Visma has signed an agreement on selling its IT consulting business. The business will be acquired by CVC Capital Partners Fund VIII. In Finland, transferring into the new company are Visma Consulting Oy and the other Custom Solutions division companies, which employ over 600 professionals.
TSo far, IT consulting business operations focused on digital transformation have been part of the Visma Custom Solutions division, a leading supplier of critical IT solutions and data-driven technologies employing 2,000 highly qualified professionals in the Nordic countries and Lithuania. Custom Solutions serves 8,000 customers in the private and public sector.
Over the last months, potential buyers have displayed strong interest towards the consulting business. A key basis for the transaction is that both Visma and Custom Solutions may grow even stronger as two separate companies.
“We believe that this is a good deal for all parties, enabling the development of IT consulting operations even faster and better than before as a separate company. For Visma, the change means an enhanced focus on our core business and additional funding for implementing our ambitious growth strategy,” says Merete Hverven, CEO of Visma.
CVC is a leading capital investment company with a global network of 25 regional offices that controls assets with an estimated value of EUR 125 billion. CVC has operated in the Nordic market for over 20 years and cooperated successfully with several companies in the region.
“We are excited about this opportunity to invest in the Custom Solutions business, which has an impressive growth history under Visma’s ownership. The business has good opportunities for continuing its growth trajectory in implementing large-scale digital transformation projects across all Nordic countries, and we are excited about the cooperation with this competent team to speed up development,” say Christoffer Sjøqvist, Senior Managing Director and Head of CVC Denmark and Leif Lindbäck, Partner and Head of CVC TMT EMEA.
LEADING OPERATOR IN THE NORDIC COUNTRIES
Over the last five years, the Custom Solutions division has grown profitably at a rate of approximately 22 per cent per year. In 2021, the turnover of the division was over EUR 280 million, which makes it one of the largest companies providing digital IT services in the Nordic countries.
The services of the new company will remain unchanged: tailored software solutions for the needs of the public sector and companies that encompass process automation, various business software, data-driven leadership, data analytics and AI and robotics solutions.
The company has 30 offices in the Nordic countries and Lithuania, and its head office is located in Copenhagen. The offices in Finland are located across six cities. The business operations and service offering will remain unchanged, albeit under a new name, which will be published at a later time.
CVC supports the current management and employees of Custom Solutions in retaining the company’s leading market position and in development under the new brand through both organic growth and future acquisitions.
Carsten Boje Møller, current Director of the Custom Solutions division will take over the role of new CEO.
“This presents a wonderful opportunity for us to create a leading Nordic IT consulting company focused on digital transformation. I am thrilled to have CVC on board, as they have a strong will to support our strategy and growth aspirations. This has been the key criterion in finding the right owner for our new company, and we are excited about the cooperation to promote our growth as an independent company,” says Møller.
Petri Lillberg, who has led the Custom Solutions division in Finland, will act as the new company’s Managing Director in Finland.
“The transaction will give rise to one of the largest IT consulting houses in the Nordic countries, for which Finland is a key market. In Finland, we have grown into a company employing over 600 people, and with the new owner, we will be able to speed up our growth even further,” says Lillberg.
Petri Lillberg, Managing Director, Visma Consulting Oy, +358 40 577 7014