Visma acquires the well known Finnish accounting firm Teemuaho Group.
This acquisition makes Visma the second largest provider of accounting services in Finland, and strengthens Visma’s position as the leading provider of accounting and financial software and services in the Nordic countries.
- We in Visma believe that the right strategy is to attack and gain market shares in times like these. The financial crises provides companies such as Visma with great opportunities related to potential acquisitions and similar strategic investments which will strengthen the company’s financial as well as market position in the longer term. Accounting firms have been in the process of consolidation for some time now. Visma has an expansive growth strategy for the Finnish market. We have been looking for a partner with the right expertise complementary to Visma’s to the benefit of our customers. In Teemuaho we found just what we were looking for. Until now Visma’s largest business area in Finland has been software. By acquiring Teemuaho we become a significant provider of outsourcing services as well, and we hope to see many synergies between these two areas, says Øystein Moan, CEO of Visma.
In addition to accounting and financial services, the Teemuaho Group also provides software solutions for financial planning. The company is a god fit to Visma and its range of products and services.
- Visma took interest in Teemuaho due to their extensive expertise and wide range of services, combined with their vast geographical coverage. The accounting agency chain of Teemuaho and their software solutions complement Visma’s portfolio in Finland. Prior to this merger Visma has provided financial outsourcing services mainly to subsidiaries of international companies in Finland. Together with Teemuaho we can expand our services to comprise local Finnish companies across the country, says Øystein Moan.
- Like thousands of other entrepreneurs, Teemuaho Group will soon be facing a generational change. We decided to address this challenge by combining forces with Visma. The common fundamental values of the companies in addition to Visma’s international focus were of particular importance to us. We will implement the merger in several stages. As for now Visma has acquired 90 % of our shares, says the founder of Teemuaho group, Teemu Aho, about his motivation for the merger.
- Traditionally our strategy for growth has been mainly domestically oriented, but by joining forces with Visma we now open the door to international markets as well, Teemu Aho continues, thereby highlighting one example of mutual interests between the two companies.
Teemuaho Group has 270 employees in Finland. Following the merger with Visma Services in Finland, the new company will have nearly 400 employees and 22 offices, serving approximately 7 000 clients.
The Visma Group employs more than 3 400 people in total, and has more than 210 000 customers in the Nordic countries and Europe.
Øystein Moan, Visma CEO, +47 920 80 000
Peter Lauring, Managing Director, Visma Services, +47 404 53 804
Visma is the leading provider of efficiency increasing solutions in the Nordic Region based on a broad portfolio of software, outsourcing solutions and administrative services. Visma simplifies and digitalizes core business processes within the private and public sector. The group has more than 3 400 employees and its net revenue amounted to EUR 340 million in 2008.