European software investor Hg announced that Hg Saturn 2 Fund is making a further investment in Visma, a provider of business-critical software to private and public enterprises in the Nordic, Benelux and Baltic regions.
Hg will put forward the majority of the new invested capital in a transaction valuing the business at an Enterprise Value of NOK 110 billion (US$12.2 billion).
The Hg Saturn 2 Fund will purchase the stake from Montagu, a European private equity firm which has been an investor in the business since 2010, and other investors including Hg’s Genesis 7 Fund which will reduce its holding in Visma. Warburg Pincus and TPG will invest in the company for the first time, acquiring minority stakes. Existing investor CPPIB will increase its stake, alongside other current co-investors in the business, including General Atlantic who invested earlier in the year.
Following completion of the transaction, Hg will continue to own a majority (c.54%) stake in Visma, with co-investors GIC, ICG, CPPIB, Warburg Pincus, TPG, General Atlantic and management.
Hg led the original delisting of Visma from the Oslo Stock Exchange in 2006 and has been the lead or co-lead investor in Visma for the last 14 years.
Led by Merete Hverven, CEO, Visma is a provider of cloud-delivered SaaS to over one million businesses in areas such as accounting, resource planning, payroll, HR and commerce applications. Today, the company has over 11,000 employees, including 4,000 software developers.