Norwegian business software Goliath Visma has taken on new investors in a secondary share sale, now valuing the company at €16 billion. The new investment funding from Aeternum Capital, Government Pension Fund Norway (Folketrygdfondet), Vind, and GIC will be used to further propel Visma’s non-stop expansion across Europe.
Offering accounting, payroll, HR, and other business software products to more than one million SME customers across the Nordic, Benelux, and Baltic regions, the company has experienced uninterrupted year-over-year growth for the past 20 years.
In what might become an annual trend, Visma brought on new investors around this time last year, raising the value of the company to $12.2 billion. A $3.8 billion increase on that valuation in just over 365 days? Clearly, Visma is delivering.
Visma CEO Merete Hverven comments, “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.”
Following the completion of the transaction, London-based software investor Hg will continue to own a majority stake in Visma. Existing investors include GIC, ICG, CPP Investments, General Atlantic, TPG, Warburg Pincus, and members of the Visma management team.