Norway’s Visma Considers 2023 IPO

Norwegian software service firm Visma‘s leadership is eyeing a potential 2023 initial public offering, a spokesman told Reuters.

“We are considering an IPO during 2023, of course given that market conditions are favorable. The Oslo Stock Exchange could be a good option,” the spokesman said in an emailed statement, Reuters reported.

Visma states in marketing materials that it provides “software that simplifies and automates processes in a wide range of business areas, including accounting, HRM and payroll, invoicing, e-government, and more.”

Visma’s majority owner is Hg, a private equity firm that stated in a news release Thursday that the software company’s value as of a recent series of private investments is about $19 billion.

“It is thanks to Visma’s dedicated and talented employees, with their entrepreneurial mindset and local expertise, that we have achieved our position in Europe today. Visma has also long benefited from a supportive and knowledgeable investor base, which has been incredibly valuable to the growth of the business,” Visma Chief Executive Merete Hverven said in a prepared statement accompanying the announcement of the new investors.

Hverven added: “The future looks bright for the growth of digital services, as businesses increasingly see the value of cloud solutions to handle their most important business processes.”

Venture capital firm Hg retained majority ownership of Visma after the new round of investments, according to the software company’s announcement. Other investors in the latest round include: GIC, ICG, CPP Investments, General Atlantic, TPG, Warburg Pincus and Visma management.

Hg states it has funds under management of about $37 billion and an investment staff of more than 140.