Hg Increases Ownership in Visma; Cinven Sells Remaining Stake

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

September 10, 2021

Cloud & SaaS

Visma completed a secondary sale to institutional investors Aeternum Capital, Government Pension Fund Norway (Folketrygdfondet), Vind and GIC at a valuation of €16 billion, expanding its shareholder base to support further European and international expansion. Hg remains the majority owner alongside existing co-investors, and the new investors will support Visma’s continued cloud and product growth.

Hg Makes c.$1bn Strategic Investment in insightsoftware

July 13, 2021

Cloud & SaaS

Hg’s Saturn 2 Fund will make a c.$1bn equity investment in insightsoftware to become a significant minority shareholder alongside TA Associates, in a transaction valuing the business at an enterprise value of around $4.0bn. The investment will support insightsoftware’s continued scale as a cloud financial reporting and EPM platform, with existing minority shareholders Genstar and ST6 remaining supportive and TA and Hg sharing joint control.

Hg Saturn Fund Acquires Personal & Informatik (P&I) from Permira

December 23, 2019

Cloud & SaaS

Hg (via its Saturn 1 Fund) has acquired a majority stake in Personal & Informatik AG (P&I), a Germany‑headquartered provider of cloud‑based HR software, from funds advised by Permira for an enterprise value of €2 billion. Permira funds retain a substantial minority stake and Hg-managed funds will be the majority shareholder, marking the fourth investment from the Hg Saturn 1 Fund and reinforcing Hg's focus on cloud HR/SaaS businesses.

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.