Visma with solid growth in 2011, as demand for cloud solutions rockets

During the fourth quarter 2011, Visma’s revenue from software as a service solutions (SaaS) surpassed the on-premises software license sales for the third quarter in a row.

For the full year total revenue amounted to well over NOK 5.1 billion, including SaaS revenue exceeding NOK 300 million.

In the quarter, Visma delivered revenue of NOK 1 462 million, compared with NOK 1 239 million during the same period last year, an increase of 18 percent. The EBITDA came in at NOK 302 million, compared with NOK 248 million in the fourth quarter 2010, representing an increase of 21.5 percent. Net cash flow from operations after tax for the whole year was NOK 837 million versus NOK 753 million in 2010.

Groundbreaking new SaaS products to come

“We experience a continuously increasing demand for SaaS solutions, and our growth in SaaS revenue from 2010 to 2011 is 31 percent. Both the market and Visma are in a phase of transition from locally installed software to browser based software, delivered as a service on the internet”, says Øystein Moan, CEO of Visma. 
“We are well underway in developing a cutting edge ERP system for the SME segment. It is strictly SaaS based, but with functionality equivalent to the most sophisticated and advanced on-premises solutions on the market. We estimate that we have a two year lead on our competitors in the development, and the product will be released in Q3”, Moan reveals.  

Increasing market for outsourcing services

The outsourcing division Visma BPO Accounting and Payroll increased its revenues with 12.4 percent in the quarter. The BPO Accounting and Payroll market is steadily growing. Currently, growth seems most achievable within medium to larger payroll customer segments. The Finnish market, particularly, with its overall low level of outsourcing, seems to offer near-term opportunities as many medium and large businesses are investigating the possibility of outsourcing accounting and payroll operations. 
“Prospect customers within the medium-sized segment are increasing, and we expect to sign several new contracts in Q1 2012”, comments Moan.

Strongest quarter ever in sales of SaaS-based sourcing solutions in Sweden

Visma Commerce Solutions accounts for almost 40 percent of the SaaS revenues in Visma. The division increased the revenue with 25.5 percent in the quarter. The demand for SaaS-based sourcing and procurement solutions is rapidly increasing. Visma’s significant footprint in the Swedish market was further strengthened during Q4. Commerce Solutions in Norway has been reorganized in order to build a clear and strong organization, well positioned for the market growth in the years to come.

Visma Retail had negative growth in the quarter, at 15.8 percent, as 2011 has been a consolidation year, after more than 50 percent growth in 2010. Visma Projects & Consulting increased its revenue with 7.9 percent compared to Q4 2010.    

High acquisition activity

The acquisition activity has been high in Visma throughout 2011. During the third quarter Visma acquired Mamut AS, a leading European provider of complete, integrated software solutions and internet services for SMEs. In October, the Solanum group (Passeli/Netvisor) in Finland was acquired, as the second most significant acquisition in the second half of 2011. With these acquisitions, Visma solidifies its position as the leading Nordic ERP software provider.   

4th quarter

Q4 2011

Q4 2010








1 462

1 239

18 %



5 142

4 168

23.4 %




21.5 %





14.6 %




3.3 %





-1.6  %

Profit before tax



-24 %


Profit before tax



-14,5 %

(All figures in NOK million)

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