(Reuters) – The pan-European exchange group Euronext on Thursday agreed to acquire Admincontrol from Norwegian IT consulting firm Visma for 4.65 billion Norwegian crowns ($436.03 million), the company said on Thursday.
The acquisition of the Norwegian web service provider falls in line with Euronext’s strategic plan to improve its Software as a Service (SaaS) products and increase the share of “subscription-based” revenues.
“The acquisition of Admincontrol… expands our access to new markets in the Nordics where we have already expanded our presence over the years with promising growth prospects”, Euronext CEO Stéphane Boujnah said in a statement.
The transaction, which will be paid in cash, is expected to close by the second quarter of this year, subject to regulatory approvals.
($1 = 10.6643 Norwegian crowns)
(Reporting by Mateusz Rabiega in Gdansk, Editing by Louise Heavens)
