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Visma to launch cash offer for House of Control

Press release -

Visma to launch cash offer for House of Control

Visma has entered a transaction agreement to launch a voluntary cash offer of NOK 11.20 per share for all outstanding shares of House of Control.

House of Control develops software as a service (SaaS) solutions for contract management and IFRS 16 compliance to customers across the Nordics, and its shares are admitted to trading on Oslo Euronext Growth.

“House of Control delivers mission critical SaaS solutions that are highly complementary to our existing offerings, and we are very excited about this opportunity to invite them into the Visma family”, says Merete Hverven, CEO of Visma.

The offer price represents a 60 percent premium to the closing price of NOK 7 per share on 23 September 2022, and is 65 percent above the last 90 days’ volume weighted average price of NOK 6.77. Visma’s offer values the total share capital of House of Control at a market capitalisation of approximately NOK 689 million on a fully diluted basis.

The Board of Directors of House of Control unanimously recommends the shareholders of the company to accept the offer.

“We are already a satisfied customer of House of Control, and impressed with the unique competence of its employees and management team. We would like to keep House of Control as a distinct operating entity within the Visma Group, linking it to the relevant entities within our own ecosystem – while maintaining the unique drive and culture of the company”, Hverven adds.

“An ideal partner”

Leading shareholders in House of Control, representing 34 percent of the issued share capital, have signed irrevocable pre-commitments to accept the offer, including Viking Venture, Luxor Capital Group, Bjørk Invest AS and the private holding companies of House of Control’s CEO Lasse Sten and CFO Carl Fabian Flaaten.

“House of Control’s mission is to keep CFOs in control, enabling them to cut costs, save time, reduce risk, and improve compliance. We have created great products that are used every day across the Nordics, and being acquired by Visma is a testament to what our organisation has built. We look forward to the opportunity to continue to grow and build House of Control together with Visma. Their unique position, experience and expertise makes them an ideal partner for us to continue our profitable growth journey”, says Lasse Sten, CEO of House of Control.

Background and strategic rationale

The primary vision of Visma is to provide leading efficiency enhancing products to companies in its defined markets. An important part of Visma’s strategy has always been business critical software with a high degree of compliance.

House of Control as a generic mid-market / eEnterprise product and its ability to go across borders with a very strong sales culture adds a unique possibility in all Visma markets, and Visma sees a partnership with House of Control as a highly strategic opportunity to expand on the company’s overall strategy.

Visma and House of Control are highly excited about the potential transaction and believe that the transaction, if completed, will contribute to the long-term growth and success of both businesses.

Visma is due to launch the offer no later than 7 October 2022, and its completion will be subject to certain customary conditions including, but not limited to, a minimum acceptance level of 90 percent and relevant regulatory approvals.

The complete details of the offer, including all terms and conditions, will be included in the offer document to be sent to House of Control’s shareholders.

For more information, please contact:

Sindre Talleraas Holen, Head of M&A at Visma
Telephone: +47 93 05 94 69
Email: sindre.talleraas.holen@visma.com

About House of Control:

  • House of Control Group is a tech company that develops software as a service (SaaS) solutions for contract management and IFRS 16 compliance. The CFO and the finance departments of medium‐sized and large companies are the main target groups, and the group’s software helps them improve financial and operational management.
  • Private and public enterprises use the software to manage contracts and assets, communicate with suppliers, and get a faster overview over their business via dashboards. The CFO toolkit contributes to at least four important tasks: Cut costs, save time, reduce risk, and improve compliance – all key ingredients of a better working finance department.
  • House of Control’s strong revenue growth is supported by a unique salesforce, with recurring revenues accounting for approximately 95 percent of total sales. The company generated revenues of NOK 177 million and EBITDA of NOK -28 million in 2021. The company had 141 employees and approximately 3,000 customers at the end of last year.

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Visma is a leading provider of mission-critical business software for a more efficient and resilient society. By simplifying and automating the work of companies and organisations of all sizes, we improve people's everyday lives. With 15,000 employees, over 1.3 million private and public sector customers across the Nordics, Benelux, Central and Eastern Europe and Latin America, and net revenue of € 2,081 million in 2021, we are committed to making tomorrow better than today. Visit us at visma.com.

Press contacts

Lage Bøhren

Lage Bøhren

Head of Communication Norway +47 921 57 801

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Shaping the future of society through technology

Visma is a leading provider of mission-critical business software for a more efficient and resilient society. By simplifying and automating the work of companies and organisations of all sizes, we improve people's everyday lives. With 13,500 employees, 1,400,000 private and public sector customers across Europe and Latin America, and net revenue of € 2,081 million in 2021, we are committed to making tomorrow better than today. Visit us at visma.com.

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