Visma Acquisition & Valuation
Visma was acquired by TPG, Warburg Pincus, Hg and CPP Investments for $13B in August 2020, a 6.0x multiple on $2.1B of revenue.
Visma revenue at acquisition
$2.1B
Last twelve months · Aug 2020
Visma revenue multiple at acquisition
6.0x
EV/Revenue · Aug 2020
Visma EBITDA multiple at acquisition
21.2x
EV/EBITDA · Aug 2020
About Visma
Visma is a Norwegian business-software group headquartered in Oslo that builds and acquires mission-critical cloud software for small and mid-sized businesses, accounting firms and the public sector. Its products cover accounting and ERP, payroll and HR, e-invoicing, procurement, expense management and public-sector administration, sold mainly as subscriptions across Europe and Latin America. The group was formed in 1996 through the merger of Multisoft, SpecTec and Dovre Information Systems, was listed on the Oslo Stock Exchange until Hg took it private in 2006, and has since been owned by private equity investors, with Hg as majority shareholder alongside GIC, ICG and other co-investors. Visma grows largely through acquisitions and describes itself as the owner of more than 150 software companies; it completed 28 acquisitions in 2025, and its 2025 annual report says its head of M&A has taken part in more than 300 acquisitions across over twenty countries. In 2025 it reported revenue of EUR 2.8 billion, adjusted EBITDA of EUR 975 million and 2.4 million customers, and it had 15,402 full-time equivalent employees at year-end. Over time it has sold non-core units, including its marine software, BPO, hosting, retail, IT consulting and cloud-infrastructure businesses, to concentrate on SaaS.
Founded
1996
HQ
OsloWebsite
Status
Acquired
Customer focus
B2B & B2G
Revenue model
Subscription, Services
Revenue
$2.8B (Dec 2023)
Valuation
$22B (Dec 2023)
Visma Acquisition
Visma was acquired by TPG, Warburg Pincus, Hg and CPP Investments for $13B on 21 August 2020.
The acquisition price implies a 6.0x revenue and 21.2x EBITDA multiple on $2.1B of revenue.
Montagu announced on 21 August 2020 that it had agreed a full exit from its stake in Visma, selling to a consortium of new and existing investors. The transaction formed part of a further investment by existing shareholders Hg, GIC and CPP Investments together with new shareholders TPG and Warburg Pincus, and placed an enterprise value of NOK 110 billion on Visma, making it the largest software buyout completed globally at the time. Montagu had been an investor in Visma since 2010, reinvesting in 2014 and again in 2017. Visma provides business-critical software to private and public sector organisations in the Nordic, Benelux and Central and Eastern European regions, and is the largest European supplier of cloud-delivered software-as-a-service products to businesses. Over the period of Montagu's involvement the company completed more than 150 add-on acquisitions and achieved annualised revenue growth above 20 per cent, expanding geographically and moving its portfolio to software as a service. At exit Visma had over 11,000 employees, including 4,000 software developers, and more than one million business customers.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 21 Aug 2020 | PE buyout | $13B | 6.0x | 21.2x |
Sources: montagu.com, montagu.com, hgcapital.com
Visma Valuation
Visma is currently valued at $22B, based on its secondary sale in December 2023. Read the announcement ↗
The round included NYC Retirement System, Jane Street and Altaroc.
Visma's valuation has grown 6.2x from $3.5B at its secondary sale in April 2014 to $22B in December 2023, across 4 priced rounds.
Visma valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2023 | Secondary | $22B | 7.9x |
| Sep 2021 | Secondary | $19B | - |
| Apr 2019 | Secondary | $7.3B | - |
| Apr 2014 | Secondary | $3.5B | - |
Visma Revenue
Visma's latest recorded revenue is $2.8B, as of its secondary sale in December 2023. At a $22B valuation, that implies a 7.9x revenue multiple.
Visma revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2023 | $2.8B | $22B | 7.9x | Secondary |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Visma Funding History
Visma has 4 recorded secondary share sales and no primary funding rounds.
| Date | Stage | Investors | Valuation | Deal Summary |
|---|---|---|---|---|
| Dec 2023 | Secondary | NYC Retirement System; Jane Street; Altaroc | $22B | Visma announced a secondary sale in December 2023 that valued the company at EUR 19 billion, with around 20 new investors contributing over EUR 1 billion of equity and existing shareholders adding around EUR 3 billion more. New investors included Altaroc, while Hg remained the majority investor alongside co-investors such as ICG, TPG and Visma management, and the transaction was structured to support further international growth and expansion. The capital raise was positioned as a funding step for Visma’s international expansion strategy and product innovation. The company described itself as a leading provider of mission-critical cloud software in Europe and Latin America, and the transaction expanded its shareholder base to include leading international investors. Visma is an established cloud software company founded over 25 years ago, with a business focused on mission-critical software for enterprises and public-sector customers. |
| Sep 2021 | Secondary | GIC; Aeternum Management; Folketrygdfondet | $19B | Visma expanded its shareholder base in September 2021 through a secondary sale of shares to four institutional investors, Aeternum Capital, Folketrygdfondet on behalf of the Government Pension Fund Norway, Vind and GIC, in a transaction announced on 10 September 2021 that valued Visma at EUR 16 billion, or about NOK 165 billion. Following completion, Hg continued to own a majority stake, alongside a group of co-investors comprising GIC, ICG, CPP Investments, General Atlantic, TPG, Warburg Pincus, Visma management and the new investors. Visma said the new investors would support its further expansion in Europe and that its core strategy of high-quality products, customer care and innovation in cloud services would remain unchanged. ABG Sundal Collier and Goldman Sachs International acted as joint placement agents, with Ropes & Gray, Skadden and Wiersholm as legal advisers. Aeternum is a Nordic alternative investment manager, Vind a private owner company investing in software for professionals, laboratory science and niche technology, and Folketrygdfondet the manager of a fund invested 85 per cent in Norway and 15 per cent in the other Nordic countries. Visma provides business-critical software to private and public organisations; it had 13,600 employees, 1.1 million customers across the Nordics, Benelux, Central and Eastern Europe and Latin America, and net revenue of EUR 1,741 million in 2020, and had grown revenue every year for 20 years. |
| Apr 2019 | Secondary | Hg (lead); CPP Investments | $7.3B | Hg Saturn and its investors agreed a further equity investment of about EUR 640 million in Visma, buying out Cinven's entire remaining shareholding in the Nordic business software group. Canada Pension Plan Investment Board invested a further EUR 110 million as part of the same transaction, which valued Visma at an enterprise value of more than EUR 6.5 billion. Cinven had first invested in Visma in 2014 and had already sold part of its stake to Hg and co-investors in 2017. |
| Apr 2014 | Secondary | Cinven (lead); Hg (lead) | $3.5B | Visma widened its shareholder base in April 2014 in a transaction that valued the Nordic business software group at an enterprise value of NOK 21 billion (€2.5 billion). KKR, the previous majority owner, sold down from 76% but kept 31.3%; HgCapital sold its existing 16% holding and reinvested through a new fund to take 31.3%; and Cinven joined as a new co-lead shareholder with an equal 31.3% stake, the eighth investment from its fifth fund. Nordic institutions including the Finnish pension insurer Ilmarinen and Storebrand co-invested alongside the private equity firms, and more than 200 managers held 6%. The owners said Visma's management and strategy would not change, with chief executive Øystein Moan continuing to lead the group and cloud services remaining central to its plans. Cinven cited Visma's subscription-based model with high recurring revenues, its leading Nordic position and the growth potential as customers moved to software-as-a-service. Founded in 1996 and headquartered in Oslo, Visma supplied ERP, accounting, tax and payroll software and outsourcing services to more than 340,000 SME customers, retailers and local authorities in 12 countries and employed more than 5,600 people. Since being taken private through a public offer in 2006 it had completed more than 75 bolt-on acquisitions, with revenue rising from NOK 2,306 million to NOK 6,452 million in 2013 and EBITDA from NOK 305 million to NOK 1,325 million. |
Who has invested in Visma?
9 investors have backed Visma across its funding rounds, including Hg, GIC, CPP Investments, Cinven, Jane Street and Aeternum Management.
Lead investors include Hg and Cinven.
Visma Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 London | 2 | Lead | Apr 2014 | |
 New York City, NY | 1 | Participant | Dec 2023 | |
 Singapore | 1 | Participant | Sep 2021 | |
 Toronto | 1 | Participant | Apr 2019 | |
| New York City, NY | 1 | Participant | Dec 2023 | |
| Oslo | 1 | Participant | Sep 2021 | |
| Oslo | 1 | Participant | Sep 2021 | |
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Start Free TrialAcquisitions by Visma
Visma has acquired 435 companies to date.
Last acquisition by Visma was on October 22nd 2026. Visma acquired pathway solutions for undisclosed valuation.
Latest Acquisitions by Visma
| Description | pathway solutions is a German accounting automation software company based in Hamburg. Its cloud product connects e-commerce and SaaS businesses' sales channels and payment providers, such as Shopify and Stripe, with their invoices, automatically matching transactions, invoices and payments and exporting the booked results to the customer's accounting system or tax adviser, including DATEV. The company was founded in Hamburg in 2018 by Ludwig Eisenblätter and Marco Feelisch, who run it as co-chief executives, and it works as a remote-first organisation. The founders say they first set out to build an expert platform for tax advisers before concluding that every business selling goods or services online needed such a tool. Customers are online merchants, SaaS companies and their accountants, who pay recurring subscription fees. In February 2025 pathway solutions became an official DATEV partner. Visma took a minority stake in the company in September 2024. | Wineriz is a French software-as-a-service company based in Bordeaux that sells all-in-one management software to wine and spirits producers. The platform brings together customer relationship management, sales-team management, quotes and invoicing, a point-of-sale till for the cellar door, stock and cellar-register management, an online shop for the estate, wine-tourism bookings and marketing campaigns. It also handles French regulatory work such as electronic invoicing, traceability and customs declarations (DRM, DAE and excise). Customers are wine estates, négociants, cooperative cellars, spirits houses and wine shops; Wineriz works with more than 800 wine and spirits businesses in France and sells tiered subscription plans. The company was founded in 2020 by Axelle Oran and Charles Riveau and is operated by Livemarket SAS. In June 2024 it raised €2 million in its first funding round from backers including HomeExchange co-founder Emmanuel Arnaud and SideAngels. In September 2026 it joined Inqom, Visma's French accounting-automation subsidiary, keeping its product and team, a move Wineriz linked to the arrival of mandatory electronic invoicing. | Mister Contador is a Brazilian accounting-automation software company based in Florianópolis, Santa Catarina. Its cloud platform turns bank statements, electronic invoices and payment receipts into ready-made bookkeeping entries, handling the capture, reconciliation and transformation of financial and tax data without manual keying. The entries can be reviewed and then exported to the main accounting and ERP systems used in Brazil. The platform reads statements from more than 160 banks and is used by about 3,000 accounting firms and teams across the country. The company is registered as Mister Contador Automação Contábil Ltda. In July 2026 it was acquired by Conta Azul, the Brazilian cloud ERP owned by Visma, which plans to merge the product into its own platform and move its operations onto Conta Azul's infrastructure. | Tek01 is an Italian software-as-a-service company based in Trieste. Its main product is FatturaElettronica App, a cloud e-invoicing service launched in 2014 that lets freelancers, micro-businesses and small firms issue and receive the electronic invoices required under Italian law through the national exchange system. It also sells PECImprese, a certified-email (PEC) service that Italian businesses use for legally valid communications. The company serves more than 124,000 customers and processed over 9.5 million invoices in 2025, earning recurring subscription fees. It was developing an integrated payment service for launch in 2026 and an AI accounting assistant. Tek01 was founded in 2007 by Sergio Portaluri and Matteo Palamà. In July 2026 it was acquired by Visma and joined the group's Italian businesses Fiscozen and Alavie. | |
| HQ Country |  |  |  |  | |
| HQ City | Hamburg | Bordeaux | Florianópolis | Trieste | |
| Deal Date | 22 Oct 2026 | 17 Sep 2026 | 24 Jul 2026 | 2 Jul 2026 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by Visma
Visma has invested in 14 companies to date.
Latest investment by Visma was on September 9th 2026. Visma invested in Wagyz in their Strategic investment round.
Latest Investments by Visma
| Description | Wagyz is a French payroll and HR administration platform built by and for chartered accounting firms. It was launched in 2021 on the initiative of a group of accounting firms and is published by Chapsoft, with the consulting and technology group Onepoint as its technology partner. The platform combines an in-house payroll engine, integrated monitoring of collective labour agreements, a legal module on employment law, a secure digital vault for employees and shared workflows between payroll managers, lawyers, accountants and client employers. It covers around 350 collective agreements and offers training through Wagyz Academy and bulk migration tools for firms switching payroll software. Its capital is held mainly by about fifteen accounting firms, including several Cerfrance entities, TGS France and Talenz Toadenn, which also contribute to its governance and product direction. The company has raised five funding rounds, including close to EUR 6 million from new accounting-firm shareholders in 2026. Revenue comes from software subscriptions sold to accounting firms. | fulll is a French software-as-a-service company headquartered in Lyon that builds a unified production platform for chartered-accountancy firms. The platform covers bookkeeping and tax work, payroll and HR, pre-accounting and bank operations, a client collaboration space, dashboards and financial analysis for advisory work, and an approved e-invoicing platform (Plateforme Agréée) for sending, receiving and reporting invoices under France's e-invoicing mandate. It includes an AI assistant, Lya, open APIs and a white-label web and mobile interface that firms present under their own brand. About 2,000 accounting firms use fulll to serve more than 250,000 end clients, and the company employs close to 300 people across six offices in France and Mauritius. fulll was created in 2021 by the accounting network In Extenso through the merger of the software house Ibiza with two In Extenso subsidiaries; In Extenso remains its reference shareholder and a strategic customer, and its chief executive Frank Lamotte chairs fulll. With In Extenso, fulll co-founded the Impulse Data hub, which pools anonymised data from more than 800,000 small businesses. Visma took a minority stake in March 2026. | ZTL is a Norwegian payments technology company based in Oslo that sells application programming interfaces (APIs) letting ERP, accounting and other software providers build payments into their products. Through one integration a platform can reach all domestic banks and offer account-to-account payments, bank-independent salary payments and international payments with live exchange rates, while ZTL handles know-your-customer checks on the end users. The service runs on PSD2 open-banking interfaces: ZTL became the third Norwegian company to obtain a PSD2 licence in April 2020 and is regulated by the Financial Supervisory Authority of Norway. It covers Norway, Sweden and Denmark, and in March 2026 Visma's Danish accounting platform e-conomic agreed to embed ZTL's domestic and international payments in its software. The company was founded in 2018 by Andreas Bjerke, a former Citibank, DNB and SEB banker who is chief executive, and Stein Gulbrandsen, and has more than 20 employees. It had completed ten share issues by July 2021, when it was valued at about NOK 200 million, with backers including Investinor, Wilhelmsen, Altitude Capital and Ronja Capital, and Visma has since joined its shareholders. | milia.io is a German software company based in Cologne that makes an AI-assisted collaboration and workflow platform for tax and accounting firms that use DATEV. The platform bundles client messages, tasks, document and receipt exchange, e-signatures, deadlines, approvals and a client app around each case, adds a workflow builder and templates for recurring processes such as client onboarding, and includes an AI assistant and AI agents. It is an official DATEV interface partner, and Taxy.io's AI tax assistant is available through the platform. milia.io says more than 200 DATEV firms and more than 40,000 users rely on it, and that it saves each firm employee more than six hours a week. The company was co-founded in 2021 by Tilman Walch, its chief executive, and Michel Menk. Visma bought into milia.io in August 2025, announcing the deal together with its purchase of Aachen-based Taxy.io, and Visma's 2025 accounts show a one-third (33.33 per cent) stake in milia GmbH at year-end. | |
| HQ Country | | | | | |
| HQ City | - | Lyon | Oslo | Cologne | |
| Deal Date | 9 Sep 2026 | 9 Mar 2026 | 26 Sep 2025 | 22 Aug 2025 | |
| Round | Strategic investment | Strategic investment | Seed | Strategic investment | |
| Raised | undisclosed | undisclosed | $2M | undisclosed | |
| Investors | - | - | - | - | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Visma Competitors
Visma competitors include listed companies like Workday, TOTVS, Freee and SAP, and private ones like Rippling and PayFit.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $9.6B | $1.2B | $46B | 4.5x | |
| Brazil | Publicly listed | $1.1B | $298M | $3.4B | 3.0x | |
 Japan | Publicly listed | $268M | $15M | $1.7B | 5.4x | |
| Germany | Publicly listed | $41B | $13B | $273B | 6.1x | |
| San Francisco, CA | Private | $570M | - | $17B | 29.5x | |
| Paris | Private | $74M | - | $2.1B | 28.3x |
Visma Public Comps
Visma is no longer listed, but its public comps include Tyler Technologies, OBIC, Corpay, Sage, Indra Sistemas, Paycom, Paylocity, Xero, ServiceTitan and Paychex.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.3B | $543M | 7.4x | 6.9x | 31.8x | 23.9x | |||
| $855M | $677M | 17.7x | 16.5x | 22.4x | 24.1x | |||
| $4.5B | $2.4B | 8.3x | 7.2x | 15.4x | 13.6x | |||
| $3.4B | $1B | 4.8x | 4.3x | 15.4x | 16.1x | |||
| $6.1B | $677M | 1.7x | 1.3x | 15.0x | 9.6x | |||
| $2.1B | $799M | 5.5x | 5.2x | 14.2x | 10.8x | |||
| $1.8B | $499M | 5.1x | 4.9x | 18.0x | 13.3x | |||
| $1.5B | $441M | 5.7x | 4.7x | 19.8x | 18.3x | |||
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Common questions about Visma
| When was Visma founded? | Visma was founded in 1996. |
| Where is Visma headquartered? | Visma is headquartered in Oslo, Norway. |
| Is Visma publicly listed? | No, Visma was acquired by TPG, Warburg Pincus, Hg and 1 other investor in August 2020. |
| Who acquired Visma? | Visma was acquired by TPG, Warburg Pincus, Hg and CPP Investments in August 2020. |
| How much was Visma acquired for? | Visma was acquired for $13B in August 2020, a 6.0x revenue multiple. |
| What is Visma's valuation? | Visma was last valued at $22B in its secondary sale in December 2023. |
| Who are Visma's investors? | Visma's investors include Hg, NYC Retirement System, GIC, CPP Investments, Jane Street, Aeternum Management, Folketrygdfondet, Cinven and Altaroc. |
| What is Visma's revenue? | Visma's latest recorded revenue is $2.8B (December 2023). |
| What is Visma's revenue multiple? | Visma's latest valuation implies a 7.9x revenue multiple ($22B valuation on $2.8B of revenue). |
| Which companies are comparable to Visma? | Companies comparable to Visma include Workday, TOTVS, Freee, SAP, Rippling and PayFit. |
| How many companies has Visma acquired? | Visma has acquired 431 companies, including pathway solutions, Wineriz, Mister Contador, Tek01 and Dootax. |
| What was the largest acquisition by Visma? | The $708M acquisition of Raet in May 2018 is the largest acquisition Visma has made to date. |
| How many companies has Visma invested in? | Visma has invested in 14 companies, including Wagyz, fulll, ZTL, milia.io, Taxy.io, Kanta, Accountable and Evoliz. |
| What was Visma's last investment? | In September 2026, Visma invested in Wagyz's strategic investment round. |
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