Visma's acquisition of Silverfin marks a significant milestone in the cloud accounting industry. This strategic move not only enhances Visma's presence in Belgium but also solidifies its position as a leading provider of cloud accounting software in Europe. The integration of Silverfin's innovative post-accounting solutions is expected to drive further growth and technological advancements in the sector.
Founded in 2013, Silverfin offers a cloud-based platform for financial reporting and compliance, targeting accountants and accountancy firms. Its core products include Working Papers, Financial Statements, Management Reports, and Tax Computations. Unique selling points include real-time data availability, a low-code platform, and comprehensive solutions that integrate with over 50 leading financial software sources. Silverfin's customizable platform automates repetitive tasks, streamlines workflows, and enhances collaboration through integrated tools.
Visma is a prominent provider of business software solutions, dedicated to simplifying the work lives of entrepreneurs, businesses, and societies. The company offers a range of products, including cloud software, ERP suites for medium businesses, and specialized tools for the public sector and accounting offices. With a strong presence in 33 countries and a customer base of 2.0 million, Visma has established itself as a significant player in the industry, boasting a total revenue of EUR 2.7 billion in ARR as of Q4 2024.
Visma acquired Silverfin on September 25, 2023. This acquisition comes at a time when the cloud accounting industry is rapidly evolving, with a strong emphasis on automation and AI to enhance efficiency and accuracy. The deal aligns with the broader trend of increased private equity investment in the sector and the strategic expansion of market presence, particularly in Europe and the UK. This move is expected to accelerate Silverfin's growth and innovation in cloud technology.
The acquisition of Silverfin by Visma has led to notable changes in operations and management. Silverfin will continue to operate independently under the Visma umbrella, retaining its brand identity and management team, including CEO Lisa Miles-Heal. This approach aligns with Visma's strategy of allowing acquired companies to maintain autonomy while benefiting from Visma's extensive resources and network. The integration is expected to accelerate Silverfin's growth, particularly in the UK market, and enhance its innovative capabilities in AI and automation.
Product offerings and services are set to expand as Silverfin leverages Visma's expertise and market reach. The acquisition will enable Silverfin to distribute its cloud platform to a broader audience, enhancing its market presence and product capabilities. Employee reactions have been positive, with leadership expressing excitement about the opportunities ahead. Customers, including the Big 4 accounting firms, are expected to benefit from improved services and support. For founders considering business transitions, tools like Sunset can assist in managing such processes compliantly and efficiently.