After including new traders, the worth of enterprise software program firm Visma has risen to $21 billion
SaaS-focused firm Visma AS has been valued at €19 billion (about $21 billion) after bringing in contemporary capital from new and present traders to assist fund its worldwide enlargement.
About 20 new traders, together with Altaroc, Jane Road and NYV Retirement System, are pumping greater than 1 billion euros into the corporate as a part of an fairness funding deal, Reuters reported. Present traders in Visma, together with its majority shareholder HgCapital LLP, in addition to TPG and Visma Administration, add a further €3 billion, the report added.
Norway-based Visma is a SaaS firm with greater than 11,000 workers that sells accounting, payroll and HR software program merchandise to prospects throughout the Baltic, Benelux and Nordic areas. Its cloud-based purposes additionally deal with key enterprise duties akin to provide chain administration. The privately owned firm reportedly achieved gross sales of greater than €2 billion in 2022, a rise of 17% on the earlier yr.
Nick Humphreys, senior accomplice at Hg, stated Visma is now the most important personal equity-owned software program firm in Europe, rising twice as quick as when the agency first invested in it in 2006. He added that that is regardless of the enterprise now being 20 occasions bigger. .
As a part of the deal, Hg will stay Visma’s majority shareholder. She stated that she bought a part of her stake in certainly one of her previous funds, whereas reinvesting within the firm via a brand new fund.
Visma was beforehand stated to be in discussions with quite a lot of unnamed sovereign wealth funds primarily based in Asia and the Center East concerning a possible financing spherical. Nevertheless, it’s not clear whether or not any of this cash was a part of the funding introduced immediately.
ERP software program corporations have attracted lots of consideration from personal fairness companies this yr. In Could, Silver Lake Companions made a €600 million funding in Italian firm TeamSystem SpA.
Visma has additionally made investments of its personal this yr. Final month it introduced plans for Danish authorized software program firm ivision, a number of months after it acquired Recrea Methods SLU, the guardian firm of tax compliance software program supplier Quaderno.
Visma was beforehand valued at $19 billion after a secondary inventory sale in September 2021. On the time, Visma stated it was contemplating going public via an preliminary public providing that was scheduled to happen this yr. Nevertheless, the corporate warned on the time that it will solely achieve this if market situations have been beneficial, and with the next downturn within the international financial system, it’s not shocking that such a transfer by no means materialised.
In a press release immediately, Visma CEO Merite Hverveen sidestepped any discuss of an IPO this time round, saying immediately’s funding leaves the corporate “ideally positioned” to proceed its distinctive progress journey.
Photograph: Visma AS
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(tags for translation) Mike Whitley