Oslo, 11 May 2015
Visma strengthens the Nordic leadership in cloud based ERP for the SMB segment with the acquisition of Danish based e-conomic and Swedish based SpeedLedger, leading European software as a service (SaaS) accounting solutions providers to SMBs.
Visma will acquire the core Nordic business of e-conomic in an all share deal with HgCapital, and will also significantly increase its share of SaaS revenue in Sweden by acquiring a majority share of SpeedLedger, the second largest SaaS accounting solution provider in Sweden HgCapital will retain a majority stake in the international business of e-conomic and Debitoor, a invoicing and accounting light solution.
– The acquisition of e-conomic is an important part of Visma’s focus on automation and efficiency improvement for accounting offices and SMBs in Denmark, and will contribute to further establish Visma as a leading provider of complete cloud solutions for the segments in the Nordics. We believe this will create new opportunities and increase value for existing and new customers, says Øystein Moan, CEO of Visma.
Visma, e-conomic and SpeedLedger share the strategy of becoming a leading European SaaS SMB solution provider and will benefit from each other. Visma will significantly increase its presence in the core Danish market, which has so far been less penetrated than the other Nordic countries. Visma will improve e-conomic’s value proposition offering additional relevant products to e-conomic customers (e.g. payroll), and Copenhagen will be an important “Software as a Service” development centre for Visma going forward.
- The performance of e-conomic and SpeedLedger during the past few years has been remarkable. There has been significant growth both in Denmark and the Nordics. With the shared vision of making accounting processes simple for small and medium sized businesses, Visma is the perfect partner to take e-conomic to the next level, says Nic Humphries, Managing Partner of HgCapital.
e-conomic has successfully demonstrated that it can grow its Danish customer base with more than 75,000 SMB customers in Denmark for its core product e-conomic; as well as the ability to expand internationally. e-conomic and SpeedLedger, as parts of the Visma group, will continue as independent entities under the e-conomic and SpeedLedger brands focused on delivering great products and top class customer service.
Øystein Moan, CEO +47 920 80 000
Nic Humphries, Managing Partner +44 (0)20 7089 7888
Visma is the leading provider of business management software and services in the Nordic region. The group comprises three divisions, which are Visma Software SMB, Visma BPO, Visma Software GLA (Government & Large Accounts). As one of few suppliers to combine software and BPO services, Visma has been a Nordic and European consolidator as the products and services have become increasingly popular among the company’s more than 340,000 customers. Today, Visma is known for developing leading software solutions and high-quality services for satisfied customers in combination with financial strength and solid growth. The objective is to make the customers more efficient and competitive. Visma is headquartered in Oslo, Norway. The Visma Group is represented in Norway, Sweden, Denmark, Finland, the Netherlands, Romania, Lithuania and the UK.
e-conomic (www.e-conomic.com), founded in 2001 in Copenhagen, is one of Europe’s leading SaaS accounting solution provider for small and medium-sized businesses with >100,000 customers for its core product e-conomic, and >320,000 sign-ups for its invoicing, expense and accounting light product Debitoor (www.debitoor.com). e-conomic offers an easy to use, time saving and collaboration enabling accounting solution to a fragmented and low penetrated base of SMEs and accountants (>3,500 accounting partners) via a SaaS subscription model. The company operates in its core home market of Denmark and serves customers across numerous other European countries, including Norway, Sweden, Spain, Germany and UK.
SpeedLedger is a popular online accounting software for small and micro business owners in Sweden. Through the unique and patented SpeedCoding feature, any business owner can click through and update their accounting records in seconds. SpeedLedger has a rapidly growing customer base of businesses and a tight cooperation with all major banks in Sweden, both on a technical level (extensive bank feeds) and commercially. SpeedLedger was founded in 2001 by Magnus Nilselid and Jan Thorshag, both still active managers and shareholders in the company.
HgCapital is a sector expert private equity investor, supporting management teams to grow industry champions. Deeply resourced sector teams focus on specific sub-sectors and investment themes to identify companies occupying an established position within a niche, and which have the potential to grow faster than their market, create employment and become the leader in their industry. HgCapital’s dedicated portfolio management team provides practical support to management teams to help them realise their growth ambitions. HgCapital invests in expanding segments of the TMT, Services, Industrials and Renewable Energy sectors across Western Europe.
Based in London and Munich, HgCapital manages more than £5 billion for some of the world’s leading institutional and private investors. For further details, please see www.hgcapital.com.