Visma

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Visma
Private (subsidiary of Kohlberg Kravis Roberts)
Industry Computer software
Genre Business software provider
Founded Oslo, Norway (1996 (1996))
Headquarters Oslo, Norway
Number of locations
Norway, Sweden, Denmark, Finland, the Netherlands, Latvia
Area served
Europe
Key people
Øystein Moan, CEO
Products Business software
Business Process Outsourcing
Retail IT
IT consultancy
E-government solutions
Revenue Increase NOK 7,100 million (2014)
Owner KKR, HgCapital, Cinven, Visma Management
Number of employees
6,700 (2014)
Parent Kohlberg Kravis Roberts
Divisions Software SMB
Software Government and Large Accounts
Business Process Outsourcing (BPO)
Website Visma.com

Visma is a provider of business software, outsourcing services, commerce solutions, retail IT solutions, and IT related development and consultancy. The company has 400,000 customers with the vast majority in Northern Europe. It has 6,700 employees and a net revenue amounted to NOK 7,100 million in 2014.

The company was formed in 1996, through the merging of the companies Multisoft, SpecTec and Dovre Information Systems. Today, the group comprises three divisions: Visma Software SMB, Visma Software Government and Large Accounts, and Visma BPO (Business Process Outsourcing).

Visma has approximately 100 offices (the majority of which are local accounting practices) throughout Norway, Sweden, Denmark, Finland, the Netherlands, the United Kingdom, Ireland, Lithuania, Romania and Latvia. In addition, the company has 1 100 resellers and distribution through partners in several European countries. The headquarter is located in Oslo, Norway.[1]

Organisation[edit]

Visma Software SMB The Software SMB division is headed by Division Director Eivind Gundersen. In 2014 the division had a revenue of NOK 2867 million. The total revenue for the Visma Group was NOK 7119 million. Of Visma's 6,700 employee, 1876 work in the Software SMB division. The division provide small businesses with business admin sofware solutions for web based accounting and invoicing, CRM , purchase pooling, web shops, and email and hosting services.

Visma Software GLA The Software Government and Large Accounts division is headed by Acting Division Director, Øystein Moan. In 2014 the division had a revenue of NOK 2440 Million. The total revenue for the Visma Group was NOK 7119 Million. Of Visma's 6,700 employee, 2198 work in the Software GLA division. The division provides IT solutions for central and local government, institutions and organizations providing education, welfare services, and healthcare services, along with non-profit and non-government organisations, large enterprises, and retailers.

Visma BPO The BPO division offer business process outsourcing services, such as accounting, payroll and management consulting. The division is headed by Division Director, Roar Wiik Andreassen. In 2014 the division had a revenue of NOK 1812 Million. The total revenue for the Visma Group was NOK 7119 Million. Of Visma's 6700 employee, 2242 work in the BPO division.

Øystein Moan (CEO)[edit]

Visma CEO, Øystein Moan (born 1959), is an MSc Computer Science at the University of Oslo. Prior to Visma, Moan was the founder and Managing Director of Cinet AS. Since taking the reins as the CEO of the Visma Group in 1997, Moan has led the company to become one of the companies in the Nordic region. He has taken the company from 300 to 5,500 employees, and increased revenue from NOK 250 million to NOK 7,119 million (2014 figures).[2]

Corporate history[edit]

1996 – The Visma Group has its first year of operations. Visma public on Oslo Stock Exchange. MultiSoft ASA, SpecTec ASA and Dovre Information Systems AS merge. Three key products: SpecTec (marine), Visma Logistics and Visma Business.

1997 – A turbulent year: Due to growth ambitions that exceeded the company's resources, the company experienced a financial crisis in the year's second quarter. The company had to be re-financed and re-structured, and most of the management and the Board of Directors were replaced. The turnaround: Øystein Moan joins as CEO, and a new strategy is put into action. The new board manages to raise MNOK 100 in new share-capital, but must lay off 1/3 of staff.

1998 – At the beginning of 1998, the company again emerged as a stable and strong enterprise, building the Visma Marine Division to a global leader within the fishing industry.

1999 – Visma establishes subsidiaries in Denmark and UK. The company makes its first step towards SaaS launching Visma Business e-commerce and starting work on developing web and WAP extensions of all the Visma applications.

2000 – The major event of 2000 was the sale of Visma Marine ASA’s operations to Dutch company Station12.[3] Visma received a cash payment of MNOK 730. The considerable financial resources would be used to generate vigorous growth. New strategy: To offer both software and outsourcing within accounting, finance and payroll.

2001 – Visma acquires Spcs, the Swedish market leader within the small business segment.[4] Later in the year, the company enters the Finnish market through the acquisition of Liinos.

2002 – With the Spcs developed software “Avendo”, Visma enters the Norwegian micro market. The BPO division enters the Danish market through the acquisition of Bogholderi & Administrasjon, and the acquisition of Møre Datasystemer sees Visma enter the public sector.

2003 – Visma enters major cooperation agreements with Norway's largest bank (DNB) and the national postal service.

2004 – Visma establishes an electronic data center in Oslo, which processed 2 million incoming invoices in 2005. The company also makes big strides in the public sector with debt collection and temp services added to the portfolio.

2005 – Steady growth – both organically and through eleven acquisition. Visma’s Management Trainee program is initiated.

2006-2008 – Visma enters the Dutch market through the acquisition of software company AccountView.[5] A change of ownership sees British private equity firm HgCapital become the new majority owner. HgCapital de-lists Visma from the Oslo Stock Exchange.

2009 – The company’s Retail IT division is established, providing retail businesses with a complete setup – from hardware and implementation to consultancy and support. This is also the year Visma’s signature headquarter building in Skøyen, Oslo is completed ready to house 800 + of the company’s Norwegian staff.[6] Visma reaches a landmark 10,000 SaaS users and becomes Finland’s second largest accounting firm.

2010 – Kohlberg Kravis & Roberts (KKR) acquires a 76.9% ownership in Visma.[7] At the time, the transaction values Visma at an enterprise value of NOK 11 billion. Visma was KKR’s first investment in Norway. HgCapital, the previous majority owner of Visma, retained a significant minority ownership of 17.7% Management of Visma increased its ownership in the business to 5.3%.[8] Earlier that year, Visma entered the IT consultancy market in Norway, Sweden and Denmark through the acquisition of Sirius IT[9] .

2011 – In Norway, Visma acquires Mamut, its rival in the micro segment.[10][11] Included in the acquisition is international web hosting company Active24.

2012 – Visma launches Visma.net - a world-leading SaaS solution for small and medium sized businesses.[12] At launch, the suite includes ERP, CRM and Expense Management. Later this year, Visma introduces Net Promoter Score - a renowned customer satisfaction and nurturing program

2013 – Visma signs its biggest deal to date to develop admin and communication solution for Norwegian schools. Through the acquisition of the Duetto Group, Visma enters the Finnish debt collection market.[13]

2014 – Visma widens its shareholder base to include Cinven and is valued at NOK 21 billion.[14][15] The new owner structure becomes Cinven, HgCapital and KKR with 31.3% ownership each, and the Visma management with 6% ownership.[16]

References[edit]

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  1. ^ Visma, Valued at NOK 21 Billion, Widens Shareholder Base
  2. ^ Buyout firm Cinven to invest in Norway's Visma As
  3. ^ KKR Agrees to Pay $935 Million for Stake in Software Maker
  4. ^ Visma to sell division to station 12
  5. ^ HgCapital strengthens Visma AS through the acquisition of AccountView B.V.
  6. ^ Visma offers to buy Mamut
  7. ^ Official opening of Visma’s new headquarters in Oslo
  8. ^ KKR to become new majority owner of Visma
  9. ^ Visma intends to make voluntary offer to acquire MAMUT
  10. ^ Visma delivers a strong quarter and launches ground-breaking cloud services
  11. ^ Visma acquires Duetto Group and enters the Finnish debt collection market
  12. ^ Visma widens shareholder base. Valued at NOK 21 billion
  13. ^ Visma further strengthens its Nordic position through acquisition of Sirius IT
  14. ^ Annual Report 2013
  15. ^ Agreement on integration with SPCS
  16. ^ Visma Headquarter in Skøyen, Oslo