KKR exits European software leader after seven years of ownership
Overall business more than quadrupled in value since 2010
KKR, a leading global investment firm, has today announced that it has
agreed to sell its entire remaining stake in Visma, together with a
smaller stake from Cinven, to an investor group led by HgCapital
together with GIC, Montagu and ICG. The transaction values the company
at $5.3 billion (NOK45 billion), which makes it the largest ever
software buyout in Europe and one of the top 5 globally.
KKR initially acquired Visma in 2010 at an enterprise value of $1.3
billion (NOK11 billion). Over the past seven years, Visma has
significantly grown revenues from NOK2.8 billion in 2010 to NOK7.9
billion in 2016, a compound annual growth rate of 19%, and improved
EBITDA margins from 19% to 25%. In addition, the company has completed
more than 100 add-on acquisitions over the same period of time for an
aggregate enterprise value of c. $1 billion (NOK8 billion).
Anders Borg, Director and Head of the Nordic Region at KKR, said: "We
are proud to have built a clear leader in the European software market
over the past seven years. Visma has truly put the Nordics on the global
tech map. Our partnership with Øystein Moan and the Visma team has been
a very fruitful one - I would like to personally wish them all the best
for the future."
Stanislas de Joussineau, Director at KKR, said: "The sale of our
remaining stake in Visma marks the end of a very successful partnership
between KKR and an exceptional management team with a strong vision.
During KKR's ownership, Visma underwent a major strategic
transformation, enabled by over a hundred add-on acquisitions, from a
predominantly on-premise software provider to becoming a leading
European SaaS player, which today has resulted in a significant
re-rating in valuation."
Øystein Moan, CEO of Visma, said: "KKR has been an outstanding partner
over the past seven years to take Visma to the next phase of its
development. Their support, engagement and strategic expertise from both
global and local resources have been key drivers of the firm's growth
The transaction is subject to customary regulatory approvals. The
investment in Visma is primarily held in KKR's third European fund.
KKR was advised on this transaction by ABG Sundal Collier, Morgan
Stanley, Simpson Thacher & Bartlett, EY and OC&C.
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world‐class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners' capital and brings opportunities to others through its capital
markets business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and
on Twitter @KKR_Co.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170628006579/en/
UK & International
Victor Mallet, +44(0)20 7251
Hähnel, +46 70 605 6334
News Provided by Acquire Media