Public Tender Offer for Heeros
Additional information about the public tender offer for Heeros Oyj will be updated on this page as new details become available.
22nd of November 2024
A public tender offer for Heeros was made on November 22, 2024. The offer was made by Accountor Software, who divested its accounting and payroll services in the summer of 2024 to focus on software business.
In the rationale for the offer, Heeros's strong products and expertise are highlighted, as well as the potential for Accountor Software and Heeros to provide more value to their customers together. You can read the full rationale for the tender offer here, and it is also included as part of the press release.
Heeros will continue to serve its customers at least as well as before. We will also continue to develop our products regardless of the outcome of this offer. However, it is clear that combining with Accountor Software would bring us and our customers significantly greater resources for product development and the opportunity to strengthen our international capabilities. This presents a logical step in our growth journey.
You can read the press release here.
The offeror will update information here.
We will inform our customers as soon as we have new information. For our customers and partners, business will continue as usual.
Accountor Software
Accountor Software specialises in software for financial and HR management. It is driven by empowering Nordic businesses to thrive with innovative solutions that make work more efficient and effortless. Accountor Software is a participant of the UN’s Global Compact and adheres to its principles-based approach to responsible business. The group employs about 700 experts and its headquarters is in Espoo, Finland.
Background and strategic rationale -part from the public tender offer on 22nd of November 2024
Founded in 2000, Heeros is a provider of financial management software, primarily for small and medium-sized businesses in Finland. The Company offers a full suite of cloud-based tools to handle financial management and resource planning, including purchase invoice automation, human resources, payroll, and professional services automation (PSA) software. Designed for flexibility, the Heeros portfolio integrates seamlessly with other software, making it a versatile choice for SMEs looking to streamline and automate their financial and business processes.
The Offeror has been following Heeros closely in recent years and been impressed with the Company’s commitment to its core competencies and successfully reaching a healthy profitability level, led by the Heeros management and made possible by the expertise of Heeros employees. Most importantly, while transforming the business, Heeros has continued to invest substantially in the sales and purchase invoice processing solution and professional services automation offering. In particular, the sales invoice solution has been well positioned to help SMEs with international operations and to address the upcoming European e-invoicing mandates and offers bank connectivity with over 2,500 European banks. Nonetheless, it is clear to the Offeror and Heeros management that the next step of the Heeros’ growth journey requires access to a more resourceful product development and commercial platform. The Offeror is excited to provide such support, and to enable Heeros in its internationalization efforts alongside the Offeror’s own growth ambitions.
Through the combination, the Offeror would be able to provide Heeros with an expanded market reach through Accountor Software’s extensive partner network as well as access to a stronger R&D platform with respect to financial resources, best practice processes and know-how. Along with the customer support function being scaled, the Offeror believes that the combination would benefit all Heeros’ customers both in terms of product quality and general customer experience. Likewise, Accountor Software’s customers across Finland stand to benefit from increased optionality across financial management, payroll, and professional services automation software.
Accountor Software is pleased that certain key owners of Heeros have irrevocably committed to accept the Tender Offer. This demonstrates their support for the combination and belief that both Heeros and Accountor Software stand to benefit from a shared future.
The completion of the Tender Offer is not expected to have any immediate material effects on the operations or assets, the position of the management or employees, or the business locations of Heeros. However, as is customary, the Offeror intends to change the composition of the Board of Directors of Heeros after the completion of the Tender Offer.