Leading provider of business-critical software

In June 2017, Montagu V signed an agreement to acquire a minority stake in Visma as part of a consortia alongside Hg Capital, GIC and ICG, valuing the company at NOK 45bn. Montagu originally co-invested in KKR’s acquisition of Visma in 2010 and secured a re-investment for the Montagu IV funds in 2014. We are pleased to have increased our ownership stake 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 management software for finance, accounting, payroll and HR administration in the Nordic region. Based in Oslo, Visma targets small and medium sized businesses and has over 500,000 SMB customers in the Nordic region and the Netherlands, over 20,000 government and larger accounts customers and over 320,000 hosting customers. Visma generated revenues of NOK 7.9 billion (€830m) and EBITDA of NOK 1.9 billion (€201m) in 2016.

Over the coming years, Visma will continue to lead the transition to SaaS enabled business software services, leveraging its market leading position in the Nordic SMB and public markets and its leading R&D capabilities. Visma has invested in developing a broad portfolio of SaaS products and will continue its investment into R&D to further expand its product offering. Furthermore, Visma has a proven track record of sourcing, executing and integrating add-on acquisitions and the company will continue its acquisitive growth through selective M&A opportunities to complement its product offer both in its core and adjacent markets.

Deal details

Deal type: Consortia Buyout Investment Year: 2017 Country: Nordics Status: In portfolio Value: Undisclosed Industry Sector: Technology