Board of directors and owners
Long-term leadership delivering steady growth
Visma board of directors and owners

Board of directors and owners

Five international private investors own Visma. HgCapital and co-investors own 48.9%, Cinven owns 17.1%, GIC owns 13,6%, Intermediate Capital Group owns 7.6% and Montagu owns 6.2 %. A broad management group holds approximately 6.6 % of the shareholder equity in Visma. In addition to the stability of the principal owners, key shareholders have co-investors comprised of large Nordic and international pension funds.

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Chairman of the Board, Gunnar Bjørkavåg

Chairman of the Board, Gunnar Bjørkavåg, is B. Sc. from BI, Norway, MBA from Henley College/Oxford and AMP from Harvard Business School. 

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Øystein Moan

Since taking the reins in 1997, Moan has led Visma to become one of the most innovative companies in the Nordic region. 

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Director, Nic Humphries

Nic Humphries is Chief Executive of HgCapital. He has 20 years experience of the private equity and venture capital industry, and joined HgCapital in 2001.

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Jean-Baptiste Brian

Jean-Baptiste is a member of the TMT team. He sits on the boards of TeamSystem, Ullink and Visma.

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Søren Holt

Søren is a member of the TMT team and has been involved in the investments into The Foundry, Raet, Zitcom and ScanNet and the re-investment in Visma.
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Edward Shuckburg

Edward is a Director at Montagu, and joined the firm in 2006. He has led a number of investments including CAP, CliniSys and OpenGI. 
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James Davis

James is a Managing Director and head of equity and mezzanine investments for the Nordic and Benelux regions at ICG. He currently represents ICG on the boards of Viking Assistance, Euro Cater, Loparex and Esperi. 
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Vinit Nagarajan

Vinit is a Vice President in GIC’s Direct Investment Group and covers the TMT and consumer sectors. He serves on the Board of RAC, the roadside services business and was formerly on the Board of Rothesay, an insurance Company. 
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Chris Good

Chris is a member of the TMT sector team. He has been involved in a number of investments, including Amadeus, CPA Global, Hotelbeds, Northgate Public Services, Springer and Visma.

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HgCapital owns 48.9% of Visma. Established in 2000, HgCapital is a leading investor in the European private equity market. It is the successor to Mercury Private Equity (founded in 1985), which was acquired by Merrill Lynch in 1997. In December 2000, Mercury Private Equity staff acquired the business from Merrill Lynch and renamed it HgCapital.


Cinven owns 17.1 % of Visma. Cinven is a leading European private equity firm focused on building world-class Europe-focused companies. Its funds invest in six key sectors: Business Services, Financial Services, Healthcare, Industrials, Consumer and Technology Media and Telecommunications (TMT).


GIC owns 13.58% of Visma. As the Singapore Government’s fund manager, we create possibilities for Singapore as we seek to secure the financial future of Singaporeans. Through interactive content and gameplay, this microsite offers a dynamic look into GIC’s mission, work and investment approach. The gains from GIC investments enable the government to spend on education and healthcare, build infrastructure and community spaces, invest in research and development and new opportunities and, most importantly provide social services and programs that ensure no member of society is left behind.


ICG owns 7.59% of Visma. As markets have evolved and developed, ICG's core investment approach has always been based on being local, expert and entrepreneurial. Since 1989, we have adapted to changing market conditions to find new opportunities that support ICG’s core business model and allow new ideas to flourish. In 2010 ICG cemented a new corporate strategy to build a third party asset manager, based on this philosophy. We remain committed to supporting business owners, developing new investment strategies for fund investors and delivering shareholder value.



Montagu owns 6.18% of Visma, and since our formation in 1968, we have invested in hundreds of companies, across many different industry sectors - manufacturing, transport, logistics, healthcare, waste management, business services, web-hosting services and much more. Today we focus exclusively on management buyouts where we can back strong incumbent CEOs who want to acquire the business they run, usually from a corporate owner or a founder. We invest and work in partnership with a company's management team so that, together, we can maximise the value of our investment by unlocking a business' full potential.

Visma Management:

Visma management has 6.6% ownership in the business.