Visma has announced plans to acquire Penneo, a Danish-listed SaaS company, through a voluntary cash offer of DKK 16.50 per share, representing a 109.9% premium on its latest closing price. Penneo provides digital signing and Know Your Customer (KYC) solutions tailored to anti-money-laundering-regulated businesses across Europe. The acquisition, backed by major shareholders representing 52.9% of Penneo’s voting rights, will allow Penneo to operate as a separate entity within the Visma Group. This move reflects Visma’s strategy to expand its mission-critical software offerings in Europe while maintaining Penneo’s current operations and market focus.
Visma is a Norwegian company that provides cloud-based software solutions for businesses and public sector organizations across Europe and Latin America. It offers a range of services, including financial management, HR, procurement, and IT systems, aiming to automate and simplify complex business processes. With significant revenue and a large customer base, Visma operates through a combination of organic growth and acquisitions, contributing to its role in streamlining operations for a variety of organizations. The company is known for its focus on mission-critical software, helping businesses operate more efficiently.
Penneo is a Danish software company that provides digital signing and Know Your Customer (KYC) solutions, primarily for businesses operating in industries with anti-money-laundering regulations. It combines multiple business processes, such as document handling and customer verification, into a unified platform. Penneo serves over 3,000 companies across Europe, including major audit firms, by offering tools to ensure regulatory compliance and improve operational efficiency. The company is listed on Nasdaq Copenhagen and focuses on streamlining administrative tasks within regulated sectors.
“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. We are very excited about this opportunity to invite them into the Visma family, as we see great potential to grow and develop even stronger and faster together. By joining Visma, Penneo would continue to operate as a distinct operating entity within the Visma Group, strengthened by the Visma’s capabilities, while also preserving its own unique culture and drive”, says Merete Hverven, CEO of Visma.
The offer price represents a 109.9 percent premium to the closing price of DKK 7.86 per share on 28 November 2024, and 108.1 percent above the last twelve months volume weighted average price of DKK 7.93.
The Board of Directors of Penneo has unanimously resolved that it intends to recommend Penneo’s shareholders to accept the offer, when made, in the form of an offer document approved by the Danish Financial Supervisory Authority.
“The offer from Visma is attractive for shareholders, with a premium of 109.9 percent compared to the last trading price. Partnering with Visma will further strengthen Penneo’s position within digital signature and KYC. Penneo has successfully grown internationally in the space, and Visma’s offer demonstrates their confidence in the company’s continued development. This offer is an appreciation to our employees and their accomplishments to date. Our customers and partners will also benefit from Penneo partnering with Visma. Moving forward, Penneo will continue its international journey as the leading technology company in signing and KYC”, says Jostein Vik, Chairman of the Board of Directors of Penneo.
Major institutional shareholders of Penneo, including Danica Pension and BankInvest, have together with Viking Venture 29 AS, the founders, board of directors, executive management and rest of C-level management of Penneo irrevocably undertaken to accept the offer, subject to certain customary conditions. The irrevocable undertakings jointly represent approx. 43 percent of the voting rights and share capital in Penneo (on a non-diluted basis).
Furthermore, Arbejdsmarkedets Tillægspension (ATP), holding approx. 9.9 percent of Penneo’s voting rights and share capital, has confirmed its intention to accept the offer absent any superior competing offer. Consequently, shareholders representing a total of approx. 52.9 percent have either entered into irrevocable undertakings or confirmed their intention to accept the offer.
Visma’s strategy is focused on delivering mission-critical software to businesses and the public sector in Europe and Latin-America, both through organic growth and M&A. With industry-leading investments in product development, highly engaged employees and a track record of attracting the best software entrepreneurs, Visma creates superior value for its customers by simplifying and automating complex processes.
Visma considers Penneo’s offering of B2B SaaS Solutions within digital signature, document handling and customer onboarding to be highly complementary to its existing offerings both in the Nordics and broader European markets, and views this potential acquisition as a strategic opportunity to expand on the Group’s overall strategy. Visma is impressed by the drive and management quality in Penneo, and the overall plan is to let Penneo continue as a distinct business unit within the Visma Group.
Visma is highly excited about the potential transaction and believes that it, if completed, will contribute to the long-term growth and success of both businesses.
Visma is due to launch the offer upon approval by the Danish Financial Supervisory Authority and no later than four weeks from the date of this announcement. Its completion will be subject to certain customary conditions including, but not limited to, a minimum acceptance level of 90 percent of Penneo’s shares and the attaching voting rights, excluding any treasury shares, and relevant regulatory approvals.
The complete details of the offer, including all terms and conditions, will be included in the offer document to be published and sent to Penneo’s shareholders, and will also be made available at Penneo’s website, subject to certain restrictions.
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Read the orginal article: https://arcticstartup.com/visma-acquires-penneo/
