Profile
Founded in 1996, Visma helps businesses and societies run more efficiently by offering solutions that simplify and automate complex processes. With a team of 15,000 employees across 31 countries, they serve 1.7 million customers and generated $2.6 billion in annual revenue in 2023. Their focus lies on providing SaaS solutions for accounting, payroll, and eGovernment to small and medium businesses (SMBs), medium and large enterprises (MLEs), and the public sector across Europe.
In December 2023, Visma secured a $20.5 billion valuation, attracting $1.1 billion in investment from 20 new investors, including Altaroc, Jane Street, NPS, NYC Retirement System, as well as reinvestment from their majority owner, Hg, and other shareholders.
As Europe’s largest private equity-owned software business and the number one provider of cloud accounting & payroll to European SMBs, Visma has achieved consistent growth fueled by over 370 strategic acquisitions in the past 20 years. Companies joining Visma gain operational autonomy while accessing top-tier resources in cybersecurity, HR, and marketing, enabling accelerated growth.
Today, Visma comprises over 170 software companies that actively share knowledge and best practices, forming one of the world’s largest entrepreneurial networks of SaaS companies. Impressively, more than 70% of entrepreneurs remain with Visma even five years after acquisition, highlighting the strong culture and shared values that unite the group.
Key Products
Visma provides SaaS-solutions for accounting, payroll and eGovernment. Among its leading product brands within SaaS accounting are Tripletex and Poweroffice (Norway), Dinero (Denmark), InFakt (Poland), Silverfin (Belgium) and Holded (Spain).
Customer Insights
Visma is present in 31 countries across Europe and Latin-America, serving more than 1.7 million customers within the private and public sectors.
Statistics
- EUR 2.4 Billion in annual revenue in 2023; 16% YoY Increase
- EUR 705 Million EBITDA in 2023; 20% YoY increase
- 15,000+ Employees
- 31 acquisitions in 2023, +200 in the last decade
Key Executives
Merete Hverven, Chief Executive Officer
Merete Hverven assumed the role of CEO of Visma in early 2020, just as the world went into lockdown due to the Covid-19 pandemic. Despite the initial challenge of taking charge of an international company from her kitchen table, Merete has led Visma through a period of continued growth and geographic expansion, solidifying the Group’s position as a leading provider of mission-critical software in Europe and Latin-America.
Visma’s revenue has nearly doubled under her leadership, ending at EUR 2.4 billion in 2023, with EBITDA of EUR 705 million. Visma is now the largest privately-owned software business in Europe, present in 31 countries with more than 15,000 employees. In December 2023, the company was valued at EUR 19 billion in a transaction which attracted EUR 1 billion in investment from 20 new investors, including Altaroc, Jane Street, NPS and NYC Retirement System, in addition to reinvestment from majority owner Hg.
Previously Deputy CEO and Chief HR Officer, Merete has focused on strengthening Visma’s position through recruiting and retaining the right people, and by working closely with acquisitions and restructurings. She has developed the organisation with a strong customer focus while unifying Visma’s culture through go-to-market strategies. Merete is a passionate advocate for diversity and equality in the workplace and has initiated several programs aimed at increasing diversity across the organisation. With her direct leadership style, ability to execute and passion for diversity, Merete is described as a driven, talented and dedicated leader by her colleagues. Her work and dedication have earned her a reputation as an important role model both in and outside Visma.
Before joining Visma in 2011, Merete held several leading positions at Ernst & Young (now EY). She has a Master’s Degree in Finance and International Leadership from the University of St. Gallen and The Norwegian School of Economics (NHH).
Stian Grindheim, Chief Financial Officer
As CFO, Stian ensures that Visma maintains world-class financial control across the organisation. His primary responsibilities include financial control, planning and analysis, as well as overseeing financial reporting to investors and lenders.
Stian joined Visma in 2014 as a Management Trainee before becoming Group Controller. He has since built up the Group’s finance team while serving as sparring partner for the wider finance function across Visma. He has also contributed to Visma’s rapid growth by securing financing for strategic acquisitions and leading the development of an improved Group reporting system.
For Stian, it’s paramount that decisions be based on relevant and updated data to best help Visma make informed decisions and create value. He’s proud of the important role Visma plays in enabling Europe to stay globally competitive through software that helps people to work more intelligently.
Stian holds a double Master’s Degree in Finance and International Business from Norwegian School of Economics and Ivey Business School in Canada.
Sindre Talleraas Holen, Chief M&A Officer
As Chief M&A Officer, Sindre is responsible for coordinating all M&A related processes for the entire Visma Group, across all segments and geographies.
Sindre started at Visma in 2009 as a Management Trainee, and his quick progression is a result of Visma’s successful Management Trainee programme. During his time at Visma, Sindre has been involved in more than 300 acquisitions in more than twenty countries. His knowledge and expertise have been important contributors to Visma’s successful growth over the past decade.
A crucial part of his daily business is getting to know new companies. Sindre is in his element when meeting with passionate entrepreneurs and hearing their stories. He has the ability to both see the big picture and dive into the details.
Sindre holds an MSc in Finance from Regents University in the UK and a BSc in Economics and Business Administration from NHH, including an exchange period at the University of Barcelona.
Full list of Group management here.
Organizational Insights
15,000 employees
Board Members
Øystein Moan, Executive Chairman
As CEO from 1997-2020, Moan led Visma to become one of the most innovative companies in the Nordic region. He took the company from 300 to more than 11,000 employees and increased revenue from EUR 30 million to over EUR 1.5 billion.
Nic Humphries, Director
Nic is the Senior Partner and Executive Chairman of Hg and Head of the Saturn fund. He has ultimate responsibility for Hg’s strategy, management and governance. He focuses on larger software investments that provide daily-use mission-critical applications for accountants, lawyers, tax/compliance professionals and designers/engineers/scientists.
Full list of Board members here.
Investors
- Hg 54.8%
- GIC 18.1%
- CPP Investments 6.1%
- Warburg Pincus 4.7%
- ICG 3.3%
- TPG 3.1%
- General Atlantic 1.7%
- Folketrygdfondet 0.6%
- Aeternum 0.6%
- Vind 0.4%
Key Milestones
- 1996: Visma is founded through the merger of three software companies, and listed on the Oslo Stock Exchange in Norway
- 2000: The marine software division is sold, freeing up resources to pursue growth within accounting software and business process outsourcing (BPO)
- 2006: After a period of strong expansion in the Nordic markets, british private equity firm Hg buys a controlling stake in Visma and delists the company
- 2016: The BPO division is spun off, further focusing the business on cloud business software
- 2022: Visma’s businesses within IT consulting and cloud infrastructure services are divested, streamlining the Group as a pure-play provider of standardised cloud software
- 2023: Visma is valued at EUR 19 billion in a transaction which attracts EUR 1 billion in investment from 20 new investors, including Altaroc, Jane Street, NPS and NYC Retirement System, in addition to reinvestment from majority owner Hg.
News and Press Releases
- Visma releases 2023 Annual and Sustainability Reports: (Read)
- Visma expands offering in France with acquisition of Teledec (Read)
- Visma continues to grow in Portugal with acquisition of Invoice Xpress (Read)
- Visma attracts new investors for further international expansion in a transaction valuing the company at EUR 19 billion (Read)
- Visma strengthens position as Europe’s cloud accounting champion with acquisition of Silverfin (Read)
Corporate Responsibility
Visma’s vision is to shape the future of society through technology. You can read more about our sustainability efforts at visma.com, or read our 2023 Sustainability report.
