Visma’s takeover offer doubles Penneo shares, spotlighting SaaS sector growth

Shares in Penneo A/S, a Danish software-as-a-service provider, skyrocketed by 100% on Friday following an announcement of a takeover offer from Visma AS, a Norwegian software developer. The deal values Penneo at 16.50 Danish kroner per share, representing a 109.9% premium over its Thursday closing price of 7.86 kroner, with the company now valued at approximately 562.5 million kroner ($79.8 million).

Visma’s strategic bid for Penneo

The acquisition bid, presented by Visma Danmark Holding A/S—a subsidiary of Visma AS—has been unanimously recommended by Penneo’s board of directors. Key shareholders, including Danica Pension, BankInvest, and Penneo’s founders, have committed their support to the deal, which collectively represents 52.9% of the voting rights and share capital.

Visma plans to acquire Penneo’s shares through an all-cash public tender offer, conditional on regulatory approval and the acceptance of at least 90% of Penneo’s voting rights and share capital. The deal is poised to make Penneo a distinct operating entity within the Visma Group, aligning with Visma’s strategy of strengthening its position in the European SaaS market.

Why Penneo caught Visma’s eye

Visma Chief Executive Officer Merete Hverven expressed confidence in Penneo’s capabilities, particularly its digital signature and know-your-customer (KYC) services. She stated that these solutions align with Visma’s mission to simplify compliance for businesses while broadening its software portfolio in Europe. Hverven emphasized that Penneo would retain its operational independence and unique culture while benefiting from Visma’s resources and expertise.

Penneo’s chairman, Jostein Vik, stated that the offer reflects both the company’s achievements and its future growth potential. He indicated that joining forces with Visma would accelerate Penneo’s international expansion and enhance its market position in digital signature and document automation technologies.

Investor backing and implications

Penneo’s largest shareholders have shown support for the acquisition. ATP, which holds nearly 10% of Penneo’s voting rights and share capital, indicated its intention to accept the offer. ATP noted that a unified shareholder strategy was essential for the company’s growth and expressed confidence in Penneo’s future under Visma’s leadership.

The substantial premium offered highlights investor enthusiasm for the transaction, reflecting the increasing value of digital solutions for compliance and regulatory needs. Penneo’s share price surge underscores market confidence in the merger’s strategic benefits.

Industry impact and future outlook

The Visma-Penneo deal showcases the growing demand for SaaS platforms that address compliance challenges, particularly in sectors like anti-money laundering and customer onboarding. By integrating Penneo’s services, Visma aims to strengthen its footprint in the Nordic and European markets, where digital transformation initiatives are accelerating.

This acquisition also signals intensified competition among software providers in Europe. As regulatory scrutiny increases, companies offering streamlined compliance tools are becoming valuable assets. For Penneo, the deal provides the resources to scale its operations and expand its influence as a leader in digital signature technology.

As the offer period unfolds, shareholders and market observers will closely monitor the transaction’s finalisation. If regulatory approvals and shareholder acceptance thresholds are met, Penneo will likely delist from Nasdaq Copenhagen, marking a new chapter in its growth under Visma’s ownership.