Visma continues to deliver excellent top-line revenue and continued profit growth in the third quarter. Total revenue growth was 27,9 percent while EBITDA grew strongly to reach 21,3 percent over Q3 2018 to reach NOK 1 131 million.
During the third quarter, each of Visma's four core divisions delivered high, double-digit revenue growth year-on-year. The SMB Division grew revenues by 17 percent, Enterprise grew by 22 percent, Custom Solutions grew with an impressive 62 percent and Commerce Solutions by 30 percent compared to the third quarter a year ago.
Continued cloud growth
Cloud annualised revenue grew by 30,8 percent year-on-year in Q3, boosted by Visma's focus on acquiring leading SaaS companies. At the end of the quarter, revenue from cloud computing saw an annualised run rate reaching NOK 11 200 million.
Furthermore, SaaS customer contracts have seen a strong, high-growth development. Visma has more than 900 000 customer contracts, of which more than 700 000 are for SaaS products. This figure is 33,3 percent higher than SaaS contracts last year, and is a result of both strategic focus in the business units and targeted acquisitions.
Six new acquisitions
The third quarter saw six new acquisitions for Visma, three of them in the Netherlands where Visma's rapid expansion continues. Among the acquired companies were HR2Day, a fast growing Dutch provider SaaS payroll and HR solutions. Visma also continued to expand the portfolio of mission critical e-government solutions in the Dutch market through the acquisition of PlusPort, which have strong synergies with the product offering of Visma Roxit.
In the Nordics, Visma further strengthened its payroll offering in the Danish SMB segment through the acquisition of ProLøn. In Norway, Visma acquired the innovative company Meglerfront, providing mobile solutions for real estate transactions.