Euronext Acquires Norwegian SaaS Provider Admincontrol for €398 Million

Euronext, the leading pan-European stock exchange, has announced a definitive agreement to acquire Admincontrol, a Norwegian provider of governance and secure collaboration Software as a Service (SaaS) solutions, from Visma for NOK 4.65 billion (€398 million). This strategic acquisition aligns with Euronext's "Innovate for Growth 2027" plan, aiming to enhance its SaaS offerings and increase subscription-based revenues.

Admincontrol, founded in 2005 and headquartered in Oslo, offers a governance and secure collaboration platform providing board management software and transaction management solutions. The company serves over 4,000 clients and 200,000 users across the Nordics and the UK. In the year ending December 31, 2024, Admincontrol reported revenues of NOK 452 million (€39 million) and an EBITDA of NOK 200 million (€17 million), reflecting a 44% EBITDA margin.

The acquisition is expected to more than double the size of Euronext's governance offering and broaden its capabilities with state-of-the-art solutions addressing mission-critical workflows. Admincontrol's strong footprint in the Nordics will allow Euronext to further increase its presence in the region, following previous acquisitions such as Oslo Børs VPS in 2019, Nord Pool, Insiderlog, Euronext Securities Copenhagen, and Euronext Securities Oslo.

The transaction, valued at NOK 4.65 billion (€398 million), will be paid in cash. Euronext anticipates that the return on capital employed (ROCE) will exceed the weighted average cost of capital (WACC) between three to five years after closing. Completion of the transaction is expected by Q2 2025, subject to customary regulatory approvals.

Stéphane Boujnah, CEO of Euronext N.V., stated: "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."

Merete Hverven, CEO of Visma, commented: "Admincontrol has been a valued part of the Visma portfolio since 2017 and has shown exceptional performance over that time. It has been a pleasure working with the Admincontrol team to build an industry-leading platform."

Møyfrid Øygard, CEO of Admincontrol, expressed: "The past eight years have been transformative for Admincontrol, and while Visma has been an invaluable partner for us, joining Euronext is the logical next step for Admincontrol to unlock further growth."

Announced on November 8, 2024, Euronext's "Innovate for Growth 2027" plan aims to diversify its business beyond traditional stock trading. The plan includes scaling up SaaS offerings, increasing subscription-based revenues, and expanding in post-trade and data-related services. Euronext targets an annual growth of more than 5% in revenue and core profit, with capital expenditure between 4% and 6% of total revenue.

Euronext has been actively expanding its presence in the Nordic region through strategic acquisitions, including:

• Oslo Børs VPS (2019): Acquisition of the Norwegian stock exchange operator.

• Nord Pool (2020): Purchase of the European power market.

• Insiderlog (2018): Acquisition of a Swedish company specializing in insider list management.

• Euronext Securities Copenhagen and Oslo (2020): Expansion into central securities depositories.

These acquisitions have strengthened Euronext's position in the Nordic financial markets and aligned with its strategic growth objectives.

Euronext's acquisition of Admincontrol marks a significant step in its strategic plan to expand SaaS offerings and strengthen its position in the Nordic market, reflecting a broader trend of financial institutions investing in technology-driven solutions.