Visma Secondary Sale to Aeternum, Folketrygdfondet, Vind and GIC Valuing Company at €16B

Altor Fund VI Acquires Eltera Gruppen AS from Valedo Partners

March 26, 2026

Industrial Services

Valedo Partners III AB divested Eltera Gruppen AS (an electrical installation services group in Norway) to Altor Fund VI. During Valedo’s ownership, Eltera grew to become Norway’s largest independent electrical installation services company with more than 1,000 employees and 30+ operating units. The transaction is subject to approval by the Norwegian Competition Authority and terms were not disclosed.

Visma Acquires Brazil-Based Micro‑Entrepreneur Platform MaisMei

February 13, 2026

Cloud & SaaS

Norwegian software provider Visma has acquired MaisMei, a Florianópolis‑based mobile-first compliance and business management platform for Brazil’s Individual Micro Entrepreneurs (MEIs). The deal expands Visma’s footprint in Brazil and creates a product "start‑to‑scale" pathway by linking MaisMei’s compliance tools with Visma’s Conta Azul cloud ERP offering.

Hg-backed Visma Attracts New Investors in €19bn Equity Transaction

December 21, 2023

Software

Hg-backed software group Visma expanded its shareholder base in a transaction valuing the company at EUR 19 billion, welcoming around 20 new investors and raising over €1bn from new investors plus roughly €3bn of new investment from existing shareholders. Named new investors include Altaroc, Jane Street, NPS and the NYC Retirement System, while existing/co-investors providing further capital include Hg, ICG, TPG and Visma management to support continued international expansion and product innovation.

Visma Acquires Silverfin

September 25, 2023

Cloud & SaaS

Norwegian software group Visma has acquired Silverfin, a Ghent-based cloud accounting software provider, to strengthen its position in cloud accounting across Europe and expand its presence in the Belgian market. Silverfin — founded in 2013 with ~170 employees and ~850 direct customers — will continue to scale its cloud-native post-accounting platform within Visma, leveraging its AI capabilities and international customer base.

Hg-Led Consortium Acquires Visma as Montagu Fully Exits

August 21, 2020

Cloud & SaaS

Hg’s Saturn team led a consortium of existing and new investors — including GIC, CPPIB, TPG, Warburg Pincus, General Atlantic and ICG — in a transaction that buys Montagu’s stake in Visma and values the company at NOK 110 billion (US$12.2 billion), the largest-ever software buyout. The deal recapitalizes Visma’s investor base (Hg retaining ~54% post-transaction) and brings additional growth capital to the Oslo-headquartered SaaS leader, which employs over 11,000 people and serves more than one million business customers.

Hg Increases Ownership in Visma; Cinven Sells Remaining Stake

April 18, 2019

Software

Hg Saturn (Hg) and its investors agreed to a further ~€640 million equity investment in Visma, with the Canada Pension Plan Investment Board (CPPIB) committing ~€110 million. As part of the transaction Cinven sells its remaining stake, valuing Visma at an enterprise value of over €6.5 billion and leaving Hg-managed funds with about a 63% ownership alongside co-investors including GIC, ICG and Montagu.