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Visma, which has been rapidly mopping up software companies in Europe and South America, is selling its IT consulting business to CVC Capital Partners Fund VIII. Terms were not announced.

Part of Visma’s Customs Solutions Division, the business has 2,000 professionals in the Nordic and Lithuania and services 8,000 customers in the public and private sector. The division had 2021 revenue of roughly $294 million. In making the announcement, Visma, which is based in Norway, said IT consulting’s bespoke nature differs from the SaaS center, standardizing product approach of the rest of the Visma Group’s operation. CVC is described as a l global alternative investment manager. Visma said the new company’s projects span the software and app development lifecycle. With headquarters in Copenhagen, Denmark, the new company, which will be given a new name, will have 30 offices in the Nordics and Lithuania with Carsten Boje Møller, division director of custom solutions, named CEO. Visma has acquired 21 companies in 2022. Besides the Nordics and Benelux, Spain, Argentine and Peru have been the markets in which it has done deals. The acquisitions have included products in ERP, cash management, municipalities, talent management, electronic invoicing and healthcare.

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