Visma, the Norwegian business-software group, announced on 5 December 2025 the purchase of more than 75% of Comunidad Feliz, a Chilean SaaS for condominium management and resident payments with an office in Polanco, for USD 70 million. The financial press reported a multiple of approximately six times sales. It matters because it sets a public valuation reference for mid-sized Latin American vertical SaaS, something the market rarely gets.
The transaction
Visma acquires more than 75% of Comunidad Feliz’s equity for USD 70 million; the sellers were advised by LarrainVial. The company reported more than 7,000 communities, more than 900,000 units and a presence in more than 10 countries, with revenue of around USD 11.5 million at the time of the sale and close to 225 employees in Chile and Mexico. The exact percentage, the identity of the remaining shareholders, any deferred payments and the approvals required were not disclosed. The sources also do not specify whether the six-times multiple refers to the price paid for the stake or to the value of 100% of the company.
The deal adds to Visma’s purchases in the region: Conta Azul, Rindegastos, Talana, Rex+ and Laudus. It is therefore an acquisition by a buyer with an active programme, not a one-off.
Value drivers
Recurring revenue with a payments component. Comunidad Feliz charges for the software and processes resident payments. In our reading, the payments layer adds transactional revenue on top of the subscription and raises switching costs for the administrator, two attributes a strategic buyer pays for above pure SaaS.
Verifiable regional scale. More than 900,000 units in more than 10 countries give Visma a position in a vertical where it did not operate in Latin America, with Mexico as the company’s second market.
A buyer with an acquisition programme. Visma had bought five Latin American companies before this one. In our reading, a serial acquirer knows the cost of integration and can pay multiples that a financial fund, without distribution synergies, would not sustain.
An advised process. LarrainVial’s presence on the sell side indicates an organised process. In our reading, the multiple obtained is consistent with a negotiation in which the seller controlled the timetable and the information.
What the market is signalling
For comparables in Mexico, the transaction offers a rare reference: six times sales for a vertical SaaS with revenue of around USD 11.5 million, sold to a strategic rather than a financial sponsor. Mexican SaaS businesses in condominium management, homeowner collections or property services now have an anchor for valuation conversations, with the caveat that Comunidad Feliz’s regional scale was part of the price.
For buyers, Visma confirms that European software groups are willing to enter Mexico through Chilean assets with local operations. For founders, the structure shows a majority sale in which the original shareholders keep a minority stake; in our reading, that format aligns today’s price with the growth the buyer will fund.
G2’s reading for a mandate
A sell-side mandate for vertical SaaS with revenue between USD 10 and 20 million should separate subscription revenue from payments revenue in the process materials, document retention by community and present the Mexican position as a growth option for the buyer. The counterparty universe should include European strategics with an active programme in the region, not only funds, because that is the segment where Comunidad Feliz’s multiple became possible.
Sources
- LatamList, 5 December 2025: Visma acquires Comunidad Feliz for $70M
- Ecosistema Startup, 5 December 2025: Visma adquiere Comunidad Feliz por US$70M
- Ecosistema Startup, 20 May 2026: Comunidad Feliz: exit de US$70M
- Comunidad Feliz Mexico: comunidadfeliz.mx