Envidan has entered into an agreement with Norwegian Visma on a divestment of the company’s cost recovery business, which provides financial advice in connection with the management of fees to Norwegian and Swedish municipalities, waste companies, ports etc.
Norwegian Momentum Selvkost AS became part of Envidan in 2016, and subsequently changed its name to Envidan AS. The company, which specializes in the calculation and documentation of municipal fees, has now been sold to Norwegian-owned Visma and will change its name to Momentum Solutions AS during the first half of 2022, as the Envidan name is also very much associated with the Envidan Group’s continuous engineering activities in Norway.
The Envidan group is owned by the European private equity fund Waterland, and it is the strategy that Waterland and Envidan have laid out for the future that has led to the divestment of the cost recovery business.
“Together we have set an ambitious growth strategy for Envidan, where Envidan will grow in depth instead of in width. This means that we want to make Envidan a leading supplier within the water cycle, and the financial services do not fully fit fully.”
“The further development of the cost recovery services in Norway and several other countries has a huge potential, and it is our clear conviction that this potential can best be realized with another owner than Envidan,” Kaspar Kristiansen explains.
The Norwegian company VISMA is one of Scandinavia’s leading providers of software systems for the public sector. The company supplies ERP and payroll systems and a number of other software solutions to municipalities, and thus has every opportunity to further develop Momentum’s cost accounting tool, which is already used by over 300 municipalities in Norway. CEO of Visma-owned Framsikt AS, Halvor Walla says:
“I am thrilled to welcome Envidan Selvkost into the Visma family. The company has a particularly strong competence in public financial management and the development of economic models for the local government sector.”
General Manager of Envidan Selvkost Norway, Martin Brenne, is also very satisfied and says:
“We have been happy to be part of Envidan, which has a good culture and has really welcomed us. But in Envidan, we are not part of the core business, and we therefore believe that Visma is a better match for our part of the business. We have a very strong market position and a really good product that customers are happy with. We look forward to further developing this together with Visma.”
Envidan will continue to grow in Norway
“The divestment of the self-cost part does not mean that we are gearing down,” says Morten Fjerbæk, CEO of Envidan. “It is a divestment that strengthens our opportunities for growth within our core business, where we have great ambitions and a positive view of the future. And if we are to be true to the strategy we have set, this is the right thing to do.”
Morten continues:
“We wish Martin and our colleagues at Envidan Selvkost all the best. They have been an important player in building up Envidan’s office in Norway, and have contributed both professionally and socially to the fact that we now have an engineering department in Norway, which is working on a number of exciting projects for our Norwegian customers. Our engineering business in Norway is a strategically important element in our growth ambition, and with the acquisition of Arealtek, which we made in October 2021, we are well on our way.”
Arealtek AS offers consultancy, planning and project management within spatial planning and the water and wastewater sector, and the plan is now to continue Envidan’s engineering services with Arealtek as part of Envidan.
For further information contact:
Morten Fjerbæk, CEO of the Envidan Group at mof@envidan.dk or +45 40461718
Martin Brenne, General Manager of Envidan Selvkost Norway at mbr@envidan.no or +47 23966737
