June 24 (SeeNews) - Norwegian group Visma said that it has acquired a majority stake in Romanian online accounting services startup Keez.
The move supports Visma’s strategic expansion in Central Europe, the Norwegian group said in a press release on Tuesday.
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The size of the stake and the amount paid for it were not disclosed by the buyer.
"We are pleased to join forces with such a strong international player like Visma. With their experience and network of competence, we will be able to focus on our continued development and delivering value to our customers," Keez founder and managing director Daniel Mateescu said.
Romania has seen an acceleration in digitalisation over the past few years and Keez is the first company offering a cloud solution for complete accounting services in a market dominated by on-premise solutions, according to Visma.
"Keez is a strong player with solid growth in a market full of potential, and by teaming up, we take an important step in our expansion strategy. With their forward-thinking frame of mind and company culture that matches ours, we are delighted to have them on board," Visma’s CEO Merete Hverven said.
Keez will continue to operate its business activities as an independent organisation, and its founder Daniel Mateescu will continue managing the company.
Founded in 2018, Keez offers a solution covering the entire accounting process by integrating professional accounting services on top of their product. In addition, their product uses machine learning for improved efficiency.
Headquartered in Oslo, Visma delivers software that simplifies and digitises core business processes in the private and public sector across the entire Nordic region along with Benelux, Central and Eastern Europe. The company is present in Romania since 2006 and currently has offices in Timisoara, Sibiu and Iasi.
In December 2019, Visma signed a deal to buy a majority stake in Romanian fintech startup Smart Bill for an undisclosed sum.