Is it perhaps too small a morsel for Visma?
Heeros looks more like an outfit for ECIT AS, if only Heeros were off the stock exchange. Norwegian ECIT buys stakes in smaller companies in this sector and enters into options to buy the rest of the company over the coming years at an agreed EBITDA multiple. Due to the listed status, ECIT would be forced to make a tender offer for the whole lot, even if they initially only wanted two-thirds.
Heeros apparently shut the hatches on pursuing international growth. Only one person remains working in the Netherlands, and the long-worked-on breakthrough into Central Europe apparently never happened. Perhaps trimming the fat and the concluded change negotiations are about getting the company into shape, who knows?
Otherwise, it’s hard to be interested in a company under tight pressure in the domestic market with few growth drivers.