Visma to launch cash offer for House of Control

Visma has entered a transaction agreement to launch a voluntary cash offer of NOK 11.20 per share for all outstanding shares of House of Control.

House of Control develops software as a service (SaaS) solutions for contract management and IFRS 16 compliance to customers across the Nordics, and its shares are admitted to trading on Oslo Euronext Growth.

“House of Control delivers mission critical SaaS solutions that are highly complementary to our existing offerings, and we are very excited about this opportunity to invite them into the Visma family”, says Merete Hverven, CEO of Visma.

The offer price represents a 60 percent premium to the closing price of NOK 7 per share on 23 September 2022, and is 65 percent above the last 90 days’ volume weighted average price of NOK 6.77. Visma’s offer values the total share capital of House of Control at a market capitalisation of approximately NOK 689 million on a fully diluted basis.

The Board of Directors of House of Control unanimously recommends the shareholders of the company to accept the offer.

“We are already a satisfied customer of House of Control, and impressed with the unique competence of its employees and management team. We would like to keep House of Control as a distinct operating entity within the Visma Group, linking it to the relevant entities within our own ecosystem – while maintaining the unique drive and culture of the company”, Hverven adds.

“An ideal partner”

Leading shareholders in House of Control, representing 34 percent of the issued share capital, have signed irrevocable pre-commitments to accept the offer, including Viking Venture, Luxor Capital Group, Bjørk Invest AS and the private holding companies of House of Control’s CEO Lasse Sten and CFO Carl Fabian Flaaten.

“House of Control’s mission is to keep CFOs in control, enabling them to cut costs, save time, reduce risk, and improve compliance. We have created great products that are used every day across the Nordics, and being acquired by Visma is a testament to what our organisation has built. We look forward to the opportunity to continue to grow and build House of Control together with Visma. Their unique position, experience and expertise makes them an ideal partner for us to continue our profitable growth journey”, says Lasse Sten, CEO of House of Control.

Background and strategic rationale

The primary vision of Visma is to provide leading efficiency enhancing products to companies in its defined markets. An important part of Visma’s strategy has always been business critical software with a high degree of compliance.

House of Control as a generic mid-market / eEnterprise product and its ability to go across borders with a very strong sales culture adds a unique possibility in all Visma markets, and Visma sees a partnership with House of Control as a highly strategic opportunity to expand on the company’s overall strategy.

Visma and House of Control are highly excited about the potential transaction and believe that the transaction, if completed, will contribute to the long-term growth and success of both businesses.

Visma is due to launch the offer no later than 7 October 2022, and its completion will be subject to certain customary conditions including, but not limited to, a minimum acceptance level of 90 percent and relevant regulatory approvals.

The complete details of the offer, including all terms and conditions, will be included in the offer document to be sent to House of Control’s shareholders.

For more information, please contact:

Sindre Talleraas Holen, Head of M&A at Visma
Telephone: +47 93 05 94 69

About House of Control: