Business services software
Transaction value
NOK 21,000 million
August 2014

Visma AS is a leading provider of business management software and business process outsourcing (BPO) services in the Nordic region. The Group comprises three divisions - Software SMB (small and medium size businesses), BPO and Software GLA (Government & Large Accounts).

Visma delivers enterprise resource planning (ERP) software and services including accounting, tax and payroll applications and services to over 340,000 SME customers, retailers and local authorities across the Nordic region. The Group is the Nordic leader in the Software-as-a-Service (SaaS) business model which allows companies to shift from traditional 'on premise' software to online cloud-based applications.

Established in 1996, Visma is headquartered in Oslo and operates in 12 countries across Northern Europe, employing more than 5,600 people. In 2013, the Group generated revenues of NOK 6.5 billion (€778.5 million). Since 2010, revenues and EBITDA have grown consistently at a CAGR of 16% and 18% respectively.

The Group's highly experienced management team is led by Øystein Moan, Chief Executive, who joined the Group in 1997. The management team is a minority investor in the business, alongside Cinven and co-investors HgCapital and KKR, with each institutional shareholder owning an equal stake in the business.

Rationale and Strategy
Cinven is investing in Visma, a regional champion at the forefront of the technological shift transforming the global software sector. It is also a highly cash generative and stable business, delivering critical software to a wide customer base through a subscription-based model with high recurring revenues.  

Cinven's TMT team has tracked Visma's record of consistent growth, driven by product innovation, including cloud-based business offers and E-government solutions, and involving a number of successful consolidation acquisitions.

Cinven's strategy, based on its track record of investing successfully in technology-driven companies including Amadeus, HEG and CPA Global, is to support the Group through its next stage of organic and acquisitive growth. 

Building on Visma's market leading position in the Nordic region, there is significant growth potential in SaaS, as companies migrate their legacy applications to improve business administration and process efficiencies. Growth will be driven by further bolt-on acquisitions and continued R&D investment, accelerating customer migration from legacy to SaaS and developing new functional services.

Visma continues to execute its Value Creation Plan with a focus on acquisitive growth.

In November 2014, Visma acquired Norwegian debt collection firm Creno, followed by the acquisition of Finale Systemer AS and Mokastet Data AS, two leading suppliers of systems for the accounting industry in Norway.

In May 2015, Visma acquired PBJ, a Danish HRM software provider and in the same month Danish based e-conomic and Swedish based SpeedLedger, a European SaaS accounting solutions provider to SMEs.

Since then, Visma has acquired a further twelve businesses, expanding its business substantially in the Nordic market.

In September 2017, Cinven sold 40% of its equity stake in Visma to a group of investors led by HgCapital. 

Press releases

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