Leading provider of business-critical software

In December 2010 Montagu completed its NOK 1 billion (€125 million) equity co-investment in Visma, alongside Kohlberg Kravis Roberts & Co (KKR), HgCapital and Management. Montagu III exited its investment in August 2014 in conjunction with the sale of a stake in Visma to Cinven and other co-investors valuing the company at NOK 21 billion.

Visma is the leading provider of business software and outsourced services for accounting, payroll and administration in the Nordic region. Headquartered in Oslo, the Company served more than 220,000 small to medium sized enterprises throughout the Nordic region and the Netherlands at the time of our acquisition. In 2010, Visma achieved sales of NOK 4.2 billion.

Montagu had been tracking Visma for many years and managed to secure a co-investment due to the relationship with management and with the incumbent investors HgCapital. Montagu was attracted to Visma’s portfolio of business critical products, its high levels of cash generation and recurring revenue as well as its leading, defensive positions in attractive, growing market segments.

During Montagu III’s investment in Visma, the company has delivered consistent growth and high cash generation. It has continued to strengthen its market position in existing geographies and addressing segments of the market in which it was subscale, both organically and through add-on acquisitions. Visma has also increased cross-sell between its divisions and developed a market leading offering of SaaS services.

Deal details

Deal type: Management Buyout Investment Year: 2010 Country: Nordics Status: Realised Value: Undisclosed Industry Sector: Technology