On June 16 2022, Visma announced an agreement to divest its IT consulting business focused on digital transformation, formerly a part of Visma Custom Solutions, to CVC Capital Partners Fund VIII. The transaction is now finalised.
In a press release this morning, the new company has officially launched under its standalone brand “twoday”, and will employ more than 2,200 highly skilled professionals across 30 offices in the Nordics and Lithuania, serving more than 8,000 customers in the private and public sector.
A key rationale for the transaction is that both Visma and twoday can achieve even stronger growth as two separate businesses. With its focus on customised software development, the bespoke nature of IT consulting differs from the rest of the Visma Group, which is centred around SaaS (Software as a Service) and standardised products.
The transaction further streamlines Visma as Europe’s leading provider of mission-critical cloud software.
“I’m very pleased to finalise this transaction, and I’d like to extend my best wishes to our former colleagues as they embark on a new journey, under CVC ownership and with a new and exciting brand. For Visma, this means even sharper focus on our core business going forward, and additional funds to pursue our ambitious growth strategy”, says Merete Hverven, CEO of Visma.