Facit, formally Facit AB, was founded around 1918 in Sweden, manufacturing office supplies such as furniture. The company was incorporated in 1922 into AB Åtvidabergs Industrier. Ten years later the firm began manufacturing ten-digit calculators under the brand name Facit. The calculators were a success, and ultimately the Facit subsidiary came to dominate its parent corporation. In 1965 the company changed its name to Facit AB to reflect its core product.

Åtvidabergs expanded globally, with a presence in over 100 countries and more than 8000 employees by the early 1960s. This decade saw the growth of the digital calculator. As a manufacturer of mechanical calculators, Facit sought to expand its range by collaborating with the Japanese firm, Hayakawa (or Sharp). Hayakawa wanted to increase its own foreign sales, however, and the relationship became difficult.

By 1970 Facit had 14,000 employees, but a catastrophic collapse in sales forced the sale of the business to Electrolux in 1973. The firm had failed to keep pace with digital technology.

In 1983 Facit was sold again, this time to Ericsson. Facit began to produce a home computer popular in Sweden, but as the product was not profitable production ceased in 1988. The company was divided up and sold to various foreign owners, with the last section known as Facit AB closing down in 1998.