Leading institutional investors Aeternum Capital, Government Pension Fund Norway (Folketrygdfondet), Vind, and GIC to invest in Visma.
Oslo, Norway. September 10th, 2021.
Visma, a leading provider of business-critical software to private and public companies in Europe, today announces that it has expanded its shareholder base through a secondary sale to leading institutional investors: Aeternum Capital, Government Pension Fund Norway (Folketrygdfondet), Vind, and GIC, valuing Visma at €16 billion (~NOK 165 billion). The new investors will support Visma’s further success and expansion in Europe.
Following completion of the transaction, Hg, a leading global investor in software and services, will continue to own a majority stake in Visma, alongside a group of co-investors comprising GIC, ICG, CPP Investments, General Atlantic, TPG, Warburg Pincus, Visma management, and the new investors.
Visma’s core strategy will remain unchanged, providing high-quality products and services, best-in-class customer care, and innovation within cloud services to achieve business efficiency – these will remain top priorities. This strategy has so far taken the company from an initial Nordic focus, to becoming one of Europe’s most business-critical software providers for the private and public sectors. Visma has achieved uninterrupted, year-on-year revenue growth for 20 years, by focusing on building world-class cloud solutions that help customers improve efficiency and competitiveness.
“It is thanks to Visma’s dedicated and talented employees, with their entrepreneurial mindset and local expertise, that we have achieved our position in Europe today. Visma has also long benefited from a supportive and knowledgeable investor base, which has been incredibly valuable to the growth of the business”.
“We warmly welcome the new investors as we continue to develop our world-class cloud technology. The future looks bright for the growth of digital services, as businesses increasingly see the value of cloud solutions to handle their most important business processes. Visma is uniquely positioned to foster this growth thanks to our wonderful employees, international presence and network, and ever-growing support from world-class investors.”
Merete Hverven, CEO, Visma
ABG Sundal Collier and Goldman Sachs International acted as joint placement agents in the transaction, with Ropes & Gray, Skadden and Wiersholm acting as legal advisers.
Visma is a leading provider of mission-critical business software for a more efficient and resilient society. By simplifying and automating the work of companies and organisations of all sizes, we improve people’s everyday lives. With 13,600 employees, 1,100,000 private and public sector customers across the Nordics, Benelux, Central and Eastern Europe and Latin America, and net revenue of €1,741 million in 2020, we are committed to making tomorrow better than today. Visit us at visma.com.
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 50,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.
About Aeternum Capital
Aeternum is an alternative investment manager with a strategy to invest in public and private companies across the Nordic region. The main focus of the investment strategy is to apply an active ownership model to drive sustainable value creation in quality companies in the Nordics. Aeternum Capital AS is independently managed by Aeternum Management AS. Visit www.aeternumcapital.no for more information.
GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, we take a long-term, disciplined approach to investing, and are uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. Our long-term approach, multi-asset capabilities, and global connectivity enable us to be an investor of choice. We seek to add meaningful value to our investments. Headquartered in Singapore, we have a global talent force of over 1,800 people in 10 key financial cities and have investments in over 40 countries. Visit www.gic.com.sg or follow us on LinkedIn.
About Government Pension Fund Norway (Folketrygdfondet)
Folketrygdfondet is a professional investment manager whose main task is to manage the Government Pension Fund Norway on behalf of the Ministry of Finance. Folketrygdfondet is a responsible, active investor with a long investment horizon with the aim to achieve high financial returns over time. Its investment mandate has a benchmark allocation of 60 % in equities and 40 % in fixed income, with 85 % in Norway and 15 % in the other Nordic countries. Folketrygdfondet is the largest institutional investor on the Oslo Stock Exchange, owning around 5 % of the market capitalization corresponding to approximately 10 % of the free float. Visit www.folketrygdfondet.no for more information.
Vind is a private owner company specializing in software for professionals, laboratory science and niche technology. Investments are made in private and listed companies across Europe. At present, Vind is the majority owner in seven companies and has a concentrated portfolio of minority positions in listed and large private companies. Vind has an eternal perspective and seeks to partner with exceptional businesses with the potential for creating value in the longest term.