Visma takes 78% of Hamburg's pathway solutions, full buyout set for 2027
What's the deal? Norwegian software group Visma is acquiring a majority stake in pathway solutionsDealroom has a profile for this one. Try Dealroom →, raising its holding in the Hamburg-based e-commerce accounting startup from 33% to 78%. Visma plans to acquire the remaining shares and fully integrate the company in 2027. Financial terms were not disclosed.
What does pathway do? Founded in 2018, pathway solutions automates accounting for e-commerce and SaaS companies, connecting sales channels and payment providers to accounting systems such as DATEVDealroom has a profile for this one. Try Dealroom →. Its platform links Shopify, Stripe, Amazon, and TikTok Shop, capturing sales and payment data before passing it to tax firms. It now serves more than 4,000 companies and over 1,000 tax firms in Germany and Austria.
Why now? Visma first invested in pathway in 2024, taking a 33% stake. Since then, the startup says its client base has more than tripled — making the follow-on bet a response to clear traction.
What changes? Not much operationally. Founders Marco Feelisch and Ludwig Eisenblätter will stay at the helm, and the Hamburg location remains in place.
What's the endgame? The deal extends Visma's steady push into German accounting and tax software. It acquired pre-accounting provider Finmatics in April 2025, then added tax-advisory platform milia.io and AI tax assistant Taxy.io in August. The aim is to build a broad portfolio around accountants and businesses while automating routine bookkeeping.
The signal: Germany is Europe's biggest e-commerce market, and Visma — which reported €2.4 billion in revenue in 2023 — is consolidating the fragmented tools accountants rely on. Buying traction through staged ownership, rather than a single standalone acquisition, points to how incumbents are assembling automated tax and accounting stacks.
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