private equity / software / visma

Why It Matters

Hg's restructuring of Visma assets and the shelving of a London IPO signal private equity responses to a weakened public software market, affecting exit strategies and valuations. Tech leaders and investors should reassess M&A timing, capital structure risk, and integration plans for software portfolios.

Latest Changes

• Hg has spun out €500M of assets from its €19B software group Visma
• Visma's planned London IPO is currently shelved amid a 'SaaSpocalypse' market environment
• Private equity funds are loosening loan terms as market volatility impacts high-yield debt

Timeline

• 2026-05-13 — Reports note private equity funds are loosening lending conditions due to market volatility and pressure on high-risk debt
• 2026-05-16 — Unrelated security tooling story about a 90s-era Keygen-like for X11 for Unix/Linux circulated
• 2026-05-20 — Financial Times reports Hg has spun out €500M of assets from Visma and that Visma's London IPO remains shelved

What to Watch

• Whether Hg pursues alternative exit routes or further asset carve-outs from Visma
• Changes in debt terms and financing availability for PE-owned software companies