Q1 2020 was another productive quarter for Visma. Total revenue grew 26,9 percent to reach NOK 4 400 million, while EBITDA increased 31,0 percent to NOK 1 147 million.
Growth continues in new division structure
Visma’s new division structure was implemented in Q1, combining the former SMB and Enterprise divisions into two strong geographically based divisions, Visma Software Nordic & International and Visma Software Benelux. In addition, the product and development organisations shifted to be even closer to customers and their needs. All four core divisions delivered strong growth in Q1 compared to one year ago. Software Nordic & International grew revenue by 21%, Software Benelux by 12%, Custom Solutions by 56%, and Commerce Solutions by 40%.
Continued cloud growth
Annualised Cloud revenue grew by 41% percent year-on-year in Q1, reaching an annualised run rate of NOK 14 200 million. Visma now has almost 1 million customer contracts, of which approximately 800 000 are in SaaS, an increase of 26,2% over one year ago.
Visma’s focus on securing organic growth as well as strategic cloud acquisitions continues to translate directly into growth year over year. The ongoing need to work remotely to reduce the spread of Covid-19 is spurring continued demand for Visma’s mission-critical SaaS services, automation, and efficiency-gaining software.
Eight new acquisitions
In Q1, Visma continued its momentum from 2019 with eight new acquisitions. The Commerce Solutions division entered the Dutch market through the acquisition of the order-to-cash solution provider Onguard. Visma’s presence in the Netherlands was further expanded by the acquisition of Circle Software, a provider of case management and collaboration solutions. In Romania, where Visma has been active through its competence centre for many years, the acquisition of SaaS invoicing provider SmartBill gave Visma a software presence in the local market as well.