Annual Report 2021
Connected by Software — Driven by People
We continue to be in the midst of an extraordinary technological leap forward. Fundamental changes in how we work and live are creating new opportunities for cloud software solutions and the people who build and use them.
Visma acquired Holded, provider of the fastest-growing cloud ERP & accounting software in Spain. Holded will benefit from Visma’s international experience to boost product development and consolidate its position as the leading cloud ERP provider for small businesses in Spain.
ProSaldo.net, a pioneer in cloud-based accounting and invoicing, is the first Austrian company to join the Visma Group.
ProSaldo.net is one of the first Austrian companies to offer modern cloud-based solutions for the commercial processes of small businesses.
Atmospheric scientists and software company Visma Finland are pioneers in a collaboration to reduce CO2 emissions.
The exceptional cooperation will result in the release of a cloud-based service that calculates an organisation’s CO2 emissions based on financial data in real-time.
A new brand direction
This year, we launched a new creative brand concept, including a new design language. Visma Unified Design was created to support the dynamic nature of our business. We also enhanced our market presence through several successful branding campaigns.
Proud sponsors of Team Jumbo-Visma
Visma and Team Jumbo-Visma share the same intrinsic drive: to win together. At Visma, we do this by enabling our colleagues, teams, and customers to perform their best. We also embrace diversity, both in sport and in business, knowing this brings better results.
Visma once again saw double-digit revenue and EBITDA growth across markets in the Nordics, Benelux, Central and Eastern Europe, and Latin America. 2021 also saw a record number of acquisitions with 42 new companies adding to Visma’s software ecosystem.
Key figures 2021
Operating revenues (EUR 1 000)
EBITDA (EUR 1 000)
Highlights from the Directors’ Report
Visma has established itself as one of the largest cloud software businesses in Europe. Total revenue increased 19,5% to EUR 2 081 million. EBITDA increased 28,3% to EUR 590 million. Cloud revenue reached EUR 1 625 million, an increase of 24,5%. We saw strong growth in all core business areas. Nordics grew 20,1%; Benelux 20,8%; Custom Solutions 15,9%. And our geographic expansion areas 63,3%.
Key Figures – Visma Group
Number of shares
Earnings per share (EUR)
* Figures have been adjusted to reflect continuing operations only
** from continuing and discontinued operations after minority interests
In 2021 Visma started collecting baseline sustainability data for all of our companies, a milestone that will help us further reduce our impact.
- Science and business are a powerful force when working together to solve problems
- Together with atmospheric
scientists at the University of Helsinki (CarbonLink Oy), Visma is building the first real-time carbon footprint calculator for organisations, based on transaction data
- With Sustion, organisations are able to observe their impact on the environment and identify priority areas for reducing their carbon footprint
- Visma Sustynex is the first cloud-native platform for Environmental & Social Governance (ESG) disclosure in the Netherlands
- The platform is built in line with GRI, a leading independent reporting standard for sustainability
- Organisations can view, disclose and analyse their performance while creating structured ESG reports validated against GRI
- Several Visma companies in Denmark have moved into a new, sustainable office space
- The building is DGNB gold-certified, one of the highest recognitions of sustainable construction
- The office is designed to be lively and attractive with equal emphasis on environment, people and commercial viability
- Employees report feeling stronger bonds and having better collaboration at the new office
- Visma Megaflex is one of the few Visma companies with a physical product, and is making it as sustainable as possible
- Choice of materials plays a big role, as well as developing the product to be serviced remotely
- The product lifespan is now around 10 years, well above the industry average
Key sustainability figures
Total GHG emissions (tCO2e)
Total GHG emissions per FTE (tCO2e)
Employee engagement (eNPS score)
Incidents related to non-compliance
Furthering diversity in the industry
Diversity enables growth, better collaboration, and a dynamic work environment. Although we are far from achieving full diversity within the IT industry, we are working on it, and that will always be the first step of the journey.
The year ahead
Visma continues to promote competitiveness by providing our customers with software that makes their business and administrative processes continuously more efficient.
Succeeding through the lockdown
What turned the world on its head in 2020, became the new normal in 2021. Still, Visma continues to thrive and is well-positioned to adapt to changes moving forward. Read CEO Merete Hverven’s perspective on the year behind us.
Our presence, and growing
We operate across the entire Nordic region along with Benelux, Continental Europe, and Latin America. We have a wide network of distributors and partners and maintain a virtual development organisation (R&D) across borders.
Outlook for 2022
Entering 2022, the Covid-19 pandemic still impacts the global economy. The new normal is all about flexibility. The need for efficient, flexible and connected software solutions is only growing. We will continue to invest in research and development to ensure we deliver enjoyable products that are mission-critical for our customers.
There is a strong demand for tech talents, and Visma will expand its recruiting capabilities by opening yet another competence centre in Europe in the coming year.
We will also build upon our strong M&A momentum to expand further in Europe. We aspire to be the most engaging and inspiring place to work. Therefore, attracting, recruiting, developing and retaining the right talents will be one of the key drivers of our success in 2022.