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Visma is growing fairly rapidly through acquisition and consolidation and needs a strong and liquid balance sheet. The company’s most important assets are goodwill associated with the business and its software. The intellectual assets in an IT company are primarily of value as long as the company is doing well and is financially independent – Visma therefore needs a higher level of shareholder equity than companies in more traditional industries.

Visma’s business activities are by nature relatively capital-light in terms of capital expenditure requirements in non-current assets although the organic growth of the company entails increasing working capital requirements. The company is also growing inorganically through acquisitions, and the company seeks to retain a capital buffer to maintain its investment flexibility. The equity level and ratio at the end of 2014 are considered appropriate in terms of the company’s objectives, strategy and risk profile both in absolute and relative terms.