Norwegian Visma Acquires Danish e-conomic
As a consequence of the acquisition the e-conomic CEO Mogens Elsberg will be leaving the company.
Visma takes the lead position in Denmark, and solidifies the overall Nordic leadership position, in cloud based ERP for the SMB market with the acquisition of Danish based e-conomic, a leading European software as a service (SaaS) accounting solutions provider to SMBs.
Visma will acquire the core Danish and Nordic business of e-conomic in an all share deal with HgCapital, and will in the transaction also significantly increase its share of SaaS revenue in Sweden since a majority share of SpeedLedger, the second largest SaaS accounting solution provider in Sweden, was acquired by e-conomic in 2014. Visma will re-focus its part of e-conomic on the core home market and customer base in Denmark, while HgCapital will retain a majority stake in the international business of e-conomic and Debitoor, an invoicing and accounting light solution.
The acquisition of e-conomic is an important part of Visma’s focus on automation and efficiency improvement for accounting offices and SMBs in Denmark, and will contribute to further establish Visma as a leading provider of complete SaaS solutions for the segments in the Nordics. We believe this will create
new opportunities and increase value for existing and new customers in Denmark, says Øystein Moan, CEO of Visma.
Both Visma and e-conomic share the strategy of becoming a leading European SaaS SMB solution provider and will benefit from each other. Visma will significantly increase its presence and focus in the core Danish market, and will improve e-conomic’s value proposition offering additional relevant products to e-conomic customers (e.g. payroll). Copenhagen will further be an important “Software as a Service” development centre for Visma going forward.
The performance of e-conomic during the past few years has been remarkable. There has been significant growth both in Denmark and the Nordics. With the shared vision of making accounting processes simple for small and medium sized businesses, Visma is the perfect partner to take e-conomic to the next level, says Mogens Elsberg, CEO of e-conomic.
Eilert Hanoa will assume the position of CEO for e-conomic, in addition to his current duties as Director for the Software Unit in Visma’s SMB Division, as Mogens Elsberg steps down after a year on the post to facilitate the pending transition for the company.
e-conomic has successfully demonstrated that it can grow its core Danish customer base with more than 75,000 SMB customers in Denmark for its core product e-conomic; as well as the ability to expand internationally. e-conomic, as part of the Visma group, will contin