Visma takes the leadership position in cloud based ERP for the SMB market in Denmark with the acquisition of e-conomic
Visma takes the lead position in Denmark, and solidifies the overall Nordic leadership position, in cloud based ERP for the SMB market with the acquisition of Danish based e-conomic, a leading European software as a service (SaaS) accounting solutions provider to SMBs.
Visma will acquire the core Danish and Nordic business of e-conomic in an all share deal with HgCapital, and will in the transaction also significantly increase its share of SaaS revenue in Sweden since a majority share of SpeedLedger, the second largest SaaS accounting solution provider in Sweden, was acquired by e-conomic in 2014. Visma will re-focus its part of e-conomic on the core home market and customer base in Denmark, while HgCapital will retain a majority stake in the international business of e-conomic and Debitoor, an 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 SaaS solutions for the segments in the Nordics. We believe this will create new opportunities and increase value for existing and new customers in Denmark, says Øystein Moan, CEO of Visma.
Both Visma and e-conomic share the strategy of becoming a leading European SaaS SMB solution provider and will benefit from each other. Visma will significantly increase its presence and focus in the core Danish market, and will improve e-conomic’s value proposition offering additional relevant products to e-conomic customers (e.g. payroll). Copenhagen will further be an important “Software as a Service” development centre for Visma going forward.
- The performance of e-conomic 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 Mogens Elsberg, CEO of e-conomic.
Eilert Hanoa will assume the position of CEO for e-conomic, in addition to his current duties as Director for the Software Unit in Visma’s SMB Division, as Mogens Elsberg steps down after a year on the post to facilitate the pending transition for the company.
e-conomic has successfully demonstrated that it can grow its core 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, as part of the Visma group, will continue as an independent entity under the e-conomic brand focused on delivering great products and top class customer service.
For further details:
Øystein Moan +47 920 8000
Mogens Elsberg +45 20 56 15 25
Nic Humphries +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. For further details, please see www.visma.com
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 >230,000 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.
About HgCapital Trust plc
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.