Highlights from the Directors' Report

Visma drove profitable growth in 2023 through increased organic sales, as well as expansion in both new and existing markets. By the end of 2023, Visma had acquired 32 companies and increased its customer base approximately 20% year over year, to 1.7 million customers.

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Overall performance

2023 marked another period of robust performance for the Group, characterised by double-digit increases in both revenue and EBITDA, aligning with its impressive history of consistent growth. The total revenue growth in 2023 was 16.4 per cent, reaching EUR 2,394 million. EBITDA reached EUR 708 million, reflecting a margin of 29.6 per cent. These figures align with the expectations of the 2022 Directors’ report, and the Board of Directors is satisfied with Visma's financial performance throughout the year.

We saw strong growth in all our segments compared to 2022. We also established the Ecosystem segment during 2023, with the aim to expand the ecosystem around core product offerings in the other segments, by entering new verticals and expanding in completely new territories.

Small businesses

  • Revenue was EUR 743 million, a growth of 16.3%
  • EBITDA was EUR 279 million

Medium and large enterprises

  • Revenue was EUR 467 million, a growth of 13.5%
  • EBITDA was EUR 119 million


  • Revenue was EUR 645 million, a growth of 16.9%
  • EBITDA was EUR 173 million

Ecosystem (new in 2023)

  • Revenue was EUR 479 million, a growth of 24.3%
  • EBITDA was EUR 110 million


In 2023, Visma continued its expansion in both new and existing markets through a total of 32 acquisitions (including two minority purchases and three asset purchases).

Visma entered two new markets in 2023. With the acquisition of Moloni, provider of SaaS solutions to small- and medium sized enterprises, we entered the Portuguese software market. Our acquisition of Payday, a cloud accounting and payroll systems provider, marked our first entry into Iceland.

We also strengthened our position in existing markets. The acquisition of Acos, a Norwegian company specialising in cloud software solutions for document processing, archive systems, and workflow management, bolsters our offering in the Norwegian public segment. In Denmark, we increased our presence by acquiring efacto, a provider of e-invoicing solutions. We also strengthened our presence in Germany through the acquisition of H&H, software provider for over 800 public administrations in the country. And in the Benelux region, the acquisition of Silverfin further solidifies our position as a leading provider of mission-critical cloud software. 

The acquisitions of 2023 are in line with Visma's dedication to expansion, and the continuous enhancement of our product offerings to meet the evolving needs of our diverse client base.

Initiatives for our people

Visma’s aim is to be the most inspiring and engaging place to work, recognising that the competencies of employees play a crucial role in delivering value to customers and stakeholders and securing the company’s future success.

To achieve this, Visma remains committed to nurturing the growth and unlocking the potential of its people, locally and from a Group level. Group-wide initiatives include leadership development, learning communities and online training and webinars for all employees. In 2023 a new platform, Visma Learn, was launched that included a refreshed and more engaging version of mandatory online courses.

Visma assesses engagement using monthly pulse surveys, which provides real-time data for prompt action and ensures ongoing awareness of employees’ engagement and wellbeing.

The eNPS score per December 2023 was 62, moving Visma from the top 10 per cent in the technology industry in December 2022 to now being ranked in the top 5 per cent of the industry. In addition to this, the Group is proudly within the top 10 per cent in the technology industry, both within Diversity & Inclusion and Health & Wellbeing.

From January 2024, Visma will continue to build on the engagement survey by adding a question about sustainability. This gives companies a better understanding of how their sustainability work is perceived by their people.

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