In a potential turning point for London’s capital markets, Norwegian software powerhouse Visma is poised to list on the London Stock Exchange in 2025 — a move that could deliver a rare victory for the city’s embattled public markets.
The €19 billion tech firm, renowned for its accounting, payroll, and HR solutions used by over 2.1 million clients across Northern Europe and Latin America, is strongly considering London as the destination for its initial public offering (IPO), with Amsterdam trailing behind. While a final decision is pending, sources close to the matter say London is currently the clear frontrunner.
Why London?
Visma’s preference for London reportedly stems from its deeper pool of institutional capital and a more concentrated base of investors who specialize in UK-listed companies. Despite recent turbulence in the UK listings scene — including the departures of firms like TUI and Indivior to overseas exchanges — Visma’s consideration of London marks a vote of confidence in the city’s evolving financial ecosystem.
However, the move remains conditional on ongoing reforms to the UK’s listing framework. These reforms aim to restore competitiveness in the post-Brexit landscape and modernize listing requirements to attract high-growth tech firms.
Backed by Hg and Built for Scale
Headquartered in Oslo, Visma is 70% owned by Hg Capital, one of the UK’s most active software-focused private equity firms. Hg initially took Visma private in 2006 during a hostile takeover battle, acquiring the firm at a valuation of just £330 million. Since then, Visma has undergone a remarkable transformation.
Today, Visma employs over 16,000 people, operates in numerous international markets, and has completed an astonishing 350+ bolt-on acquisitions. In 2024, the company reported revenues of €2.8 billion with organic growth of nearly 12%, and underlying earnings (EBITDA) of €893 million — making it one of Europe’s largest and most profitable SaaS businesses.
A Deep Bench of Global Backers
Alongside Hg, Visma counts among its shareholders some of the world’s largest institutional investors, including:
- GIC (Singapore’s sovereign wealth fund)
- Intermediate Capital Group (also Singapore-based)
- CPP Investments (Canada)
- TPG (Texas, USA)
Management and employees also hold a combined 6.4% equity stake, with CEO Merete Hverven — who has been with the company since 2011 and took over in 2020 — at the helm of its next growth chapter.
The Bigger Picture
Visma’s potential IPO could mark one of the largest European tech listings in recent memory, and help reassert London’s relevance in global capital markets amid fierce competition from the U.S. and EU. If successful, it would demonstrate that with the right conditions and reforms, Europe’s top tech firms can still see London as a viable global listing destination.
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365247 Media Analysis:
Visma’s decision will be a litmus test for London’s reform agenda. If the IPO proceeds, it could spark a wave of tech listings and private equity exits in the UK — and perhaps slow the flow of firms heading westward to New York. More importantly, it might just restore some much-needed momentum to the UK’s capital markets in the post-Brexit era.
