Visma, one of the prominent software companies in Europe, is reportedly courting Sir Ron Kalifa, a well-respected figure in the financial sector, to assume the role of chair if it proceeds with a substantial €20 billion (£17.6 billion) initial public offering (IPO) in London next spring. Sir Ron, who previously led the payments company Worldpay and currently serves as a director at the Bank of England, has emerged as the frontrunner following a series of interviews conducted in recent weeks.
However, insiders have indicated that the decision on whether to list in London is not yet definitive. The Norwegian company, which has been backed by the UK-based private equity firm Hg Capital for nearly two decades, is also experiencing pressure from rival cities. Stockholm is positioning itself as a strong contender for the listing, bolstered by Visma’s stronger recognition in Scandinavian markets. The Swedish exchange recently enjoyed success with the €13.7 billion IPO of security services firm Verisure, which saw its shares appreciate by 25% on the first day of trading.
The lack of recent IPOs of similar scale in London raises concerns about its ability to attract such a significant listing. Sir Ron’s potential involvement with Visma’s board may hinge on the decision to proceed with a London listing. Current executive chair, Øystein Moan, who previously served as the company’s CEO from 1997 to 2020, may continue in his role amid these deliberations.
Visma is actively conducting “early look” meetings with major fund managers to assess demand for its shares and to understand investor preferences regarding the listing venue and corporate governance. The company has engaged investment banks, including Goldman Sachs, Morgan Stanley, and UBS, for advisory purposes as it navigates this critical juncture.
Earlier reports this summer suggested that London had outpaced Amsterdam in the race for the listing, marking a significant development for the UK market, as a successful Visma IPO would represent its largest listing in years. A last-minute pivot to Stockholm would deliver a notable setback for London, which is seeking to re-establish itself as a leading listing hub post-Brexit.
The recruitment of Kalifa could play a pivotal role in London’s appeal. Having led Worldpay through significant growth, including its emergence as a standalone FTSE 100 company after being purchased by Royal Bank of Scotland, Kalifa’s credentials are impressive. In 2017, Worldpay was acquired by US-based Vantiv for £9.3 billion, further solidifying its prominence in the industry.
A London listing would not only serve as a boost for Visma but also represent a personal milestone for Kalifa. He authored a significant report for the UK government in 2021 that focused on enhancing the financial technology sector and attracting investment to bolster new company growth within London.
While Visma is not strictly a technology company, it emphasizes the development of AI-driven products aimed at simplifying and automating complex processes as a vital aspect of its strategic direction in the coming years. The company, which provides a range of accounting, payroll, and HR software solutions to approximately 2.2 million customers, employs around 17,500 people. It positions itself as a leading provider of “mission-critical business software” outside of North America.
