Observit AB acquired Sitoc Limited and Icanprove.It Limited for SEK 18.8 million on May 17, 2022. Under the agreement, Observit acquired 100% of the shares in SITOC and Icanprove.it. The consideration was settled by SEK 14.2 million in cash and SEK 4.5 million in shares by setting off a sales credit of the same amount in Observit at a subscription price of SEK 0.15 per share. In order to finance the cash part of the transaction, a directed issue of 53,333,340 shares in Observit were issued at a subscription price of SEK 0.15 per share giving a gross proceed of SEK 8 million. The directed issue of shares was directed to Crafoord Capital Partners AB. In addition, the Crafoord Capital Partners has given a loan to Observit amounting to SEK 2 million at a yearly interest rate of 12% to be paid back on June 30, 2023. In 2021, Sitoc and Icanprove.It together had a revenue of SEK 32.5 million and a net profit of SEK 2 million.

Observit AB completed the acquisition of Sitoc Limited and Icanprove.It Limited on May 17, 2022.