Administer raises EUR 5M from Bocap, purchases Silta Oy and becomes the largest payroll service company in Finland.
Administer, a Helsinki, Finland-based accounting firm specialized in electronic financial management services, announced the acquisition of Silta Oy from Sentica’s equity fund and the company’s executive management.
The arrangement makes Administer Finland’s biggest payroll service company and is funded by a capital investment of EUR 5M ($6M) made by Bocap, which becomes a minority investor. Other investors in Administer besides Bocap Private Equity’s fund, includes Nordea Bank and mutual pension insurance company Elo.
Administer, founded in 1985 and led by CEO Peter Aho, is one of the largest financial services providers in Finland, employing 400 financial management professionals.
The Administer Group made last year a turnover of EUR 20M.
Silta Oy will become part of Administer Group, and the company will retain its current name and brand. Silta’s management and approximately 270 employees will continue in their current functions. The company, founded in 2001, has operations in four locations in Finland and a subsidiary in Tallinn, Estonia and had net sales in 2017 of EUR 19M
With the acquisition, the aggregate net sales of Administer are expected to grow to about EUR 50 million in 2018 and the number of employees to nearly 700. The new group has activities around Finland, Stockholm and Tallinn.