Norwegian software giant Visma is rewriting the M&A playbook in Europe, executing a rapid string of acquisitions across SMB software, accounting, HR, and compliance verticals. The firm's strategy focuses on bolt-on consolidation of complementary products and customer bases, avoiding the integration complexity of mega-deals.
Visma's approach mirrors a broader private-equity-style strategy adopted by scale-ups in enterprise software, where fragmented European markets offer targets at attractive multiples. The company is building a platform of interconnected SaaS products serving mid-market finance and operations teams.