Visma board of directors and owners

Board of directors and owners

Five international private investors own Visma. Hg and co-investors own 47.6%, Cinven owns 16.6%, GIC owns 13.2%, Intermediate Capital Group owns 7.4%, Montagu owns 6.0% and CPPIB owns 2.7%. 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, has an MSc from BI, Norway, an MBA from Henley College, Oxfordshire and an 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 Officer of Hg. He has 20 years experience of the private equity and venture capital industry and joined Hg 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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Timo Larjomaa

Timo is a Managing Director and head of equity and mezzanine investments in the Nordic region at ICG. In addition to Visma, he currently represents ICG on the boards of Esperi, Euro Cater, Loparex and Qmatic. Timo joined ICG in 2006. 
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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 Partner at Cinven. He is a member of the TMT sector team, and has been involved in a number of investments, including Amadeus, CPA Global, Hotelbeds, Northgate Public Services, Springer and Visma.

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Hg owns 47.6% 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 Hg.


Cinven owns 16.6% 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 13.2% of Visma. GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,400 people across 10 offices in key financial cities worldwide. For more information on GIC, please visit


ICG owns 7.4% 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% 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.

Canada Pension Plan Investment Board

Canada Pension Plan Investment Board (CPPIB) owns 2.7% of Visma. CPPIB is a professional investment management organisation that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits in the best interests of 20 million contributors and beneficiaries. In order to build a diversified portfolio, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments.

Visma Management:

Visma management has 6.6% ownership in the business.



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