Highlights from the Directors' Report

Our profitable growth was driven by increased organic sales and acquisitions of 42 new software companies. In a period of rising concerns about inflation, higher interest rates, and a more uncertain geopolitical situation, we once again demonstrated the resilience of our business model. By the end of 2022, we counted 1,4 million customers, which is up 26% from 2021.

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Overall performance

In 2022, total revenue increased by 19,1 per cent to EUR 2 056 million. EBITDA reached EUR 587 million, a margin of 28,5 per cent. These numbers are in line with expectations from the 2021 Directors’ report, and the Board of Directors is satisfied with Visma’s financial performance for the year.

We saw strong growth in all our segments:

Small businesses

  • Revenue was EUR 665 million, a growth of 25,1%
  • EBITDA was EUR 231 million

Medium and large enterprises

  • Revenue was EUR 811 million, a growth of 16,0%
  • EBITDA was EUR 192 million


  • Revenue was EUR 566 million, a growth of 17,9%
  • EBITDA was EUR 144 million

During the year, the divestment of both the consulting-centric operations and the Cloud Infrastructure Service business emphasised Visma’s strategic focus on SaaS and standardised products. The sale of these businesses further streamlined Visma’s position as Europe’s leading provider of mission-critical cloud software. Overall cloud revenue reached EUR 1 738 million, an increase of 24,0 per cent compared to 2021.


We continued our rapid acquisition pace from 2021 by expanding into new geographies and further strengthening our positions in our core markets – in total, 42 acquisitions were made during the year.

With the acquisitions of Inqom and BuchhaltungsButler, we planted our flag in both France and Germany.  Paris-based Inqom provides a cloud accounting software aimed at accounting offices, and opens the door to further growth in the French market. Buchhaltungsbutler, with their office in Berlin, develops financial management software for small businesses.

We also strengthened our positions by acquiring new companies in Spain, the Netherlands, Belgium, and the Nordics, back where it all started.

Read also: Building a software powerhouse through M&A

Initiatives for our people

We do what we can to inspire our people to grow and unleash their potential – both on Group level, as well as locally within each company. Some of the activities from the Group include leadership development, learning communities, and tech academies for all employees. 

We currently have 18 different peer-to-peer communities and more than 50 area experts. This makes up the learning community at Visma, that all employees have access to and can benefit from. In 2022, seven internal conferences were offered to our employees, such as the AI Conference, Marketing & Brand Summit, and the Customer Experience Meetup. 

Each month, employees are asked 10–12 questions about different aspects of engagement. The results are available to leaders and HR through a live dashboard, and engagement scores are reported in the management report. As of December 2022, the eNPS score (employee engagement framework) for the Group was 61, which is top 10 per cent in the technology industry. We look back on healthy results throughout 2022 and will continue to keep it high on our agenda going forward.

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