Leading provider of business-critical software

In August 2014, Montagu IV completed a minority investment in Visma in conjunction with a transaction that widened Visma’s shareholder base to include new investor Cinven alongside incumbent lead investors KKR and HgCapital, valuing the company at NOK 21 billion. Montagu originally co-invested in KKR’s acquisition of Visma in 2010 and secured a re-investment when the Montagu III funds exited in 2014. We are pleased to remain invested in Visma as the business has demonstrated consistently high growth and cash generation and is led by a strong and proven management team.

Visma is the leading provider of business software and outsourced services for accounting, payroll and administration in the Nordic region. Based in Oslo, Visma targets Small and Medium Businesses and has c.280,000 SME customers in the Nordic region and the Netherlands, nearly 20,000 Government and Large Accounts customers and provides Business Process Outsourcing to c. 34,000 customers. Visma generated revenues of NOK 6.5 billion (€780m) and EBITDA of NOK 1.3 billion (€160m) in 2013.

Visma’s focus over the coming years will be to lead the transition to SaaS enabled business software services and to strengthen its position as a SaaS-enabled provider of business process outsourcing services within accounting and payroll in Northern Europe. Visma has invested in developing a market leading portfolio of SaaS products and will continue its investment into R&D and selective add-on acquisition opportunities to complement its offer.

Deal details

Deal type: Tertiary Investment Year: 2014 Country: Nordics Status: Realised Value: Undisclosed Industry Sector: Technology