Hg-backed Visma acquires Cash Software

The company will remain a separate entity within the Visma group and continue its business activities independently. Two former owners, Jaap Boender and Zita de Booij, will leave the company, while owner Robert Mijnsbergen will continue as managing director.

The deal is Visma's fourth strategic acquisition in the accountancy software market, after the takeover of Dutch companies Yuki, Nmbrs and VisionPlanner. 

So far in 2020, Visma has also acquired Zetech, Specter, Draftit, Framsikit, Onguard, Circle Software and Conceptos Consulting. 

Company director John Reynders declined to comment on whether the deal was backed with fresh equity from its PE owners.  

Visma has gone from being valued at €450m in 2006 – when Hg first invested in it – to €6.5bn in April 2019 and to $12.2bn this August, following a secondary purchase deal in which Hg, via Hg Saturn 2, increased its stake in Visma while Hg's Genesis 7 fund reduced its holding. 

Following the deal completion, Hg was left with a 54% stake. New investors Warburg Pincus and TPG acquired minority stakes, while existing investor CPPIB also acquired an additional stake, alongside co-investors including General Atlantic, which invested earlier in 2020.

In 2019, Visma generated a net turnover of €1.53bn in 2019 and has 11,000 employees.

Company
Founded in 1984 and based in The Hague, Cash Software is a provider of cloud-based accountancy software to 10,000 businesses. According to its LinkedIn page, the company employs 50-200 staff.

People
Visma – John Reynders (country director).
Cash Software – Robert Mijnsbergen (managing director).

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