New York, NY, September 26, 2010 -- Kohlberg Kravis Roberts & Co. (together with its affiliates, “KKR”) today announced the acquisition of Visma AS (“Visma” or the “Company”), a leading provider of business software and business processes for accounting & payroll in the Nordic Region. Subject to the satisfaction or waiver of customary closing conditions, KKR will acquire a controlling stake in the Company. Majority shareholder, HgCapital, will retain a significant portion of its ownership.
Mati Szeszkowski, KKR Director and leader of the KKR Technology Team in Europe, said: “KKR is delighted to be partnering with HgCapital and Visma. We have been following Visma for several years and are impressed by the strength of its franchise and management team. Visma is a high quality business with a proven track record of driving growth. The company has a very bright future and we are excited about the prospect of working with HgCapital and its management team to support Visma through the next stage of its development.”
Visma is a Norwegian-based accountancy software business with over 230,000 customers, primarily in the SME sector. Headquartered in Oslo, it has over 85 offices throughout Norway, Sweden, Finland and Denmark. The Company has three main business segments: accounting software, accounting services and outsourced financial & productivity services, including e-procurement and debt collection. Total group revenues for 2009 were NOK 3381 million.
Nic Humphries, CEO of HgCapital, said, “We chose to work with KKR as our preferred partner in this investment because of their combination of capital and global expertise in the technology sector. The KKR-Hg Capital partnership is a great example of growth focused Private Equity.
Together, we have the expertise to bring the company to its next stage of development. This partnership, whereby we retain almost 40% of our original stake in the company, allows us to maintain exposure to the significant further upside that we see in Visma over the coming years."
Øystein Moan, CEO of Visma, said: "We are pleased to be entering an exciting new phase of development with our partners, KKR and HgCapital. KKR’s experience in technology and its global footprint made KKR the ideal partner for us. I am convinced that this partnership will provide the business with a strong platform to achieve its goal of being the leading software provider in the Nordics.”
KKR has in-depth experience across the technology sector and today has 12 technology companies in its private equity portfolio, including six in the United States, four in Asia and two in Europe.
While this is KKR’s first investment in Norway, many of the companies in the Firm’s private equity portfolio, such as Alliance Boots, Ambea, Maxeda, Tarkett, Toys R Us and TDC, have extensive operations in the Nordic market. In aggregate, KKR portfolio companies with a Nordic presence have over 20,000 employees and over €5 billion in revenues.
KKR did not use any financial advisors. Debt was provided by financing partners, DnBNOR and Danske Bank.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global alternative asset manager with $54.4 billion in assets under management as of June 30, 2010. With over 600 people and 14 offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platforms. KKR is publicly traded on the New York Stock Exchange (NYSE: KKR). For additional information, please visit KKR's website at www.kkr.com.
Visma is a Norwegian-based accountancy software business servicing over 200,000 customers, primarily in the SME sector. Headquartered in Oslo, it has 85 offices throughout Norway, Sweden, Finland and Denmark. The Company has three main business segments: accounting software, accounting services and outsourced financial & productivity services, including e-procurement and debt collection. More information about Visma can be found on the company’s web site at www.visma.com.
# # #
KKR Media Contacts