Administer acquires Silta Oy and becomes Finland’s biggest payroll service company

27.11.2019

Electronic financial management company Administer Oy acquires Silta Oy from Sentica’s equity fund and the company’s executive management. The arrangement makes Administer Finland’s biggest payroll service company.

“With the acquisition, Administer strengthens its expertise in payroll and HR services. The fast-growing Administer and Silta have both invested strongly in developing their payroll service offering. In the future, we will create new, high-quality and technologically advanced services to support the business of our extensive customer base,” says Peter Aho, CEO and largest owner of Administer.

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.

“By joining our forces and expertise with Administer Group, we can take payroll and HR services to a new level. In addition, we can offer Administer’s extensive financial management services to our customers and gain synergies from the arrangement,” says Tatu Tulokas, Managing Director of Silta Oy.

Administer Group, which offers comprehensive financial management services, had net sales of EUR 20 million in 2017, and the Group employs 400 people. Following the acquisition, the combined net sales will increase to approximately EUR 50 million and the number of personnel to nearly 700. Silta’s net sales in 2017 amounted to EUR 19 million and the company calculates approximately 110,000 pay slips a month.

The financiers of the company are Bocap Private Equity’s fund, Nordea Bank and mutual pension insurance company Elo. The arrangement makes Bocap a minority partner in Administer.

“We are very happy about Bocap’s participation in building the next stage of Administer’s growth path with us. Bocap’s unique minority investment model is a perfect fit to our entrepreneur-led company,” Peter Aho continues.

Bocap’s founder Julianna Borsos says that “Peter Aho is an innovative and productive entrepreneur, who has been able to build a skillful team and make Administer an agile forerunner in electronic financial management. We take great pride in having been invited to join the company as a partner.”

 

More information:

Peter Aho, CEO, Administer Oy. Tel. +358 40 501 3661, peter.aho@administer.fi

Tatu Tulokas,Managing Director, Silta Oy. Tel. +358 50 393 5073, tatu.tulokas@silta.fi

Julianna Borsos, Chairman of the Board, Bocap Private Equity Oy. Tel. +358 50 386 3530, julianna@bocap.fi

 

Administer Oy (www.administer.fiis a forerunning Finnish company specialized in electronic financial management services. Founded in 1985, the company is one of the largest financial management service providers in Finland. The company employs some 400 financial management professionals, and its over 4,000 customers represent a wide range of companies from publicly listed companies to one-person consultancy agencies in different sectors. Administer frees customers’ time for profitable business by making financial management paperless and real-time. In addition, Administer offers high quality CFO and controller services with decades of experience. Administer operates in the whole of Finland.

Silta Oy (www.silta.fioffers modern and effortless payroll and HR services as a partner to executives, HR and managers. Silta’s service
offering covers intelligent analytics, comprehensive outsourcings, business-oriented HR renewals and improvement of
workforce productivity. Services comprise of three parts: Efficient management of payroll routines, modern tools and intelligent
analytics. Each part has been designed to facilitate customers’ lives. The highly automatized and modern payroll
process provides our customers competitiveness and cost savings. Silta was founded in 2001, employ 270 employees, operates from four locations in Finland and has a subsidiary in Tallinn, Estonia.

Bocap Private Equity Ltd. (www.bocap.fi) is an independent privately-owned private equity company dedicated to established high growth small and medium-sized firms in Finland. Bocap was a pioneer in 2012, when launching its ‘controlling minority’-based investment policy by which the fund opens doors to an attractive sweetspot of world-class, outperforming Finnish companies in prominent industries. By partnering with entrepreneurs and founders, Bocap champions the successful growth of SMEs and creates value by providing its portfolio companies equity financing and strong strategic and M&A support. Bocap’s investors consist of institutional investors, pension funds, mutual insurance funds and family offices in addition to Bocap’s partners. Bocap’s newest fund manages 50Meur in commitments. Prior to the investment into Administer Oy, Bocap’s portfolio consisted of 8 companies having a total turnover of nearly 200Meur and employing some 1500 people.