At what enterprise value was VISMA GROUP acquired in 2023?

During the acquisition of VISMA GROUP by HG CAPITAL in 2023, the company was valued at an estimated revenue multiple of 5x - 12x. The transaction's Enterprise Value is estimated to be in the range of 3b - 100b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the TMT (Tech, Media, Telecom) industry currently tracks an average EBITDA multiple of 14.4x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of VISMA GROUP when it was acquired by HG CAPITAL?

The estimated EV/EBITDA multiple for VISMA GROUP is in the range of Above 20x. For comparison, the TMT (Tech, Media, Telecom) sector currently shows an average EBITDA multiple of 14.4x. Join our community for free to access full valuation data and industry trends.

When was VISMA GROUP acquired by HG CAPITAL?

VISMA GROUP was acquired by HG CAPITAL in 2023.

What was the revenue of VISMA GROUP at the time of the deal?

The revenue of VISMA GROUP at the time of the deal is estimated to be in the range of 1b - 3b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of VISMA GROUP during the acquisition?

VISMA GROUP's EBITDA is estimated to be in the range of 450M - 900M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the VISMA GROUP acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the VISMA GROUP deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.hgcapitaltrust.com/news-insights/news/2023/21-12-2023

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Home Database TMT (Tech, Media, Telecom)VISMA GROUP

12/2023

HG CAPITAL takes majority stake in VISMA GROUP

NORWAY Software / ERP, HR & Finance EV 3b - 100b EUR

Context

Private equity sponsor Hg has agreed to a further investment to cement its majority ownership position in cloud software provider Visma. This equity syndication broadens the shareholder base through a secondary sale, welcoming approximately 20 new institutional backers, including Altaroc, Jane Street, and the NYC Retirement System. Concurrently, the existing investor consortium (comprising ICG, TPG, and Visma's management team) is rolling over capital to reinvest in the platform. As part of the corporate reshuffle, the legacy Hg Genesis 7 fund will fully exit its remaining position in the business. For Hg, maintaining its 17-year stewardship of the asset secures funding for Visma's ongoing cross-border market penetration. Following a recent geographical expansion into France, Germany, Portugal, Peru, and Iceland, the software group now operates across 28 countries. Having streamlined its business model in 2022 by divesting non-core IT consulting and cloud infrastructure divisions, Visma operates as a pure-play SaaS provider. Under the continued leadership of CEO Merete Hverven, the commercial roadmap focuses on leveraging this expanded institutional network to drive product innovation, specifically targeting AI-driven automation within its core accounting and ERP software solutions for SMBs.

In the past, the company had already been the subject of several LBOs, notably led by Hg Capital / Kkr / Cinven in 2014 and Hg Capital / Gic / Montagu Private Equity / Icg in 2017. This succession of buyouts highlights the strong attractiveness of the company's business model.

VISMA GROUP, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.4x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Visma Group Holdings is a leading software and business process outsourcing (BPO) services provider in the Nordic region, offering accounting, resource planning, and payroll solutions for small and medium-sized enterprises. Founded in 1996, Visma has become one of the largest software and SaaS service providers in Europe, with an extensive presence across the Nordic region. The company provides a comprehensive range of products and services, from financial management solutions to payroll and human resource services, designed to help businesses improve operational efficiency and reduce costs. With an experienced management team and a strong reputation for quality and reliability, Visma is well-positioned to continue growing and innovating in the software and SaaS services sector.

Ent. Value

FREE VIEW

19000M EUR

Equity Value

Multiples

FREE VIEW

EV / Revenue

7.9x

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

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Year

Rev

EBITDA

EBIT

2023

2399M

2022

Other operations with VISMA GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
06/2017	HG CAPITAL / GIC / MONTAGU PRIVATE EQUITY / ICG	VISMA GROUP	NORWAY	Software	HgCapital is leading a buying investor group to orchestrate a major equity restructuring of Nordic and Benelux software provider Visma. The transaction facilitates the full exit of KKR after a seven-year investment cycle and allows HgCapital to increase its ownership stake to 41%
04/2014	HG CAPITAL / KKR / CINVEN	VISMA GROUP	NORWAY	Software	KKR is partially exiting its controlling stake in Nordic software group Visma. This equity reshuffle enables HgCapital to reinvest through its HgCapital 7 fund and the listed HgCapital Trust, while bringing Cinven on board as a new equity partner
09/2010	KKR	VISMA GROUP	NORWAY	Software	Private equity firm HgCapital has entered into a definitive agreement to sell a 63.5% portion of its stake in Nordic software provider Visma to global investment firm KKR. Through this partial realization, which is subject to customary regulatory clearance and expected to close in November 2010, HgCapital will retain a 17
05/2006	HG CAPITAL	VISMA GROUP	NORWAY	Software	Following the collapse of a competing bid from business software group Sage, European mid-market investor HgCapital has launched a cash offer to acquire all outstanding shares of Visma. Executed through the designated acquisition vehicle Engel Holding, the transaction is structured as a public-to-private buyout that will result in the delisting of the Norwegian accounting software group from the Oslo Stock Exchange

REFERENCES

Valuation range: EV 3b - 100b EUR

Revenue range: 1b - 3b EUR

EBITDA range: 450M - 900M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of VISMA GROUP by HG CAPITAL are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: visma group

Acquirer: hg capital