KKR acquires majority stake in Nordic software giant Accountor
ESPOO, FINLAND — Accountor Software, a provider of cloud-based financial management and human capital software in Finland and Sweden, announced a significant investment from KKR, a global investment firm.
The transaction sees KKR acquiring a majority stake from the current majority shareholder, Vitruvian Partners. It has retained an option to re-invest in Accountor, signaling continued confidence in the company’s future prospects.
While financial terms of the transaction were not disclosed, the deal is subject to customary closing conditions.
Accountor’s expansion and strategic growth
Under Vitruvian’s ownership, Accountor has undergone growth investment and strategic evolution, including the recent sale of its outsourcing business to Aspia.
The partnership with KKR aims to further expand Accountor’s reach across the Nordic region and beyond, leveraging KKR’s expertise in scaling high-growth software companies.
“KKR is one of oldest, largest and most successful global investment firms and its investment in Accountor is a testament to our track record of achieving profitable growth through delivering world class and mission critical solutions to our customers,” said Mikko Soirola, CEO of Accountor Software.
Accountor Software has established itself as a key player in the Nordic business software market, serving over 130,000 customers. The company offers a wide range of solutions, including accounting workflow automation, invoice processing, employee data management, and payroll digitization.
With headquarters in Espoo, Finland, Accountor has demonstrated impressive growth, boasting a 10-year track record of uninterrupted expansion at a 19% CAGR. For the year ending May 2024, the company reported revenues of €132 million (US$ 143 million).
KKR’s investment strategy and future plans
The firm’s investment in Accountor builds on a track record of supporting leading European software companies, including Cegid, Contabo, Darktrace, Exact, Körber Supply Chain Software, and Visma.
KKR’s commitment to Accountor will also include implementing a broad-based employee ownership program to further motivate and engage the Accountor team.
Hans Arstad, Managing Director and Head of Private Equity in the Nordics at KKR, commented on the investment: “We are excited to back Accountor Software on their continued growth journey. We have been impressed with the company’s strong standing in the Finnish market, and see significant potential to expand that across the Nordics and beyond.”
