Visma offers to buy Mamut

ACCOUNTING SOFTWARE BUSINESS Mamut has received a buyout offer from rivals Visma.

Norwegian-based Mamut offers accountancy software to more than 20,000 customers in the UK. In 2009 it took on Microsoft Accounting's customers when the division was closed by the US giant.

Visma, which provides accounting and business technology, made a cash offer of 11.50 Norwegian Krone per share. Today, shares at Mamut were selling for 11.1 NOK. Visma needs Mamut shareholders, representing more than 90% of the business, to vote in its favour before the deal can go ahead.

If successful, Visma will have bought out several board members including chief executive Eilert Hanoa (pictured), chief operating officer Stein Olav Repål, and financial controller and employee-nominated board member Leif Persson.

A statement from Mamut said: "The board is of the view that a combination of Mamut and Visma makes strong industrial and strategic logic. The consideration offered is attractive compared to the prevailing market price for the Mamut shares.

"The Mamut board looks forward to a swift and constructive process with Visma AS in order to pursue this opportunity for the company and its shareholders."

A decision is expected to be made in the coming weeks.