Norwegian software group Visma, with a market value estimated at EUR 8 billion, has bought 50% of Romanian online invoicing services provider SmartBill for an undisclosed sum.

The company’s three founders, Romanian entrepreneurs Ioana Hasan, Radu Hasan, Mircea Căpățînă, will retain control over and continue to manage the business.

Investment funds Catalyst Romania and Gecad Ventures, which invested over EUR 1 million in the company, in February 2016, will also remain shareholders, together with angel investor Lucian Todea, who invested in SmartBill in 2013.

SmartBill was developed in 2007 and has become the most used invoicing service in Romania, with over 65,000 clients.

The company’s turnover reached over RON 10 million (EUR 2.1 mln) in the last year, after a fivefold increase in the last four years.

Drawing Visma as a shareholder will allow the company to maintain its accelerated growth and product development.

“We found in Visma the ideal partner to move SmartBill to the next level. Their resources and experience will help us make SmartBill even better, continue to innovate and make the life of Romanian entrepreneurs a little easier,” said Radu Hasan, SmartBill co-founder and CEO.

Visma, the leader of the cloud services market in Northern Europe, already has research and development offices in Romania, in Sibiu and Timisoara, with over 500 employees.

(Photo courtesy of the company)

editor@romania-insider.com