Euronext to expand SaaS business with €398m Admincontrol acquisition

Euronext has announced a definitive agreement to acquire Admincontrol, a leading provider of governance and secure collaboration Software as a Service (SaaS) solutions, in a transaction valued at NOK 4,650 million (€398 million). The deal marks a significant step in Euronext’s strategy to expand its subscription-based revenue and reinforce its presence in the Nordic market.

The acquisition aligns with Euronext’s “Innovate for Growth 2027” initiative, which prioritises increasing its footprint in SaaS solutions. With Admincontrol’s well-established board management and transaction management software, Euronext aims to strengthen its corporate governance technology offerings across the Nordics and the United Kingdom. The transaction, subject to regulatory approvals, is expected to close by the second quarter of 2025.

Why Is Euronext Acquiring Admincontrol?

The acquisition of Admincontrol is a strategic move designed to bolster Euronext’s growing SaaS portfolio while increasing its share of recurring revenues. Euronext Corporate Solutions, the company’s governance, compliance, and investor relations unit, has been expanding rapidly, and Admincontrol’s technology and client base offer a strong complement to its existing services.

Admincontrol provides governance and secure collaboration tools for corporate boards and executives, catering to more than 4,000 clients and 200,000 users. Its software facilitates boardroom decision-making, compliance workflows, and secure data sharing, all of which have become critical in an era of increasing regulatory scrutiny and cybersecurity risks.

With the rise of digital transformation, demand for governance SaaS solutions has surged, particularly in highly regulated sectors such as finance, healthcare, and government institutions. The integration of Admincontrol’s platform will enable Euronext to offer enhanced governance SaaS solutions to its expanding customer base, positioning it as a leader in the European market.

How Does Admincontrol Strengthen Euronext’s Corporate Solutions?

Admincontrol has demonstrated robust financial performance, recording NOK 452 million (€39 million) in revenues and NOK 200 million (€17 million) in EBITDA for the year ending December 2024. With a 44% EBITDA margin, the company has maintained strong profitability, making it a highly attractive acquisition target.

The transaction significantly expands Euronext Corporate Solutions, more than doubling its governance technology offering and accelerating cross-selling opportunities. By leveraging Admincontrol’s established network in the Nordics, Euronext gains deeper access to a market where it has already been expanding through acquisitions such as Euronext Oslo Børs, Nord Pool, Insiderlog, and Euronext Securities Copenhagen.

Admincontrol’s board portal and transaction management tools provide mission-critical services to businesses navigating complex regulatory environments. The demand for secure, cloud-based governance solutions has grown substantially, driven by corporate governance reforms and the shift towards remote collaboration.

What Does This Mean for Euronext’s Revenue Strategy?

Euronext’s move to acquire Admincontrol aligns with its broader strategy of increasing its reliance on subscription-based revenue models. Traditionally, Euronext has derived significant income from transaction-based services in equity, derivatives, and commodities trading. However, fluctuating market conditions have made SaaS-based revenues an attractive alternative, providing predictable, recurring income streams.

By integrating Admincontrol’s governance SaaS solutions, Euronext expects to strengthen its subscription revenue base, ensuring greater stability and long-term growth. This approach mirrors broader trends in the financial technology industry, where exchanges and service providers are diversifying revenue sources to mitigate market volatility risks.

Euronext projects that the return on capital employed (ROCE) from this acquisition will exceed its weighted average cost of capital (WACC) within three to five years. This disciplined capital allocation strategy aligns with its long-term growth plans while ensuring sustainable financial performance.

How Does the Deal Fit into the Competitive Landscape?

The acquisition places Euronext in direct competition with other governance SaaS providers, such as Nasdaq Boardvantage and Diligent Corporation, which have also been expanding their governance technology offerings. The rise of regulatory technology (RegTech) has heightened competition in this space, with businesses seeking increasingly sophisticated compliance and governance solutions.

Admincontrol’s strong market position in the Nordics and the United Kingdom gives Euronext a competitive edge, allowing it to scale operations and offer integrated services across multiple jurisdictions. As more companies adopt board management and transaction management solutions, Euronext is positioning itself as a dominant player in this rapidly evolving sector.

Leadership Perspectives on the Acquisition

Euronext CEO Stéphane Boujnah described the acquisition as a milestone in the company’s strategy to enhance its governance technology portfolio. He highlighted that the transaction strengthens Euronext’s presence in the Nordics while accelerating growth in the subscription-based segment.

Admincontrol CEO Møyfrid Øygard expressed enthusiasm about joining Euronext, stating that the acquisition would unlock new opportunities for the company’s governance SaaS solutions. She emphasised that corporate governance remains a critical focus for businesses worldwide, and the combined expertise of both companies will drive innovation in the sector.

Visma CEO Merete Hverven, whose company has owned Admincontrol since 2017, noted that the sale allows Visma to refine its strategic focus. She praised Admincontrol’s growth under Visma’s ownership and expressed confidence in Euronext’s ability to take the business to new heights.

What’s Next for Euronext and Admincontrol?

The acquisition of Admincontrol marks another step in Euronext’s long-term strategy to enhance its corporate governance technology capabilities. As regulatory frameworks evolve and businesses prioritise secure collaboration platforms, Euronext is well-positioned to capitalise on these trends.

With the transaction expected to close by Q2 2025, Euronext is set to accelerate the integration of Admincontrol’s SaaS solutions into its broader ecosystem. This move reinforces Euronext’s commitment to diversifying revenue streams while maintaining its leadership in financial technology innovation.

The deal also underscores the growing importance of governance SaaS solutions in today’s corporate landscape, as companies seek efficient, compliant, and scalable tools to manage boardroom decision-making and secure collaboration. As Euronext continues to expand in this domain, the acquisition of Admincontrol is poised to be a transformative step in its growth trajectory.