Norvestor acquires a majority shareholding in Zalaris ASA, a leading European HR and payroll services company
Norvestor acquires a majority shareholding in Zalaris ASA, a leading European HR and payroll services company
Norvestor IX SCSp ("Norvestor") has, through Kona BidCo AS, completed the acquisition of ~88% of the outstanding shares in Zalaris ASA ("Zalaris" or the "Company") by way of a recommended voluntary tender offer at NOK 100 per share, representing an aggregate equity purchase price of approximately NOK 1.9 billion.
Founded in 2000 and listed on the Oslo Stock Exchange since 2014, Zalaris is a leading European HR and payroll services company. CEO and founder Hans-Petter Mellerud, together with other key management, will continue as significant shareholders alongside Norvestor following the transaction.
Zalaris has market-facing operations across Europe and the Asia-Pacific region, delivering payroll and HR solutions to customers in more than 100 countries through a scalable and resilient international delivery model. The Company operates through two complementary and focused business lines, both fully dedicated to HR and payroll technology and services. The Managed Services segment provides a comprehensive HR and payroll technology platform, PeopleHub, delivered as Software-as-a-Service, combined with end-to-end HR and payroll administration services delivered under Business Process as a Service (BPaaS) or Business Process Outsourcing (BPO) models. The Consulting segment supports enterprises and public sector organizations throughout their cloud-based HR and payroll transformation journeys, with Zalaris being a recognized SAP Gold Partner with deep domain expertise across tier one human capital management platforms.
"We have followed Zalaris closely over many years and are deeply impressed by the position the company has built as a leading provider of mission-critical payroll and HR solutions, combining robust operational delivery with a scalable technology platform," says Fredrik Gyllenhammar Raaum, Partner at Norvestor Advisory. "We look forward to supporting the management team in accelerating Zalaris' growth, expanding its international footprint, and continuing to invest in technology and automation to strengthen its market position and customer offering," Gyllenhammar Raaum finishes.
Zalaris is led by an experienced international management team with deep sector expertise and long tenure at the Company. "Two years ago, we launched a strategic review to find the right partner to accelerate Zalaris' growth and strengthen our multi-country payroll and HR offering. Teaming up with Norvestor, we can move faster and invest with a longer-term focus, accelerate our investment in AI to drive further automation and deliver more customer-centric solutions," says Hans-Petter Mellerud, CEO and founder of Zalaris.
Zalaris generated revenue of NOK 1,503 million in 2025 and adjusted EBIT of NOK 194 million, representing an EBIT margin of ~13%. The Company has ~1,200 employees and delivers Zalaris payroll services to more than 400,000 employees per month.
Norvestor has acquired ~88% of the outstanding shares following the recommended voluntary tender offer. Norvestor will, through Kona BidCo AS, launch a mandatory offer for the remaining shares at NOK 100 per share.
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For further information:
Fredrik Gyllenhammar Raaum, Partner, Norvestor Advisory
Telephone: +47 930 32 846
Email: fgy@norvestor.com
Hans-Petter Mellerud, CEO, Zalaris
Telephone: +47 928 97 276
Email: hans-petter.mellerud@zalaris.com
Zalaris is a leading European provider of HR and payroll solutions and services, headquartered in Oslo, Norway, and founded in 2000. Zalaris serves more than 1,500,000 employees monthly via application management through customer SAP systems and approximately 400,000 employees per month receiving Zalaris payroll services. With around 1,200 employees dedicated to HR and payroll services worldwide, operations in 18 countries with in-house expertise in local laws and regulations, and service delivery through a global partner network in more than 150 countries, Zalaris combines centralised, technology-driven processes with strong local expertise. The Group serves a diversified and high-quality client base, including large multinational corporations, regulated financial institutions, and publicly listed companies across a wide range of industry sectors. Read more at www.zalaris.com
Norvestor Advisory is a leading private equity company focusing on mid-market buyouts in the Nordic region. The team has worked together since 1991, making it one of the most experienced private equity teams in the Nordics, having executed 101 investments with more than 750 add-on acquisitions, in addition to executing 68 exits, including 16 IPOs. The Norvestor Funds seek to invest in growth companies in the Nordic mid-market that have the potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries or by geographic expansion.
