Visma strengthens position as Europe’s cloud accounting champion with acquisition of Silverfin
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London, 25 September 2023: Silverfin, Belgium’s leading provider of cloud software for accountants, will continue its growth trajectory as part of Visma.
Silverfin is a cloud-native provider of post-accounting software including accounts preparation and related workflows. Founded in 2013 and headquartered in Ghent, Belgium, the company has a differentiated offering serving a strong base of international customers, including the Big 4.
Silverfin’s platform enables accountants to improve efficiency, competitiveness and profitability in compliance and reporting services, and powers the development and delivery of new advisory services. Most of the company's close to 850 direct customers are accounting offices, and the platform has nearly 320,000 end clients.
The acquisition significantly increases Visma’s presence in the Belgian software sector, and also strengthens the Group’s position as Europe’s cloud accounting software champion.
Merete Hverven, CEO of Visma said: “Silverfin gives accountants the technology and tools they need to be more successful, both for themselves and for their clients, making Silverfin a perfect match for Visma. We look forward to supporting and further accelerating their growth”.
Aligned on a common vision
Silverfin was founded in 2013 by an accountant frustrated by inefficient work processes, and a software architect looking for a tough problem that could be cracked utilising cloud computing.
Together, they started thinking about how data, and the cloud, could make life easier for accountants, make their businesses better and at the same time unlock new revenue opportunities from value-added client advisory services.
Today, Silverfin is established as a leading cloud accounting provider in Belgium, with 28 of the country’s top 30 accounting firms as customers.
Tim Vandecasteele and Joris Van Der Gucht, Co-Founders at Silverfin said: “This is a huge milestone for Silverfin. Over the years we’ve been fortunate to have drawn interest from many organisations looking to partner with Silverfin. We’ve come to know Visma and aligned on a common vision on entrepreneurialism, technological innovation and customer focus. The Silverfin product will now be distributed to many more accountants”.
In the last four years alone, Silverfin has expanded to 15 countries whilst continuing to build a strategic position in the Benelux region. This accelerated growth has happened without compromising its highly innovative culture, pioneering the use of new technologies such as AI for post accountancy products, which have proved to be highly valuable to customers.
Lisa Miles-Heal, CEO of Silverfin said: “The transaction represents an incredible opportunity for the whole team at Silverfin. Visma is one of the biggest and most successful cloud software businesses in the world and we share a strong cultural fit. I look forward to us working together to lead the digitization of the accounting profession in Europe and beyond”.
Joris Van Gool, Partner at Hg and Thomas Depuydt, Partner at Smartfin said: “Hg and
Smartfin are proud to have partnered with Tim, Joris, Lisa and the team, transforming the
accounting profession across Europe. Congratulations to the whole Silverfin team.”
Silverfin becomes Visma’s seventh acquisition in the Belgium business software sector since first entering the country in 2020 with the purchase of Yuki. Since then, Belgian companies like Syneton, UseItGroup, ionProjects, TeamLeader and Beeple have also joined the Group.
We support the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Our support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, our 400 employees and $65bn in funds under management support a portfolio of more than 45 businesses, worth over $125 billion aggregate enterprise value, with over 100,000 employees, consistently growing revenues at more than 20% annually. If you’d like to see more, check us out at www.hgcapital.com.
Visma is a leading provider of mission-critical cloud software, with revenue of € 2.06 billion in 2022, 14,500 employees and 1.6 million customers across Europe and Latin America. By simplifying and automating the work of businesses and organisations of all sizes, we enable a more efficient and prosperous society. Visit us at visma.com.
Silverfin is a cloud software provider for accountants founded in 2013, with 170 staff members and market presence in 15 countries. Silverfin is the cloud platform that makes accountants successful. It improves the efficiency, competitiveness and profitability of compliance services, and powers the development and delivery of advisory services. Learn more at silverfin.com.
For more information, please contact:
Tom Eckersley, Hg
+44 (0)20 8396 0930
Azadeh Varzi, Brunswick Group
+44 (0)207 404 5959
Lage Bøhren, Visma Director of Communications
+47 921 57 801
Milan Vaassen, Visma National PR Manager Benelux
+31 636 141 947
Tina Berthelsen, Silverfin VP Marketing