Cloud ERP software provider Acumatica has completed an agreement with Oslo-based accounting, tax, payroll and ERP software maker Visma, in which Acumatica will be sold in Scandinavia and Northern Europe, and receive an undisclosed investment to increase its sales, marketing and product development efforts in the U.S.
Visma reportedly has over 300,000 customers throughout Norway, Sweden, Denmark, Finland and the Netherlands. The company is also an affiliate of private equity giant Kohlberg Kravis Roberts & Co.
Distributing Acumatica will represent Visma's foray into offering cloud ERP and offer a "major distribution channel" for Acumatica, as well as a path towards breaking into the accountant market, according to Acumatica chief executive Ezequiel Steiner.
"A lot of people, including accountants, don't know Acumatica yet, so to be associated with this kind of investor will really lend some credibility," said Steiner. "Visma becomes an integral part of our board of advisors too. One key thing is Visma has strong experience in going to market to accounting firms -- they cornered the accounting market in the Nordics, and they will also help contribute the Acumatica code base that will make us more accounting-firm-friendly."
Steiner noted that he would like more accountants to utilize the Acumatica platform for business process outsourcing work, but many of those he has spoken to thus far are "still not that comfortable with the SaaS model."
In addition, while Steiner declined to reveal the amount of Visma's investment, he stressed that Acumatica "did not really need the money," though the overall deal will help marketing and distribution.
"We have an aggressive growth plan we've been following for the past year and a half," said Steiner. "Going forward, we don't know at this point that putting more money into it will help, so we're evaluating what our next step is."
