2023

Annual Report 2023

New Horizons

New Horizons

2023 was a year of continued growth and development for Visma, with new horizons explored on many fronts. In this article we explore some of the key factors shaping Visma’s development and laying the foundation for further growth.

Highlights

2023

Visma attracts new investment, valuing company at EUR 19 billion
Visma attracts new investment, valuing company at EUR 19 billion

In December, it was announced that Visma has secured around 20 new investors worth over EUR 1 billion of equity investment, including Altaroc, Jane Street, NPS and NYC Retirement System. The new investment will strengthen Visma’s position for further international expansion.

Read the press release
A first-market entry into Portugal through the acquisition of Moloni
A first-market entry into Portugal through the acquisition of Moloni

Visma acquired Moloni, provider of cloud software solutions for invoicing and point of sale to more than 30,000 small and medium-sized enterprises in Portugal and Spain.

Read the press release
New partnership with UNICEF to support education and youth entrepreneurship
New partnership with UNICEF to support education and youth entrepreneurship

Visma will donate a total of EUR 530,000 to UNICEF through 2026, supporting youth entrepreneurship as well as general relief efforts. Visma will also provide UNICEF with free access to its software to manage the organisation’s mission-critical processes, worth a total of EUR 105,000.

Read the press release
Making inroads in Germany by acquiring H&H
Making inroads in Germany by acquiring H&H

Visma expanded its presence in Germany via its second acquisition in the country in as many months. H&H provides cloud ERP software to municipalities, covering the needs of more than 800 public administrations with a clear growth path.

Read the press release
World’s best cycling team rides on as Team Visma | Lease a Bike
World’s best cycling team rides on as Team Visma | Lease a Bike

Following a historic 2023, containing an unprecedented three Grand Tour victories, Team Jumbo-Visma continues as Team Visma | Lease a Bike. After five years as second title sponsor, Visma becomes the team’s first title sponsor from the 2024 season.

Visit our Team Visma | Lease a Bike page
Acquisition of Silverfin strengthens Visma’s position in European cloud accounting
Acquisition of Silverfin strengthens Visma’s position in European cloud accounting

Visma acquired Silverfin, Belgium’s leading provider of cloud software for accountants. The acquisition increases Visma’s presence in the Belgian software sector and boosts the Group’s position as a cloud accounting leader in Europe.

Read the press release

CEO's comment

“More than 72 per cent of our revenue now comes from modern SaaS products, and our cloud revenue share has surpassed 86 per cent. This underlines the competitive edge we have forged by being an early mover in cloud technology.” – Merete Hverven, CEO of Visma

Team Visma | Lease a Bike – The next chapter begins

Following a historic 2023 season with an unprecedented three Grand Tour victories, the world’s best cycling team will continue as Team Visma | Lease a Bike, with Visma as first title sponsor. Find out why we believe our sponsorship is a key element in increasing our footprint in Europe.

Financials

Visma continued its impressive growth journey in 2023, driven by both organic growth and acquisitions of new software companies. Despite a challenging 2023 from a geopolitical and macroeconomic point of view, we once again demonstrated the strength and resilience of our business model.

Key figures 2023

2 392

Revenue (EUR Million)

705

EBITDA (EUR Million)

2 294

ARR (EUR Million)

16.2%

Organic ARR growth

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.

Key Figures – Visma Group

EUR (MM)

Operating revenues*

Growth

EBITDA*

Profit/(loss)**

Total assets

Current liabilities

Non-current liabilities

Equity

Number of shares

Earnings per share (EUR)

2023

2392

16.3

705

6939

2216

2022

2056

19.1

587

748

6401

840

3398

2162

2000000000

0.08

* Figures have been adjusted to reflect continuing operations only

** from continuing and discontinued operations after minority interests

Key Figures – Visma Group

EUR Million

Revenues

Revenue growth

EBITDA

EBITDA margin

Adjusted net income

Total assets

Equity

Interest-bearing bank debt

Cash

Free cash flow

Cash conversion

Number of employees

Number of customers

2023

2392

16.3

705

29.5%

391

6939

2216

2820

1031

700

99.3%

15 107

1.7m

2022

2056

19.1

587

28.5%

330

6401

2162

2628

1072

519

88.5%

13880

1.4m

Sustainability

2023 was a defining year for sustainability at Visma, with the establishment of new Group-wide targets in line with the 1.5 degree trajectory of the Paris agreement.

Sustainability highlights

2023

Significant energy reductions at two of our largest offices
Significant energy reductions at two of our largest offices

This year we reduced electricity use at two of our largest offices, by 37% in Copenhagen and by 18% at our Oslo headquarters. How did we make such significant improvements, and what steps are we taking to raise the bar even higher?

Read the article
Leading in employee engagement
Leading in employee engagement

Employee engagement continues to be one of Visma’s top performing areas, with our latest scores placing us among the top 5% of companies in the tech industry. Why are our employees happy and thriving in their jobs?

Find out why in this article
Increasing awareness on commuting impacts
Increasing awareness on commuting impacts

Bottom-up sustainability initiatives can have just as great of an effect as the top-down variety. In September 2023, an employee-led initiative to commute more sustainably, Visma Car Diet Week, brought the company together and inspired an important discussion on how we travel to work.

Read the article
New and ambitious environmental and social targets
New and ambitious environmental and social targets

In 2023 we launched a brand new Sustainability Policy for all material topics, which included both social targets as well as climate targets in line with the Paris agreement’s 1.5 degree trajectory.

View the policy

Key sustainability figures 2023

16,995

Total net emissions (tCO2e)

1.45

Total net emissions per FTE (tCO2e)

62

Employee engagement score (eNPS) as of Dec 2023, top 5% in the tech industry

39.8%

Share of women in the company

Comment from the Sustainability team

In 2023, we were able to take big strides for sustainability at Visma. From our new sustainability policy and targets, to various initiatives to improve energy efficiency, to our industry-leading employee engagement, we have set the groundwork for improved sustainability performance in the coming years.

The year ahead

In 2024, Visma’s mission remains the same: delivering mission-critical software to customers and expanding our presence in strategically important regions. Visma's robust position and strategic initiatives poise the Group for steady growth in the upcoming year.

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 2024

As 2024 begins, the geopolitical landscape remains uncertain, particularly with ongoing tensions in the Middle East and the continued war in Ukraine. Inflation and interest rates, which experienced a rapid increase in 2023, are anticipated to ease during 2024. Despite these global uncertainties, Visma, provider of mission-critical software, stands resilient.

The economic conditions present both challenges and opportunities for Visma, as the Group anticipates an increased demand for efficient, business-improving software, as well as a continued shift towards cloud-based software. The Group is well prepared to meet these demands, boasting a diversified customer portfolio and a high degree of repeatable revenue.

Visma demonstrated a high acquisition pace also in 2023, including first entries in Iceland and Portugal, as well as investments in new product lines such as legal tech and healthcare, and exciting acquisitions boosting growth in the existing core markets. In 2024, Visma will remain committed to its M&A strategy, recognising that market uncertainties make Visma an attractive partner for software entrepreneurs seeking to join the Visma family. With substantial growth opportunities in sight, Visma will maintain an active M&A agenda in 2024, prioritising the opportunities that align with Visma’s strategic goals and profile.

The commitment to being a top employer will remain a key focus in 2024. The Group aims to attract and retain tech talents, a crucial factor for success. As Visma continues to expand its presence in both new and existing markets, the emphasis on fostering an engaging and inspiring work environment remains paramount.