FirstCapital recently advised Danish software company FirstAgenda on its acquisition by leading Nordic software company Visma. Backed by private equity funds Hg Capital and the Canadian Pension Plan Investment Board, Visma is one of the largest IT and software companies in Europe.
FirstAgenda provides a SaaS-based cloud platform for preparation and management of meetings. This streamlines business processes around organising and holding meetings, where management of decision-based agendas, multiple documents and complex workflows is required, and is widely used in the public sector – especially in Denmark where they have 95% market share.
“With the acquisition of FirstAgenda we are adding some complementary products to our portfolio that offer new opportunities in Denmark as well as in our other markets in the Nordic and Benelux countries” said Lars Berthelsen, CEO of Visma’s Custom Solutions division in Denmark. “When we acquire companies there are two overall parameters we look at – the strength of the management team and their ability to grow independently and in connection with Visma. Thus the commercial synergies are absolutely crucial, and here FirstAgenda fits perfectly.”
FirstAgenda was approached by a potential acquirer in late 2019. They wanted to ensure that they would achieve the optimum outcome in a sale, and in addition, were looking to carve out a part of the business from the transaction. They needed experienced advisors to support them in this process and chose FirstCapital, who has a successful track record in transactions of this type.
FirstCapital worked closely with the FirstAgenda team to qualify the inbound lead, and approach and negotiate with alternative buyers in a very short time frame. With a number of parties to choose from, FirstAgenda was able to select the right partner with the best strategic fit. Simultaneously FirstCapital also advised on the carve-out, ensuring that this did not impact the due diligence process, and helping to deliver a rapid and timely close.
The sale of FirstAgenda to Visma delivers a win-win deal for all parties. FirstAgenda will continue to be an independent company with current staff and management, but will benefit from the Visma resources, laying a robust foundation for long term growth, whilst allowing shareholders to maximise their outcome.
Kasper Lyhr, CEO of FirstAgenda said “It has been a pleasure working with FirstCapital on this transaction. They have provided great advice and support throughout the entire process. It has been a complex transaction with a carve-out, and FirstCapital provided great guidance. I will surely work with FirstCapital again”.
Jason Purcell, CEO of FirstCapital said “We are delighted that FirstAgenda has found a partner with a very strong strategic fit, which will allow the company to capitalise on its leading position in the public sector in the Nordics and grow rapidly in international markets.”