OC&C provides sell-side support to Visma, in a transaction valuing the company at €19bn

We are pleased to congratulate Visma on expanding its shareholder base through a secondary sale to leading international shareholders, to support further international growth. The investment values Visma at an enterprise value of €19bn. OC&C provided sell-side commercial due diligence for Visma.

The transaction will welcome around 20 new investors to the shareholder register, worth over €1bn of equity investment, with new investors including Altaroc, Jane Street, NPS and NYC Retirement System. The transaction will also result in around €3bn new investment from existing shareholders, including Hg, who will continue its 17-year long investment in the business with a majority stake, in addition to a group of co-investors including ICG, TPG and Visma management.

Today Visma is the largest privately-owned software business in Europe, and a leading provider of cloud accounting and ERP solutions to small and medium sized businesses in the region. After a period of significant international expansion, entering France, Germany, Portugal, Peru and Iceland in the last two years alone, the Group is currently present in 28 countries with more than 15,000 employees, generating revenues of €2.4bn.

Visma’s annualized repeatable revenue (ARR) stood at €2.2 billion at the end of Q3 2023, representing growth of 17 percent from the same period last year and 17 years of uninterrupted, year-on-year, revenue and EBITDA growth (18% and 22% CAGR respectively during the period).

OC&C are very proud to have worked consistently with Visma and Hg across the last 17 years, ever since supporting the business being taken private from the Norwegian stock exchange in 2006. This transaction demonstrates OC&C’s outstanding track record of building long-term client relationships and successfully executing landmark software transactions.

We are leading advisors across the software and cloud technology space. We have served major private equity investors on most of the biggest M&A deals in this space in the last 15 years, and have worked on strategy development with many of the market leaders.

For more details on this transaction or OC&C’s broader experience in this space, please get in touch.