As market shares in the industry are being redistributed, a strong cash position and balance sheet allow Balanco to pursue international growth through acquisitions.
When Voland Partners invested in Balanco in 2023, the company was in an exceptional position. The board and decision-making processes had been developed, leadership was clear, and under the HR function, the company was
actively creating a high-quality working environment and community for its employees.
This is rare among Finnish growth companies, where the first growth-stalling issues often stem from a lack of organizational structure and decision-making processes.
It’s no surprise, then, that Voland Partners praised Balanco as an exceptional growth company in Finland when announcing their investment.
According to Balanco’s founder and CEO Mikko Marttunen, the company’s secret lies in having developed the organization from the beginning as if it were larger than it actually was.
“My tip is: act bigger than you are. A company also needs structure and hierarchy in order to grow. Once this is in place, both the company and the entrepreneur are ready to bring in a private equity investor and a growth partner,” Marttunen says.
Mikko Marttunen founded Balanco in 2015 together with Antti Voittonen.
Today, Voittonen — who leads Balanco’s growth, development, and board work — and Marttunen had previously worked together for a long time at one of the largest companies in the field.
They had a vision of where to find a new kind of competitiveness in the industry.
“We wanted to give the customer a new role because the client experience delivered by accounting firms had much room for improvement. Our goal was to create technology-driven processes that adapt to the customer’s needs and situations
instead of forcing them into a standard mold.”
“With AI and robotic process automation, we’re shifting the focus of accounting firm experts from mechanical, repetitive work to services that maximize customer value,” says Marttunen.'
Balanco was exceptionally prepared for its next leap of growth, yet the company categorically rejected all partnership proposals.
“Over the years, we received several offers. We always said no until 2023, because the timing wasn’t right — we simply weren’t ready."
After the turn of the decade, accounting firms across the Nordics began experiencing major changes. Industry consolidation accelerated rapidly, and for Balanco, which had already made its first moves toward internationalization via acquisitions, this
offered a chance to accelerate its own renewal.
Balanco began seeking a private equity investor at a point when it had already expanded into Sweden and Norway through acquisitions.
The groundwork had been carefully laid, which helped speed up discussions with investors.
“We had created a growth strategy, calculated what it would cost to execute, and defined the kind of partner we wanted. When M&A activity picked up across the Nordics, the board quickly decided to start searching for a partner.”
By the time discussions with private equity investors began, Balanco had a strategy for international growth based on acquisitions, a clear cost estimate for its execution, and an idea of the ideal partner for the journey.
“In almost every discussion, there was consensus on valuation — it matched our own assessment. That wasn’t the difficult part. What mattered most to us was a co- entrepreneurial model where we’d also receive support for technology and service
development. In the end, those are the most critical growth factors for our customers.”
Marttunen urges founders to carefully reflect on their thoughts about entrepreneurial freedom, decision-making power, and goals.
“In hindsight, you realize you spent time worrying about things that didn’t matter. Sure, there are stories where collaboration goes wrong — where a private equity firm takes control and stubbornly pushes its own agenda,” Marttunen says.
“This stage often comes with mental blocks that need to be addressed in advance. Are you ready to let new people into the decision-making process? Are you ready to give up part of your entrepreneurial freedom? In my experience, the freedom you
give up comes back to you manifold in other benefits.”
“I’ve been given the freedom to operate as I see fit in the day-to-day management. I’ve received help whenever I’ve needed it.”
Marttunen says it’s important to evaluate personal chemistry during discussions with private equity firms.
“In my experience, there are rarely disagreements about the numbers. But in conversations with different investors, the key is assessing whether these are the kind of people we want to work with in the long run,” Marttunen emphasizes.
What impressed them about Voland was the team’s solid experience in technology and service development as well as scaling service businesses.
“There were no disagreements about the company’s direction — we were practically aligned on everything. From Voland, we gained not only further support for strengthening our board but also a stronger cash position and balance sheet that enable continued inorganic growth,” Marttunen explains.
Balanco has already made two acquisitions in Denmark with Voland as a co- entrepreneur. The company expanded into Denmark in 2024, shortly after Voland joined the next phase of Balanco’s growth story.
“We’ve already received significant support from Voland in making acquisitions, managing the various stages of the M&A process, and adding professionalism to our valuation of acquisition targets,” Marttunen says gratefully.