Market Observatory · 2026-Q3

What Visma paid

4 disclosed prices, what it deploys, what it owes and what its capital costs — every figure from a filed account.

Visma is one of the 13 European software serial acquirers the register tracks, reporting in EUR. It is privately held; sponsor Hg (stated on the debt and cost-of-capital pages). 4 of its acquisitions disclose enough to price (2 of them as a cohort or aggregate rather than a single company). Those were paid between 4.22x and 6.70x the acquired company’s annual revenue; the median is 6.04x, against a register median of 3.14x. In 2025 it deployed 967.2 EUR m across 28 acquisitions (filed, 34.54 EUR m average cheque). Net debt stood at 0.74x its revenue at 2025, and interest took 6.9% of revenue.

4acquisitions on file with a disclosed price — of 28 made in 2025

6.04xmedian price paid per unit of annual revenue (4.22x–6.70x)

967.2EUR m deployed in 2025 (filed)

6.9%of revenue goes out as interest (2025)

Acquisitions on file, with a price

One row per disclosed observation. Colour of the basis tag shows where the number comes from, as on the prices page. Click a company for its own page.

Acquired company	Revenue, EUR m	Year	Price paid	Basis
CXM Holding (MobilExpense)	23.6	2024	4.22x	measured
Conta Azul	47.3	2025	5.91x	measured
other 31 companies (aggregate)	87.4	2024	6.17x	measured
other 21 companies (aggregate)	102.6	2025	6.70x	measured

Price paid per unit of the acquired company’s annual revenue. 4 of the 4 rows are measured — consideration and revenue both stated in the acquisition note; Cohort and aggregate rows are one figure for several companies and have no page of their own. Amounts are converted to euro at the ECB annual reference rate; the multiples are ratios within one currency and are not converted.

What it deploys

In 2025, Visma deployed 967.2 EUR m across 28 acquisitions — the filed figure; buying often and deploying heavily are not the same strategy. The average cheque was 34.54 EUR m.

Capital deployed EUR m	as filed		Acquisitions	Average cheque EUR m	Year	Basis
967.2	967.2	EUR	28	34.54	2025	filed

“Filed” is the number from the buyer’s own cash flow statement. Converted to euro at the ECB annual reference rate for the buyer’s own reporting year; the figure as filed stands beside it. Full table: how much they deploy.

What it owes, and what it costs

Visma carried 2’359 EUR m of net debt against 3’168 EUR m of revenue at 2025 — 0.74x its revenue, interest-bearing borrowings less cash. Interest actually paid in 2025 was 219 EUR m, 6.9% of revenue; unadjusted EBITDA covered it 4.52x over, and net debt stood at 2.38x EBITDA. The debt is in NOK/SEK/EUR/DKK.

Instrument	Lender or venue	Amount		Rate	Matures
Acquisition financing at national holding companies term loan	—	3’321	EUR m	5.28 per cent average effective	—
Revolving Credit Facility revolving facility	—	151 committed 151 drawn	EUR m	5.28 per cent average effective	—
Short-term bank loans term loan	—	9.2	EUR m	5.88 per cent average effective (mortgage-secured)	—
Lease liabilities term loan	—	164	EUR m	not stated separately in the report	—

Every instrument on file for Visma, in its own currency, not converted; a facility marked committed is a line that may be drawn, not money owed. Covenant: leverage (not quantified) interest cover (not quantified) equity ratio (not quantified) debt cover (not quantified). The comparison across buyers is on the debt page.

What its own capital costs

This section is estimated, not measured. The cost of debt comes from the contracts above; what equity costs and what the equity is worth are assumptions, printed with the table on the cost of capital page.

Cost of debt	Borrowed in	Debt weight	Cost of equity	WACC	Earnings may fall	Equity
5.3%	NOK/SEK/EUR/DKK	24%	12.5%	10.5%	78%	implied

The last column needs no assumption: it is how far earnings can drop before they no longer cover the year’s cash interest, both figures straight from the accounts.

What this does not support

4 priced deals is a disclosure sample, not Visma’s pricing policy. The sample is the deals it disclosed enough about — and there is no reason to assume that is unrelated to what it paid.
These are revenue multiples, not earnings multiples. Most acquisition notes give no usable profit figure for the company bought.

Sources

Every figure on this page is read from a filed account or the buyer’s own published report: visma.com. Retrieval dates and parser versions are kept with the register. Method and limits.

Other acquirers

The Access Group (median 5.46x) · TeamSystem (median 6.82x) · Bending Spoons S.p.A. (deployed 1’733.7 EUR m) · all acquirers

The rest of the register

Guess what serial acquirers paid →What European software serial acquirers actually pay, from filed accounts. Guess the price, then see the source.

What was paid, per unit of revenue →Every disclosed acquisition price in the register, one row per observation, coloured by how well it is evidenced.

The acquirers, one by one →Every tracked buyer with its prices, capital deployed, debt and what its capital costs.

Every deal on file →One page per disclosed acquisition, with the filed source and where its price sits in the register.

How much they deploy →How much capital each European software serial acquirer actually puts to work, and across how many acquisitions.

What they owe, and what it costs →Net debt against revenue, the interest each buyer actually pays, and every credit facility on file with its terms.

What their own capital costs →An estimate of what each buyer pays for capital, set against the 20-30% return they demand of the companies they buy.

Method, limits and imprint →How every figure in this register is sourced, what the sample does not support, and the legal notices.

Figures as at 2026-09-08. Every number on this page comes from a filed account or a company’s own published report — how, and what it does not support.