Cinven to Acquire Stake in Visma, HgCapital Re-Invests
April 29, 2014
Cinven has agreed to invest in Visma, a software and BPO services business in the Nordic region, in a deal that values the business at NOK21 billion ($3.5 billion). HgCapital is increasing its stake to 31.3% by re-investing a reported £405 million ($681 million). Majority owner Kohlberg Kravis Roberts is paring down its position from 76% to 31.3%.
HgCapital originally took Visma private for NOK4.3 billion ($716 million) in 2006; it later sold a majority of its stake to KKR in late 2010, retaining a 17.7% position. Visma's 2013 revenues were NOK6.5 billion ($1.1 billion), and it employs over 5,600 people, delivering ERP software and services including accounting, tax and payroll apllications and services to over 340,000 SME customers.