E-conomic, Danish company that offers Europe’s most successful online accounting system for billing, taxes and accounting, has been acquired by Norwegian Visma from e-conomic previous owner private equity firm Hg Capital, reported in Computerworld. The price of the current transaction is about 1,5 billion Danish kronor (about 200 million euro) as compared to e-conomic expected annual revenue of 250 million Danish kronor (about 34 million euro) at the end of this year. After the acquisition continues e-conomic as an independent unit in the Visma Group.

The transaction will also result in the changes within the executive branch. Mogens Elsberg will by changed at the post of director by Eilert Giertsen Hanoa, director of Visma’s SMB business software.

Since the time of creation back in 2001 e-conomic has grown with impressive growth rate of 30% from one employee and a handful of customers to 220 dedicated employees and over 70,000 company-users. For Visma the acquisition means additional 100 000 new customers and a foot in the door to the market for cloud-based accounting programs and finance.

Updated 14th May: we mistakenly reported the price as 500 million DKK first because of a misunderstanding. The correct price, 1,5 billion DKK, is not mentioned instead.