2018 was a year of European expansion for the Visma group; Visma has gone from being a strong Nordic player to being the largest cloud software provider in Northern Europe. The company experienced strong growth across all segments, and cloud computing continues to be a key driver for growth.
During the year, Visma has become one of the leading software providers in the Netherlands through four strategic acquisitions, among them Raet - Visma’s largest acquisition to date. Visma also expanded to Estonia through the acquisition of the leading SaaS accounting provider Merit Tarkvara and Hungary through the acquisition of the fast-growing e-invoicing service Számlázz.
Strong growth across all segments
Visma experienced good revenue growth across all segments. The strongest growth was in the Enterprise segment, which grew 53.8 percent year-on-year. Revenues in Visma’s largest segment, SMB, grew by 18.9 percent. Custom Solutions grew by 49.7 percent and Commerce Solutions grew by 38.5 percent.
Visma is combining its organic revenue growth with an active acquisition program. During 2018 Visma acquired 18 companies, most of them fast-growing cloud computing companies. Through the acquisition program, Visma gets access to new technology, new talent and new markets.
Cloud computing a key driver for growth
With more businesses seeing the benefits of SaaS software, the demand for cloud computing and mobile solutions will keep growing. Visma has invested heavily in its SaaS products since 2010 and is now seeing the benefits of the demanding transition to becoming a cloud company. Revenues from cloud computing grew by 56.4 percent in 2018, to NOK 7,553 million.
The entry-level solution eAccounting now has more than 100,000 customers across Norway, Sweden, Finland and the Netherlands. Adding local SaaS champions, such as e-conomic in Denmark, Netvisor in Finland and Tripletex in Norway as well as the international flagship solution Visma.net, Visma has well over 650,000 SaaS customer contracts.