Norwegian Visma Buys Conta Azul in BRL $2 Billion Cross Border Deal

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Visma ContaAzul Deal: A R$2 Billion Cross-Border SaaS Acquisition

The Visma ContaAzul deal, announced on August 1, 2025, is a landmark transaction in Brazil’s tech ecosystem. Valued between BRL $1.5 and BRL $2 billion (approximately US $300 million), the acquisition represents Visma’s official entry into Brazil and solidifies its position as a leading ERP provider in Latin America.

ContaAzul, founded in 2012, is one of the country’s most successful SaaS platforms for small and medium-sized businesses. The company offers an all-in-one ERP solution that integrates financial management, billing, inventory, cash flow, and tax compliance tools—serving over 100,000 clients across Brazil.

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Strategic Rationale Behind the Visma ContaAzul Deal

With backing from private equity giant Hg Capital, Visma has aggressively expanded its footprint across Europe and Latin America. The company already operates in Argentina, Chile, Colombia, Mexico, and Peru, but Brazil—Latin America’s largest tech market—was a missing piece.

“ContaAzul brings local expertise, a strong brand, and a highly scalable platform. This acquisition aligns with our mission to simplify business operations for SMBs,” said Merete Hverven, CEO of Visma.

The deal allows Visma to expand its integrated cloud ERP solutions into Brazil while benefiting from ContaAzul’s regulatory and banking integrations, product-market fit, and loyal customer base.

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Visma ContaAzul Deal Structure and Valuation

The deal is reported to be worth up to R$2 billion (US $300 million), according to Brazil Journal and Bloomberg Línea. The acquisition structure reportedly includes full equity acquisition, with potential performance-based earnouts. It is expected to close in the coming months, pending regulatory review by CADE, Brazil’s competition authority.

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Investor Exit and Founder Legacy

ContaAzul was backed by top-tier investors:

• Monashees
• Tiger Global
• Ribbit Capital
• BTG Pactual

Co-founder Vinicius Roveda helped lead the company from inception through scale and product expansion. He and his team built a cloud-native ERP platform deeply integrated with Brazil’s fiscal and banking systems—a major factor in Visma’s decision to acquire.

According to Roveda in a Linkedin statement, “This is a milestone for ContaAzul, but also a beginning. Visma will help amplify our mission and impact across Brazil.”

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Impact on Brazil’s SaaS Market

The Visma ContaAzul deal is part of a broader wave of strategic consolidation in Latin America’s software sector, particularly in vertical SaaS and compliance-driven platforms.

Key takeaways:

• Global buyers are re-entering Brazil with long-term capital.
• Premium exits are still possible for tech companies with deep regulatory and financial integrations.
• Legal preparation—IP clarity, data compliance, CADE alignment—is becoming a decisive M&A factor.

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TheFirmsBehindTheDeal

Legal Insights on the Visma ContaAzul Deal

As a foreign acquirer entering the Brazilian ERP market, Visma must secure antitrust approval from CADE (Conselho Administrativo de Defesa Econômica). Analysts expect a smooth process, as Visma had no previous operations in Brazil and the acquisition is not expected to raise significant concentration concerns.

The legal structuring was led by two of Brazil’s most prominent law firms:

• Mattos Filho represented Visma, advising on cross-border M&A structuring, due diligence, regulatory strategy, and documentation.
• Willkie Farr & Gallagher LLP acted as U.S. legal counsel to Visma. The Willkie team was led by partners Anna Martini G. Pereira and Erin Kinney, and included partner Scott Thompson, associates Nidhi Modani and Marcelo Roman, law clerk Maria Clara Castro do Egito Coelho and international attorney Pedro Ricco.
• Pinheiro Neto Advogados advised ContaAzul and its shareholders, including Monashees and Tiger Global, on the sale process and corporate aspects.
• Veirano Advogados acted as legal counsel to BTG Pactual. Partner Guilherme Ohanian Monteiro led the firm’s deal team with contribution from associates João Pedro Zagni and Annalice Baldini Figueira.

Their experience in large-cap technology and software transactions ensured a sophisticated legal process, particularly in matters related to antitrust, data protection, and IP transfer.

• Bank of America acted as financial advisor to Visma

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Conclusion

The Visma ContaAzul deal is more than a headline exit—it reflects a strategic intersection of capital, technology, legal precision, and regional expansion. It underscores the potential for Brazilian SaaS companies to scale globally and offers a roadmap for how founders, investors, and legal counsel can align to execute cross-border exits with high impact.

Resumo em português:
A Conta Azul levantou investimento para expandir suas soluções de ERP e fintech voltadas a pequenas e médias empresas no Brasil.