Visma, a leading provider of mission-critical cloud software with revenue of $2.8 billion in 2023, has announced its intention to acquire Penneo, a Copenhagen-based SaaS platform specializing in digital signing and Know Your Customer (KYC) workflows. Penneo has grown rapidly as a trusted solution for over 3,000 companies, including top auditing firms, by streamlining processes for anti-money-laundering regulated B2B companies. The proposed acquisition underscores Penneo’s strong position in the European market, offering Visma a strategic opportunity to enhance its product portfolio in digital signature and customer onboarding solutions. Penneo will remain a distinct operating entity within the Visma Group, leveraging Visma’s capabilities while maintaining its unique culture.
Visma’s offer represents a premium of 109.9% on Penneo’s closing share price as of November 28, 2024, and has received support from major institutional shareholders, representing approximately 52.9% of Penneo’s voting rights and share capital. The acquisition aligns with Visma’s strategy of simplifying and automating complex processes for businesses and public-sector organizations across Europe and Latin America. Subject to approval by the Danish Financial Supervisory Authority, the deal reinforces Visma’s commitment to growth through innovation, collaboration, and strategic investments in the cloud software sector.
