Norwegian Visma, a leading provider of business-critical software in Europe and Latin America, has announced its intention to acquire Penneo, a Danish B2B SaaS company specializing in digital signatures and Know Your Customer (KYC) workflows. The voluntary cash offer of DKK 16.50 per share values the company at a 109.9% premium to its closing price on November 28, 2024.
In a LinkedIn post following the announcement, Nicolaj Højer Nielsen shared his enthusiastic backing for Visma’s offer. Reflecting on Penneo’s journey from its early days in a basement to becoming a company with over DKK 100 million in annual recurring revenue (ARR), Nicolaj likened the entrepreneurial experience to extreme sports:
“It costs blood, sweat, and tears, with many ups and downs. But with perseverance and patience, you can go far!”
While he acknowledged his passive role as an investor in recent years, Nicolaj emphasized his pride in Penneo’s accomplishments and credited the employees for their hard work.
“All the credit goes to the incredible team who made Penneo what it is today.”
Penneo, now listed on Nasdaq Copenhagen, has built a reputation for streamlining business processes for anti-money laundering-regulated B2B companies. The acquisition aligns with Visma’s strategy of expanding its mission-critical software portfolio through both organic growth and acquisitions.
“Penneo has impressed us with its strong capabilities within B2B SaaS products, which are highly complementary to Visma’s existing offerings in the European market. By joining Visma, Penneo would continue to operate as a distinct entity while benefiting from our capabilities, enabling faster and stronger growth.”
said Merete Hverven, CEO of Visma.
The Board of Directors of Penneo has unanimously indicated its intent to recommend that shareholders accept the offer, which is subject to approval by the Danish Financial Supervisory Authority. Jostein Vik, Chairman of the Board at Penneo, emphasized the advantages of the deal:
“Partnering with Visma will further strengthen Penneo’s position within digital signature and KYC. This offer is an appreciation of our employees and their accomplishments, and it reflects Visma’s confidence in our continued development.”
Jostein Vik said
The offer has already gained significant shareholder backing. Major stakeholders, including Danica Pension, BankInvest, and Viking Venture 29 AS, as well as Penneo’s founders and management team, have provided irrevocable undertakings representing 43% of voting rights. Additionally, ATP, holding 9.9% of voting rights, has expressed its intention to accept the offer.
This move marks another strategic expansion for Visma, which continues to focus on simplifying and automating complex processes for businesses across Europe and beyond.
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