Euronext announces that it has entered into a definitive agreement with Visma to acquire 100% of Admincontrol, a provider of governance and secure collaboration Software as a Service (SaaS) solutions in the Nordics and in the UK.
On 8 November 2024, as part of its “Innovate for Growth 2027” strategic plan, Euronext outlined its plan to scale up its SaaS offering and increase Euronext’s share of subscription-based revenues.
Euronext significantly accelerates this strategic objective through the contemplated acquisition of Admincontrol.
This acquisition strengthens the development of Euronext Corporate Solutions in the Nordics and in the UK.
It more than doubles the size of the Euronext governance offering and broadens capabilities with “solutions addressing mission-critical workflows.”
Founded in 2005 and headquartered in Oslo, Admincontrol offers a governance and collaboration platform providing mission-critical board management software and transaction management solutions, “designed to support effective decision-making processes and collaboration for over 4,000 clients and 200,000 users across organizational structures.”
Admincontrol has seen “double-digit” annual growth over the last five years and recorded NOK 452 million (€39 million) of revenues and NOK 200 million of EBITDA (€17 million1 and 44% EBITDA margin) in the year to 31 December 2024.
Admincontrol’s product offering and geographic coverage are said to be complementary to Euronext Corporate Solutions’ business, “making it an ideal fit to accelerate client acquisition and cross-selling opportunities.”
Admincontrol’s strong footprint in the Nordics will allow Euronext to further increase its presence in the region, “following the acquisition of Euronext Oslo Børs, Nord Pool, Insiderlog, Euronext Securities Copenhagen and Euronext Securities Oslo, and the recently announced expansion in Nordic power futures.”
The transaction will be paid in cash and amounts “to an enterprise value of NOK 4,650 million (€398 million).”
The transaction complies with Euronext’s capital allocation policy, with a ROCE expected “to exceed WACC between years three to five after closing. Completion of the transaction is expected by Q2 2025, subject to receipt of customary regulatory approvals.”
Euronext Corporate Solutions, a wholly-owned subsidiary of the Euronext Group, is “a European B2B SaaS and service provider in the fields of governance, compliance, and investor relations.”
Established in 2016 to support listed companies in leveraging capital markets effectively, it now empowers “5,000 clients – issuers, private and public organizations – across 30 countries with innovative SaaS solutions and tailored advisory services.”
Euronext Corporate solutions saw “double-digit” annual growth over the last strategic cycle “Growth for Impact 2024” and recorded “€50 million of revenue in 2024.”
Stéphane Boujnah, CEO of Euronext N.V., said:
“The acquisition of Admincontrol is a major milestone in the delivery of Euronext’s “Innovate for Growth 2027” ambition to scale up our SaaS business. This transaction will improve our share of subscription-based revenue. The acquisition of Admincontrol positions Euronext Corporate Solutions as a leader in the governance SaaS space and expands our access to new markets in the Nordics where we have already expanded our presence over the years with promising growth prospects.”
Merete Hverven, CEO of Visma, said:
“As we increasingly focus the business, I am pleased that Møyfrid and the Admincontrol team will now have the opportunity to benefit from a sharpened focus within Euronext Corporate Solutions.”
Møyfrid Øygard, CEO of Admincontrol, said:
“Excellent governance is critical for the Euronext network of issuers and customers, and we are excited to bring our complementary product offering to market supporting Euronext Corporate Solutions’ business and its position in the Nordics.”