Visma achieved all-time high revenue of EUR 2.4 billion in 2023, a growth of 16 percent over 2022. EBITDA for the full year also reached a new record level of EUR 705 million, up 20 percent compared to the year before. The Group now serves more than 1.7 million customers across Europe and Latin America, an increase of more than 300,000 year-on-year.
See the highlights and download the Annual Report here.
“Visma continued its expansion and strong performance in 2023, despite rising global uncertainties related to both military conflicts and slower economic growth. This largely reflects that our solutions are needed both in good and bad times. We provide mission-critical software to the private and public sectors, supporting vital functions that enable a well-functioning and prosperous society”, says Merete Hverven, CEO of Visma.
The stability and resilience of Visma’s business model was further demonstrated by continued growth in its subscription-based SaaS (Software as a Service) products, reaching 72 percent of total revenue in 2023, compared to 68 percent in 2022.
“More than 86 percent of Visma’s revenue now comes from modern cloud products and services, underlining the competitive edge we have forged by being an early mover in cloud technology”, says Hverven.
Visma’s strong development was recognised in late December 2023 with a share transaction valuing the company at EUR 19 billion. In addition to reaffirmed commitment from majority shareholder Hg and other existing owners, the transaction also brought over EUR 1 billion in new equity investment from around 20 leading international investors.
New horizons
In addition to record organic sales growth, M&A was again an important growth driver for Visma in 2023, with a total of 32 acquisitions of high-quality software companies. While some acquisitions led to a strengthening of the Group’s position in existing markets, like the post-accounting software provider Silverfin in Belgium, others marked a first entry in new countries, like Moloni in Portugal and Payday in Iceland.
“We have now expanded our software business to 31 countries, and expect to plant even more Visma flags in the years to come. Through constant sharing of knowledge and best practices between more than 180 Visma companies, we are leveraging our position as the largest entrepreneurial SaaS network in Europe”, says Hverven.
Visma invested a total of EUR 495 million in product development in 2023, representing a total of 21 percent of total revenue. Increasing the efficiency of critical business processes through smart automation remains a key focus, with artificial intelligence (AI) playing an increasingly important role to unlock more customer value.
There are currently close to 200 AI initiatives ongoing within the Group. Several of them have already materialised into new products and functionalities that further enrich Visma’s software ecosystem, and enable both the company and its customers to work smarter and more efficiently.
New perspectives
Today, Visma also launches its Sustainability Report for 2023, describing the Group’s efforts not only to meet current sustainability challenges, but to proactively shape a responsible and resilient future.
See the highlights and download the Sustainability Report here.
In 2023, Visma made comprehensive updates to its Sustainability Policy with established targets for all material topics, including climate targets that are aligned with the 1.5 degree trajectory. Among the goals set are a 50 percent reduction in our baseline of scope 1 and market-based scope 2 emissions by 2030, and to reach net zero by 2040.
Employee engagement in Visma remained high in 2023, with results comfortably placing the company in the top 5 percent of the tech industry. In the categories “Diversity & Inclusion” and “Health & Well-being”, Visma is ranked in the top 10 percent.
“With our vision of shaping the future of society through technology, sustainability is an integral part of how Visma operates across all our markets. We will continue to invest in our people and promote a diverse and inclusive workplace, and we want to be a driving force in supporting more sustainable practices throughout the software value chain”, says Hverven.
2023 by the numbers:
For more information, please contact:
Lage Bøhren, Director of Communications at Visma, +47 921 57 801
About Visma
Visma is a leading provider of mission-critical cloud software, with revenue of € 2.4 billion in 2023, more than 15,000 employees and 1.7 million customers across Europe and Latin America. By simplifying and automating the work of businesses and organisations of all sizes, we enable a more efficient and prosperous society. Visit us at visma.com
