Ocado chair joins Visma board ahead of €20bn London float

The chairman of Ocado Group has been recruited to the board of Visma, the European software company which is preparing one of the London stock market's biggest debuts for years.

Paste BN has learnt that Adam Warby will become a non-executive director of Visma, with an announcement likely as early as Friday, according to banking sources.

Mr Warby will join the company alongside Sir Ron Kalifa, the City grandee who has been lined up as its chairman to steer it through a flotation next year, the sources added.

The board appointments form part of preparations for a listing that would, if successfully completed, deliver a major boost to London's embattled stock exchange.

Although no timing has been set for Visma's initial public offering, it could come as soon as the end of the first quarter of 2026, insiders said.

It is likely to value the company at well over €20bn, although the valuation will ultimately depend on market conditions and the amount of new money raised in the transaction.

Based in Norway, Visma supplies accounting, payroll, HR and other business software to well over one million small business customers.

It has grown at a rapid rate in recent years, both organically and through scores of acquisitions, and has seen its profitability and valuation rise substantially during that period.

The business is part-owned by a syndicate of sovereign wealth funds and private equity firms, including Hg, the architect of its rapid growth.

Visma's owners' decision to pick the UK ahead of competition from the Euronext exchange in Amsterdam represents a welcome contrast to the decisions of other issuers in recent years, including the private equity giant CVC Capital Partners.

Visma could not be reached for comment on Thursday.