Annual Report 2022

A pure play software company

Setting the standard – Leading in software

Despite a year of turbulence in global markets, we continued to grow by delivering mission-critical cloud software, giving our customers the financial confidence to succeed in a shifting business environment. This year, we explore the reasons for Visma’s sturdiness and our position as the largest network of SaaS companies in Europe.



A first-market entry into France through acquiring Inqom
A first-market entry into France through acquiring Inqom

Visma has acquired Paris-based Inqom, a software provider that automates accounting processes through artificial intelligence, and employs a team of close to 100 professionals.

Read the press release
Acquiring Flex Application to strengthen our HRM offering
Acquiring Flex Application to strengthen our HRM offering

“Joining the Visma family has been a strategic decision with the aim of creating the best foundation for our future development, and it was made with great care. Above all, it was about Visma really knowing our industry”, says Björn Jareblad, CEO of Flex Applications.

Read the press release
Stepping up innovation with a new tech centre in Porto
Stepping up innovation with a new tech centre in Porto

The launch reinforces our leadership in innovation and commitment to creating technology for a resilient society. The tech centre is targeting 200 employees by 2025.

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Visma completes acquisition of House of Control
Visma completes acquisition of House of Control

In November 2022, Visma completed a successful voluntary cash offer of NOK 11.20 per share for all outstanding shares of House of Control, a Norwegian SaaS-company with shares admitted to trading on Euronext Growth Oslo.

Read the press release
Visma divests its IT consulting business
Visma divests its IT consulting business

With its focus on customised software development, the bespoke nature of IT consulting differs from the rest of the Visma Group. A key rationale for the transaction is that both parties can achieve even stronger growth as two separate businesses.

Read the press release
Visma joins UN Global Compact
Visma joins UN Global Compact

We’re proud to join thousands of other companies in being committed to meet our societal goals. By joining the UNGC, Visma will be part of a voluntary leadership platform for the development, implementation, and disclosure of responsible business practices.

Read the press release

Building a software powerhouse through M&A

Visma invested a record amount in new acquisitions in 2022, welcoming a total of 42 companies in 8 countries. These included our first acquisitions in France and Germany, underlining the potential we see for cloud software to accelerate the digitalisation of Europe’s private and public sector.

Why do we sponsor the world’s best cycling team?

Team Jumbo-Visma reached new heights in 2022, setting a new standard for elite road cycling. Visma reached new heights, too – from sky-high internal pride to increased brand awareness in our markets.


2022 was yet another year with double-digit growth in revenue and EBITDA, in line with our excellent track record for growth. Even in the challenging macroeconomic climate today, we continue our growth on both the top and bottom line, through organic growth and acquisitions.

Key figures 2022

2 056 475

Operating revenues (EUR 1 000)

586 743

EBITDA (EUR 1 000)



13 880


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.

Key Figures – Visma Group


Operating revenues*




Total assets

Current liabilities

Non-current liabilities


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 2022, we made great progress both in our commitment to our sustainability work, and in milestones reached. The future is sustainable, and we want to not only be part of the change – but to make progress happen.

Sustainability highlights


What does sustainability mean in business?
What does sustainability mean in business?

"Businesses play a crucial role in the world’s transition to become more sustainable", says Robin Åkerberg, Head of Sustainability at Visma.

Read the full interview
How Visma invests in sustainability
How Visma invests in sustainability

It's vital that we live and breathe sustainability, just like we do tech and security. We encourage employees to think about sustainability at several levels: What do I do?, How do I work?, and How do we help customers?.

Learn how we educate our employees
How do robots and sustainability correlate?
How do robots and sustainability correlate?

By making digital assistants do the most repetitive and boring tasks, employees get more time to do value-adding work. So, can the effect of a robot also support companies in being more sustainable?

Read the full article
Are software products sustainable?
Are software products sustainable?

"Software can help us optimise resource usage, substitute resources, and understand our world and impact through data", says Sara Gustafsson, Analytics & Automation Initiatives Manager.

See key findings

Key sustainability figures 2022

14 329

tCO2e (Total net emissions)


tCO2e (Total net emissions per FTE)


Employee Net Promoter Score (employee satisfaction framework, ranges from –100 to +100)



Comment from the Sustainability team

In 2022, Visma has set a greater focus on sustainability. We see both the responsibilities we have, and potential for us to improve further. Visma’s profile continues to grow, and we’re happy to include more ESG software into our portfolio.

The year ahead

Visma will continue to do what we do best: build locally relevant and standardised cloud software that automates business administration, connects data, keeps societies running efficiently, and gives companies the financial confidence they are after.

A pure play software company

In 2022, we’ve looked at how we can give our customers more of that confidence – to be there for them, in good times and bad times, so that they can focus on their business. And to help them focus, we’ve sharpened our focus.

Our presence, and growing

Visma operates 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 2023

The beginning of 2023 is still very much characterised by uncertainty, with the war in Ukraine as a backdrop. After a period of rapid increase, inflation and interest rates are expected to stabilise during the course of the year, but economic growth in key markets is slowing down.

Visma is well positioned in the face of a potential economic downturn, being a provider of mission-critical software, with a diversified customer portfolio, and a high degree of repeatable revenue.

There are substantial growth opportunities in both new and current markets, and Visma expects to maintain an active M&A agenda in 2023, capitalising on the interesting M&A opportunities that fit the Group’s strategy and profile.

20 March 2023, Visma Board of Directors