The Norwegian software firm Visma continues to grow in Spain through the purchase of small technology companies. The group has closed the acquisition of the Valencian startup tugestoa leading provider of Cloud payroll and other essential business tools aimed at SMEs and the self-employed, which had among its investors Juan Roig, president of Mercadona.
With this operation, Visma closes its fifth purchase in Spain since its entry into our country in 2021 and is strengthening itself in the payroll solutions niche within its software offering for business management in the Spanish market. The purchase amount has not been disclosed.
The Norwegian technology group invoiced 2.4 billion euros in 2023a year in which it exceeded 700 million euros of EBITDA, and has nearly 13,000 jobs around the world and more than 1.9 million clients from different sectors and sizes.
According to sources from Angels, Juan Roig’s investment company which supports entrepreneurial projects linked to its Lanzadera accelerator, the agreement represents the sale of the entire stake in tugesto that it held. In this way, it represents another ‘exit’ or departure of the invested firm to reinvest in new emerging companies.
Will maintain your brand
Founded in Valencia in 2015, tugesto will continue to operate as an independent company under the same name and addressas explained by its new owner. “We are delighted to join Visma, one of the world’s leading software companies. This represents a unique opportunity to revolutionize business management together, especially in a market like payroll software, where there is still much to achieve and innovate. in Spain,” says Manuel Fandos, CEO of Tugesto.
“We are sure that the passion, innovation, knowledge and experience that the magnificent team created will allow us to offer our clients solutions at the forefront of the market that allow them to get the most out of the technology that software can offer” says Lidón Serra, Co-founder of tugesto.
Since it began its journey Angels has obtained precisely 40 million euros “between divestments and dividends” to finance your business investments. Among the biggest successes so far is the mobile video game firm Codigames, in which it has already divested a portion in recent years in addition to making significant profits.
#Norwegian #Visma #buys #startup #tugesto #investments #president #Mercadona
