Visma accelerates its growth rate further with record results in Q4 and 2010 

Visma, the leading provider of business software and services within accounting, finance and administration in the Nordic region, increased its growth rate and finished 2010 on a record high.

The fourth quarter 2010 was Visma’s best ever with significant growth in both revenue and EBITDA. At the same time, the second half of 2010 marked yet another increase in Visma’s growth rate. The Group reported more than satisfactory financial figures throughout 2010. This stable and robust development is expected to continue in 2011.

In the fourth quarter 2010 Visma delivered revenue of NOK 1 239 million resulting in a revenue increase of 34.2 percent compared with the same period last year (NOK 924 million). The currency-adjusted organic revenue growth was 9.3 percent. The EBITDA came in at NOK 248 million in the fourth quarter, representing an increase of 26.5 percent compared with NOK 196 million in the same period in 2009. Net cash flow from operations was NOK 753 million after tax by the end of the year versus NOK 645 million in 2009. The revenue for the whole year was NOK 4 168 million representing a growth of 23.3 percent. EBITDA in 2010 came in at NOK 815 million compared with NOK 684 million in 2009.

Solid market position

Compared with third quarter 2010, which was also a record strong quarter with revenue of NOK 1 021 million and EBITDA of NOK 225 million, the growth trend becomes apparent. Visma continues to deliver strong growth with the ability to combine growth in revenue and EBITDA. In the second half of 2010, Visma increased its revenue by approximately 35 percent, while EBITDA increased by 26.5 percent. This strong improvement is a combination of organic growth of more than 10 percent and approximately 10 acquisitions during 2010. The largest acquisition was Sirius IT, integrated into the new division Visma Projects & Consulting, as from July 2010. 

Increasing growth rate

- The trend confirms yet another change of pace between the first and second half of 2010. It has resulted in strong growth in revenue and EBITDA, which among other things is a result of well-directed and beneficial strategic acquisitions within several areas. As always, we are focused on combining organically and structural growth with the implementation of new businesses. This includes acquisitions and organic investment, which have been executed successfully over many years, and we will continue with this strategy. The growth and profitability reflects Visma’s strong market position and the increasing demand for our products and services, says Øystein Moan, CEO of Visma.

In the fourth quarter Visma acquired the Dutch software provider DBS, which was the first acquisition in the Netherlands since 2006. In Sweden, Visma acquired the companies Kommuninfo and Allego, both providers of online solutions for tender management and procurement systems. In Norway, the company Økonomipartner became a part of Visma’s business in accounting and payroll services.

Increased demand for SaaS

Software services are still the largest business area in the Visma Group representing 38 percent of the total revenue and 58 percent of EBITDA. The sale of licences in Visma Software decreased by 7.8 percent in the fourth quarter, while recurring revenue from software delivered via the internet (Software as a Service) increased by 15.6 percent. Visma also delivered extremely good results in the fourth quarter within its software solutions geared for the Norwegian public sector, as well as those for small and newly established businesses in Sweden. 

- The trend is towards the increasing demand for Software as a Service at the expense of traditional locally installed solutions. We are well prepared and in a position to profit from this development, says Moan. 

Transaction based pricing for accounting services

Visma’s division for accounting and payroll services increased its revenue by 13.6 percent in the fourth quarter 2010 compared with the fourth quarter 2009. A new pricing model has moved revenue from consulting-by-the-hour to a fixed-rate and transaction-based pricing.

- The adjusted pricing model for accounting and payroll services gives the customer more predictable outsourcing expenses, and it gives both the customer and Visma an incentive to further increase efficiency, says Øystein Moan.

Strong growth within retail

The division for retail IT solutions and services generated a growth of 70 percent in the fourth quarter 2010 compared with the same period in 2009. This was the strongest growth rate within the Group.

- There has been high activity within the Nordic retail market in 2010. Visma’s solutions meet the demands for cost efficiency made by modern retail chains. Several new agreements demonstrate that Visma is an attractive partner in this market, says Moan.

More efficient trade between businesses

The division for procurement and collecting solutions is renamed Visma Commerce Solutions. The leading position within online solutions for commerce between businesses is fortified in 2010, especially in Sweden, but also in Norway. 

4 Quarter

4 Quarter 2010

4 Quarter 2009








1 239


34.2 %



4 168

3 381

23.3 %




26.5 %





19.1 %




25.9 %





22.4 %

Result before tax





Result before tax





(Amounts in NOK million)




For further information, please contact: 
Øystein Moan, CEO of Visma, +47 920 80 000