Visma delivered a solid financial performance last year. During the fourth quarter, Visma had high acquisition activity. Growth in SaaS revenue was 40% for the fourth quarter 2014 compared to Q4 2013.
In the fourth quarter, Visma delivered revenue of NOK 1 907 million, compared with NOK 1 765 million during the same period last year, an increase of 8.0 percent. The EBITDA came in at NOK 370 million, compared with NOK 360 million in the fourth quarter 2013, representing an increase of 2.7 percent. Net cash flow from operations after tax in the Q4 was NOK 408 million versus NOK 346 million last year.
Demand for SaaS and cloud computing are steadily increasing. Growth in SaaS revenue was 40 percent for the fourth quarter compared to last year, reaching NOK 242 million. Services like procurement, accounting, payroll, debt collection and software consultancy are increasingly based on SaaS, and our customers prefer subscription type of cost-models versus up-front investments.
Acquisition activity in 2014
During 2014 Visma acquired several companies and strengthened its position both in existing and new markets. In June, Visma made its first acquisition in the Baltic region with FMS in Latvia. FMS is the Latvian leader in ERP and payroll software with a 70% market share in the Latvian public sector. Latvia now complements Visma’s R&D presence in Lithuania and Visma see solid potential to continue Baltic expansion.
Acquisition activity was high also in the fourth quarter. Visma is now the number three collecting business in Norway after the acquisition of Creno in December. Visma also acquired the Norwegian businesses Finale and Mokastet (Total) during December. Finale and Mokastet (Total) are the two leading providers of year-end accounting software to accounting professionals.
– Visma continues its strategy of organic and acquisitive growth. We have expanded within our existing business areas during 2014. Visma has several interesting new acquisition dialogues in process, some of which may be signed during the first quarter of 2015, Moan says.