Today Norwegian cloud software powerhouse Visma announced its acquisition of automatic tax compliance company Quaderno for an undisclosed sum.
Launched in 2014, Quaderno is based in Las Palmas de Gran Canaria in the Canary Islands and serves over 2.600 customers across 104 countries. Its fully automated solution helps online businesses worldwide calculate the correct tax rates based on input like customer location and the type of product or service sold.
The software is compatible with more than 14,000 tax jurisdictions and also contains features for tax calculations, tax reporting, invoicing, tax notifications and expense tracking.
Quaderno will continue to operate as an independent company under the same management.
Carlos Hernández Medina, founder and Managing Director of Quaderno, said:
"At Quaderno, we are very happy to start a new phase within the Visma family. With access to its resources and extensive experience, we will be able to reinforce our growth strategy and consolidate Quaderno as one of the world's leading automated tax management platforms."
Visma is a global SaaS powerhouse
Visma offers a suite of accounting, payroll, HR, and other business software products, with revenue of € 2.06 billion in 2022, 14,500 employees, and 1.6 million customers across Europe and Latin America.
In 2017, HgCapital led a $5.3bn buyout of Visma, at the time Europe's largest-ever software buyout. It has since increased its stake in the company alongside various investors. Visma has enjoyed persistent growth, increasing its valuation repeatedly over time. However, speculation in 2021 about a 2023 IPO has yet to come to fruition.
Besides Quaderno, the company has acquired over 146 companies, including House of Control, Teamleader, Holded, Circle Software, Onguard, FirstAgenda, 1st Web, Draftit, Specter, Nmbrs, Zetech and Yuki.
Visma's fourth Spanish acquisition
Quaderno is Visma's fourth acquisition in Spain since first entering the country in 2021.
It is also the second transaction for the Group in Iberia so far in 2023, after acquiring the Portuguese SaaS provider Moloni in January.
Visma is building a strong presence in the region's software market, and it expects revenue from its Spanish operations to reach 25 million euros in 2023.
Alicia Halaas, Business Area Director for the Small Business segment in Visma, shared:
"We are delighted to welcome Quaderno to Visma. With this acquisition, we further expand our presence in the Spanish software market and also strengthen the Group's offering within e-commerce solutions.
Staying compliant with tax rules can be challenging for online sellers operating in a global marketplace, but Quaderno makes it easy."
Lead image: Quaderno's team. Photo: Uncredited.
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