock Exchange with over 2.300 employees in ten countries, and with this agreement ECIT enters the Icelandic market for the first time. The acquisition of the Virtus share is financed mostly with cash but also with shares in ECIT AS.

Peter Lauring, CEO of ECIT, says:

"We are very pleased with this addition and welcome both customers and staff to our continued collaboration under the ECIT Virtus banner."

Virtus employs around 20 people in over 15 full-time positions and the company services payroll and related services for almost four thousand employees each month. Virtus' revenue amounted to 220 million ISK in 2022 and the company's profit was 3,1 million ISK in 2021.

With this new merger, Virtus is better positioned than ever to serve its clients. We look forward to continuing to provide excellent financial services and supporting the growth and success of our clients – both existing and new – under the ECIT Virtus brand.

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If you have any questions or would like a quote for a project, please contact us. You can call us at +354 419 7200, sent an email to ecit@ecit.is or fill out the form on the page. We look forward to hearing from you.