Visma

Visma is a privately held software group headquartered in Oslo, Norway. Its business is centered on cloud software for organizations that need to manage accounting, invoicing, payroll, human resources, financial administration, procurement, education, healthcare, and related workflows. The group serves small businesses, medium-sized companies, larger organizations, public-sector users, and software ecosystems through a portfolio of locally established brands and increasingly integrated cloud platforms. The company was formed in 1996 through the merger of three Norwegian businesses: Multisoft, SpecTec, and Dovre Information Systems. The name Visma was derived from the expression “visual management.” Visma was initially listed on the Oslo Stock Exchange, but its ownership structure later changed substantially. HgCapital acquired the company in 2006 and took it private. KKR acquired a 76.9% interest in 2010, and its stake was subsequently sold in 2017. Visma is now primarily known as a private-equity-backed software group whose expansion has been driven heavily by acquisitions. Acquisitions have allowed Visma to combine recurring software revenue with strong local market knowledge. The group expanded in Sweden through the purchase of Spcs, entered the Netherlands with AccountView, and later added businesses including LogBuy, Raet, Yuki, Holded, ProSaldo.net, Lyanthe, IonProjects, Teamleader, Inqom, H&H, BuchhaltungsButler, and Silverfin. These transactions broadened Visma’s geographic reach and extended its capabilities from small-business bookkeeping into enterprise resource planning, payroll and human-capital management, accounting-firm collaboration, financial automation, and sector-specific administration. Visma’s portfolio is organized around customer and market segments that include small business, medium business, public-sector activities, and an ecosystem of connected products and partners. Representative offerings include Visma eAccounting for smaller businesses, Visma Net for cloud enterprise-resource planning, Business NXT for larger and more complex organizations, Visma Payroll and Visma HR for workforce administration, and products associated with acquired brands such as Yuki, Holded, Silverfin, and AccountView. Exact product availability and branding vary by country because Visma generally preserves local product organizations while adding group-level technology, distribution, and capital resources. In 2024, Visma created Visma Software Nordic by combining its Norwegian and Swedish Visma Software organizations with NextGen. The division focuses on cloud ERP for medium-sized and larger Nordic organizations, with Visma Net and Business NXT identified as central products. The move reflects the group’s broader effort to coordinate regional software operations while retaining market-specific functionality. Visma also has a presence beyond traditional business administration software. Its portfolio and market activities have included solutions for education, healthcare, procurement, public administration, and employee benefits. In 2025, it acquired a minority stake in Accountable, a German-Belgian fintech company associated with an AI-based tax assistant. This investment illustrates Visma’s interest in adjacent financial-automation technologies as artificial intelligence becomes more prominent in accounting and tax workflows. The brand is positioned as a broad European cloud-software platform with strong local implementation capabilities. Its growth model combines organic product development, recurring subscription software, and a continuing program of acquisitions. Because Visma is private and operates through many subsidiaries and brands, consolidated financial and operational details are not always presented in the same manner as those of a listed software company.

Visma was established in 1996 through the merger of three Norwegian companies: Multisoft, SpecTec, and Dovre Information Systems. Its name refers to “visual management.” The company was initially a listed business on the Oslo Stock Exchange, and its early activities included software and marine-related operations. In 2000, Visma Marine’s operations were sold to the Dutch company Station12. The group began building a broader Nordic software presence in 2001 when it acquired Spcs, formerly Scandinavian PC Systems. Spcs was a leading Swedish provider serving small businesses, giving Visma a stronger position outside Norway and adding a significant local accounting-software franchise. A further ownership transition occurred in 2006, when HgCapital offered €552 million for the company and took Visma private. Later that year, Visma entered the Dutch market through the acquisition of AccountView. Private-equity ownership continued to shape the company. In 2010, KKR acquired a 76.9% interest in Visma. KKR later sold its stake in 2017 for a reported $1.8 billion. During this period and afterward, Visma continued to expand through acquisitions rather than relying solely on a single standardized product suite. In 2017, it purchased LogBuy, a Danish employee-benefits platform. In 2018, it acquired Raet, a substantial Dutch payroll and human-capital-management provider, strengthening its position in workforce administration. The acquisition program accelerated across Europe in the 2020s. Yuki, a Dutch bookkeeping platform, joined the group in 2020. In 2021, Visma acquired Holded in Spain and ProSaldo.net in Austria. In 2022, it added the Dutch financial-software company Lyanthe and the Belgian developers IonProjects and Teamleader. That year it also sold its IT consulting division to CVC Capital Partners, indicating a strategic concentration on software products and recurring digital services. Visma entered France through Inqom in 2022 and Germany through H&H and BuchhaltungsButler in 2023. Silverfin, a Belgian cloud accounting provider, was acquired in 2023. The group’s portfolio serves several segments, including small businesses, medium-sized enterprises, public-sector organizations, and connected software ecosystems. Its products cover accounting, invoicing, financial management, ERP, payroll, HR, procurement, education, healthcare, and public administration. Visma generally combines group-level scale with local brands and country-specific product development, a model that helps it address regulatory differences in areas such as tax, payroll, accounting, and public-sector reporting. In 2024, Visma created Visma Software Nordic by merging Visma Software AS in Norway, Visma Software AB in Sweden, and NextGen AB. The new regional division focuses on cloud ERP for medium-sized and larger Nordic organizations. Visma Net serves small and medium-sized businesses, while Business NXT is intended for larger organizations with more complex requirements. The reorganization reflects an effort to coordinate Nordic operations and product development while preserving the market knowledge of established local businesses. In April 2025, Visma acquired a minority stake in Accountable, a German-Belgian fintech company associated with an AI-based tax assistant introduced in 2024. The investment extended Visma’s activity into emerging tax-automation technology. Today, Visma remains a privately held, acquisition-driven European software group with operations across the Nordic region, wider Europe, and parts of Latin America. Its identity is defined by cloud transition, recurring business software, local regulatory expertise, and continued portfolio expansion.

1. 2025Minority investment in Accountable

   Visma takes a minority stake in German-Belgian fintech company Accountable.

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2. 2024Visma Software Nordic is created

   The Norwegian and Swedish Visma Software organizations are combined with NextGen to create Visma Software Nordic.

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3. 2023Visma enters Germany and acquires Silverfin

   Visma enters Germany through H&H and BuchhaltungsButler and acquires Belgian cloud accounting provider Silverfin.

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4. 2022Benelux expansion and consulting divestment

   Visma acquires Lyanthe, IonProjects, and Teamleader, while selling its IT consulting division to CVC Capital Partners.

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5. 2021Expansion in Spain and Austria

   Visma acquires Holded in Spain and ProSaldo.net in Austria.

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6. 2020Yuki is acquired

   Visma acquires Dutch bookkeeping platform Yuki.

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7. 2018Raet acquisition strengthens HR software

   Visma acquires Dutch payroll and HCM provider Raet.

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8. 2017LogBuy joins Visma

   Visma acquires Danish employee-benefits platform LogBuy.

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9. 2010KKR acquires a majority interest

   KKR acquires a 76.9% ownership stake in Visma.

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10. 2006HgCapital takes Visma private

    HgCapital makes an offer valued at €552 million and takes Visma private; Visma also enters the Netherlands through AccountView.

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11. 2001Spcs acquisition expands Swedish operations

    Visma acquires Swedish small-business software company Spcs, formerly Scandinavian PC Systems.

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12. 2000Visma Marine operations are sold

    Visma sells its marine operations to Dutch company Station12.

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13. 1996Visma is formed

    Multisoft, SpecTec, and Dovre Information Systems merge in Norway to form Visma, which is subsequently listed on the Oslo Stock Exchange.

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A European cloud-software group combining locally adapted business applications with a broad acquisition-led platform strategy.

• Visma NetCloud enterprise resource planning

  Visma Net is a cloud ERP platform associated with Visma’s Nordic software business. It supports core financial and business-management processes for small and medium-sized organizations, with capabilities generally centered on accounting, invoicing, reporting, workflow, and related administration. Its role within Visma’s portfolio reflects the group’s focus on subscription-based business software that can be adapted to local regulatory and market requirements.

• Business NXTCloud ERP

  Business NXT is positioned for larger organizations and customers with more complex operational and financial requirements. It belongs to Visma Software Nordic’s enterprise-oriented portfolio and is intended to provide broader business-management functionality than products aimed primarily at smaller companies. Publicly available reference material identifies it as one of the division’s main products, but does not provide a complete feature inventory.

• Visma eAccountingAccounting and invoicing

  Visma eAccounting is a cloud accounting product for smaller businesses and related users. It is associated with bookkeeping, invoicing, financial administration, and digital collaboration between businesses and accounting professionals. The product represents Visma’s small-business positioning: relatively accessible cloud software combined with country-specific accounting and tax workflows.

• Visma PayrollPayroll

  Visma Payroll is part of the group’s workforce-administration offering. Payroll products in Visma’s portfolio are designed to support salary calculation, employee records, reporting, and compliance-related processes, with implementation and functionality varying across national markets. Visma’s acquisition of Raet further expanded its payroll and human-capital-management presence in Europe.

• Visma HRHuman resources

  Visma HR refers to human-resources software within the Visma portfolio. Such solutions support employee administration and related HR workflows, often alongside payroll and workforce-management functions. The offering fits Visma’s broader strategy of providing connected administrative tools for employers, while local versions may differ because employment rules and HR practices vary by country.

• YukiBookkeeping and accounting automation

  Yuki is a Dutch bookkeeping software platform acquired by Visma in 2020. It extends Visma’s accounting portfolio with digital bookkeeping and financial-administration capabilities, particularly for businesses and accounting professionals. Yuki illustrates Visma’s practice of adding established local platforms to its wider European software group rather than replacing every acquired brand with a single uniform product.

• HoldedERP and accounting

  Holded is a Spanish ERP and accounting company acquired by Visma in 2021. Its software addresses business administration for smaller organizations, combining financial and operational functions in a cloud-oriented environment. The acquisition broadened Visma’s Spanish presence and reinforced its strategy of expanding through locally relevant products serving entrepreneurs and growing businesses.

• SilverfinCloud accounting collaboration

  Silverfin is a Belgian provider of cloud accounting software acquired by Visma in 2023. It is associated with accounting-firm workflows and collaboration between accountants and their clients. Its addition strengthened Visma’s European accounting ecosystem and complemented products serving bookkeeping, financial reporting, and automation needs.

• AccountViewBusiness and accounting software

  AccountView is a Dutch software business acquired by Visma in 2006. The acquisition marked Visma’s entry into the Dutch market and added locally established accounting and business-management software to the group. AccountView forms part of Visma’s broader collection of country-oriented products for financial administration and enterprise management.

• 2018Team Jumbo-Visma sponsorship

  International · Europe · Professional road cycling

  Visma signed a five-year sponsorship agreement with the professional road-cycling team Team Jumbo-Visma. The sponsorship began on January 1, 2019, giving the software brand international visibility through a UCI WorldTour team.

  Outcome. The agreement associated Visma with a prominent professional cycling team; the supplied reference material does not establish further commercial outcomes.

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• 2025Take a minority stake in AccountableM&A

  Accountable is a German-Belgian fintech company associated with an AI-based tax assistant introduced in 2024.

  What changed. Visma acquired a minority stake in Accountable.

  Aftermath. The investment extended Visma’s exposure to AI-enabled tax and financial-administration technology.

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• 2024Create Visma Software NordicStrategy

  Visma had separate software organizations in Norway and Sweden and also owned NextGen AB.

  What changed. The three organizations were combined into Visma Software Nordic to provide cloud ERP for medium-sized and larger Nordic organizations.

  Aftermath. Visma Net and Business NXT became the division’s identified main products, creating a more coordinated Nordic operating structure.

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• 2022Divest the IT consulting divisionStrategy

  Visma operated both software activities and an IT consulting division while continuing to expand its business-software portfolio.

  What changed. Visma sold its IT consulting division to CVC Capital Partners.

  Aftermath. The divestment supported a sharper focus on software products and related digital services.

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• 2006Accept the HgCapital offer and become privateM&A

  Visma was a listed software company when HgCapital made an offer valued at €552 million.

  What changed. HgCapital acquired the company and took it private.

  Aftermath. The transaction ended Visma’s public-market status and preceded a longer period of private-equity ownership and acquisition-led expansion.

  Offer value. €552 million offer (2006)

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• 2025Visma invests in Accountable

  Visma acquired a minority stake in German-Belgian fintech company Accountable, which had developed an AI-based tax assistant.

  M&AOther
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• 2024Visma Software Nordic is formed

  Visma combined its Norwegian and Swedish Visma Software organizations with NextGen to create Visma Software Nordic.

  Other
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• 2023Visma enters Germany through H&H and BuchhaltungsButler

  Visma entered Germany by acquiring financial-software companies H&H and BuchhaltungsButler.

  M&A
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• 2023Visma acquires Silverfin

  Visma acquired Belgian cloud accounting software provider Silverfin, strengthening tools for accounting firms and their clients.

  M&A
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• 2022Visma expands its financial-software portfolio in the Benelux

  Visma acquired Dutch financial software company Lyanthe and Belgian software developers IonProjects and Teamleader.

  M&A
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• 2022Visma sells its IT consulting division

  Visma sold its IT consulting division to CVC Capital Partners, sharpening its focus on software and related recurring digital services.

  M&A
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• 2022Visma enters France through Inqom

  The acquisition of French software developer Inqom marked Visma’s entry into the French market.

  M&A
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• 2021Visma acquires Holded

  The acquisition of Spanish ERP and accounting company Holded expanded Visma’s presence in Spain and its small-business software offering.

  M&A
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• 2021Visma acquires ProSaldo.net

  Visma acquired Austrian bookkeeping and billing software platform ProSaldo.net.

  M&A
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• 2020Visma acquires Yuki

  Visma added Yuki, a Dutch bookkeeping software platform, to its accounting and financial-automation portfolio.

  M&A
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• 2018Visma acquires Raet

  The acquisition of Dutch payroll and human-capital-management provider Raet expanded Visma’s HR and payroll capabilities.

  M&A
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• 2017Visma expands employee-benefits software through LogBuy

  Visma acquired LogBuy, described as Denmark’s largest employee-benefits platform, adding a benefits-related service to its software portfolio.

  M&A
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• 2017KKR sells its Visma stake

  KKR sold its stake in Visma for a reported $1.8 billion, ending its ownership period.

  M&A
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• 2010KKR acquires a majority stake in Visma

  KKR acquired a 76.9% ownership interest in Visma, beginning a new phase of private-equity ownership.

  M&A
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• 2006HgCapital takes Visma private

  HgCapital made an offer for Visma valued at €552 million and subsequently took the company private.

  M&A
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• 2001Visma acquires Spcs in Sweden

  Visma acquired Spcs, formerly Scandinavian PC Systems and a major Swedish small-business software provider, strengthening its position in the Swedish market.

  M&A
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1. Visma
2. Visma official website