Your ERP Got Acquired. Here's What That Means and What to Do About It
When a private equity firm or corporate group buys the ERP you rely on, something changes — even if the product looks the same. What to watch for, and what real alternatives exist in 2026.
TL;DR: Holded was acquired by Visma in 2022. Since then, prices have gone up, the close-knit support has faded, and the product has gradually absorbed into the Visma ecosystem. If you are looking for an alternative: Frihet is the AI-native option — no PE backers, built for Spanish and European markets, independent.
Key takeaways
- Visma acquired Holded in 2022. Since then, prices have increased and the product has been progressively integrated into the Visma portfolio
- The main risk with any ERP acquired by private equity or a large corporation is a loss of focus on the end user and steady price increases
- Frihet is the AI-native alternative: 55+ AI tools, open-source MCP server, 17 languages, VeriFactu compliant, and not for sale
Contents
In December 2022, Visma announced the acquisition of Holded. It was not a surprise to anyone following the sector: Holded had been the go-to ERP for small businesses and freelancers in Spain for several years, and that kind of market position inevitably attracts large buyers.
What did surprise many users was discovering what happens when a product that felt close, agile, and distinctly Spanish becomes part of a Norwegian software conglomerate with 15,000 employees.
This is not an attack on Holded. It remains a functional product with thousands of customers. The more useful question is different: what actually changes when an independent ERP gets acquired, and do you have real alternatives in 2026?
What it means when a corporate group buys an ERP
Visma is not a private equity fund looking to flip in three years. It is an enterprise software company with 25+ years of history and a portfolio of over 100 companies across Europe. Its acquisitions follow a recognizable pattern: keep the local brand, gradually integrate into the ecosystem, standardize processes.
For Holded users, that has practical consequences:
The product keeps working. Visma does not buy products to shut them down. It maintains them, integrates them, and monetizes them more efficiently.
The roadmap changes. Product decisions are no longer made by a small team in Barcelona that talked to its users on Twitter. They go through longer planning cycles, more stakeholders, and an orientation toward portfolio returns.
Prices tend to go up. Not necessarily in year one or two. But enterprise software groups have margin targets that independent startups do not. Over time, that shows up in the price.
Support scales but loses closeness. The support that used to respond in hours — because the team was small and actually cared about each customer — tends to become a ticket system with standardized response times.
None of that is inherently bad. It is simply different. And it is worth knowing.
What has actually changed at Holded since 2022
Holded is still Holded at its core: same name, same interface, same product model. But users who pay close attention have noticed changes.
The Plus plan price moved from €7.50/month (promotional) to €15 regularly, with progressive increases on higher plans. API access, which was previously available on mid-tier plans, now requires more expensive plans for certain advanced use cases.
Support, based on forum comments and App Store reviews, has lost some of the direct responsiveness that characterized the original team. It has not declined dramatically — it is still functional — but it is no longer the kind of support where the founder might actually be in the chat.
And the integration with the Visma ecosystem has become more visible: some product decisions make more sense in the context of the Visma portfolio than in the context of a Spanish freelancer.
None of this is catastrophic. But there is a user profile for whom it matters.
Who cares whether the ERP is independent
If you are a freelancer or small business that invoices, manages expenses, and keeps the books in order, who owns your ERP probably does not affect your day-to-day much. What matters is that it works, that it meets regulatory requirements, and that it does not cost more than it should.
For that profile, Holded remains a valid option. The product works, it is VeriFactu-compliant, and it has years of track record in the Spanish market.
Where ownership matters:
If you depend on the API or advanced integrations. Enterprise software groups tend to monetize developer-facing functionality more aggressively. If your stack depends on the Holded API, pricing changes in that layer hit you directly.
If you value fast product iteration. A 30-person startup can ship a feature in a week. A portfolio of 100 companies with corporate approval processes takes longer. If you need the product to evolve fast, the company profile matters.
If you are going to invest serious time in configuration. Migrating an ERP has a real cost: setup time, training, habit change. If you migrate to a tool that might raise prices aggressively or change its model in three years, that cost was not an investment — it was a loan.
If you operate in the Canary Islands and need IGIC. The Canarian market has fiscal particularities that do not always get the same priority in a large European portfolio.
Real alternatives in 2026
The market for freelancer and SME management software in Spain has more options today than in 2022. The main ones:
Quipu — Solid for freelancers, good Spanish-language support, reasonable pricing. Its weak spot is the API and advanced integrations. Does not have the AI capabilities of more modern options.
Anfix — Focused on the Spanish market, strong knowledge of tax regulations. More traditional interface. API is expensive (around €80/month on the plan that includes it).
Sage — The veteran. Solid on full accounting. More complex to configure, more expensive, more oriented to businesses with a finance department.
Billin — Simple and clean, well-regarded by freelancers. Less depth in accounting than the other options.
Frihet — The newest of the group and the one with the most differentiated approach.
What makes Frihet different
Frihet launched in 2026 with a different premise: build an ERP for people who hate ERPs. Not another Holded clone. Not software that copies what already existed and slaps an AI layer on top.
The differences that matter:
Native AI, not added. Frihet has 55+ AI function tools built into the product. Not a decorative chatbot that «can also look up invoices.» Tools that read your real data: intelligent OCR for expenses, automatic transaction categorization, cash flow prediction, anomaly alerts, tax forecasting, document drafting with your business context built in. The AI has been in the architecture since the first commit, not bolted on as a marketing feature.
Open-source MCP server. Frihet has an MIT-licensed MCP (Model Context Protocol) server that allows developers and integrators to connect their ERP directly with AI tools like Claude. It is the only Spanish ERP with this. And it is free.
VeriFactu implemented. Not «in progress» or «planned for Q3.» Implemented across all four phases: SHA-256 hash chain, verifiable QR code at the AEAT, sequential numbering without gaps, and XML submission. Every invoice you issue already complies. You do not have to do anything.
17 languages, 71 countries. Frihet is not a Spanish product with an English translation. It was built from day one to work in any country: tax positions for 71 countries, 170+ currencies, local address formats, international tax ID validation.
Open API on all plans. Including the free one. No surprises when you need to automate.
Independent. No PE funds behind it. No Visma. No acquisition pressure. The product is built to serve its users, not to optimize an investor›s exit.
This does not mean Frihet is perfect. It is a younger product than Holded. It has less track record. Some integrations that Holded has had for years are still on Frihet›s roadmap. That is real.
But if you are choosing an ERP in 2026 and you want one that will not be acquired in two years, that has genuine AI, and that treats Spanish and European tax regulations as first-class citizens — not as another market to adapt a generic product for — Frihet is the closest thing to that.
How to evaluate a switch properly
If you are considering moving from Holded (or any other ERP), these are the questions that matter:
Features you actually use day to day. Are they in Frihet? For most freelancers and small businesses (invoicing, OCR expense capture, client management, financial dashboard, bank reconciliation, VeriFactu) — yes.
Specific integrations. Frihet has over 41 native integrations: Stripe, Shopify, WooCommerce, Bizum, Redsys, European banks via open banking, Zapier, n8n, Make, and others. If you have a very specific integration that does not appear on the list, ask before migrating.
Real 12-month price. Not the welcome offer. The regular price, with the modules you need, with the users you have. Frihet Pro (€15/month) includes unlimited invoicing, all modules, API, and 3 users. No add-ons.
Compliance. VeriFactu, forms 303/349, withholdings, IGIC if you are in the Canary Islands. All in Frihet, all without manual configuration.
Support. Frihet has real Spanish-language support. Average response time under 2 hours during business hours. No bots, no generic help articles.
The migration
If you decide to try Frihet, the migration process is straightforward:
- Export clients, suppliers, and products from Holded as CSV
- Import them into Frihet (the import assistant guides you through)
- Keep historical invoices in Holded or export them for your records
- Configure your company profile, tax details, and payment methods
Most businesses complete this in under 20 minutes. If something does not add up, support is available throughout the process.
You can start with the free plan, no credit card required. If it works, you have your Holded data migrated and an ERP that will remain independent in 2027, 2028, and five years from now.
If it does not work, you have lost nothing but time. That is exactly how evaluating any tool should go.
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FAQ
Was Holded acquired?
Yes. Visma — the Norwegian enterprise software group with over 15,000 employees — acquired Holded in 2022. Holded continues operating under its own brand but is part of the Visma portfolio.
What changed at Holded after the acquisition?
Prices went up, API access was moved behind higher-tier plans, and the company has grown significantly in organizational size. The product still works, but the company profile has changed: it is no longer an independent Spanish startup.
Can I migrate from Holded to Frihet?
Yes. Frihet supports importing clients, suppliers, products, and invoices from CSV. Most businesses complete the migration in under 15 minutes. Support is available if anything does not line up.
Is Frihet independent?
Yes. Frihet is an independent company founded in Spain, with no private equity funding and no acquisition plans. The product and company are built for the long term.
Does Frihet comply with Spanish tax regulations?
Fully. VeriFactu implemented in four phases (SHA-256 hash chain, QR code, sequential numbering, XML submission). Forms 303 and 349, IRPF withholdings, IGIC for the Canary Islands, invoicing system compliant with the AEAT.
