Visma surpasses NOK 1 billion in revenue during yet another record strong quarter 

Visma continues the positive development and delivers once again strong quarterly results. Third quarter 2010 marks a milestone as the company for the first time delivers quarterly revenue of more than NOK 1 billion.

This corresponds to a revenue growth of more than 36 percent compared with the same period last year, while EBITDA increased by 26.5 percent, both new quarterly records. At the end of the quarter, Visma got a new majority owner in KKR, the world’s leading investment fund. Their objective is to continue the strong growth and no changes will be made in the company’s strategy or management team.

In third quarter 2010 Visma achieved revenue of NOK 1021 million compared with NOK 750 million the same quarter last year, resulting in a growth of 36.2 percent. The organic revenue growth adjusted for currency effects was 14.8 percent – which is the strongest quarterly growth figure in five years. Visma achieved a profit increase of 26.5 percent, as EBITDA came in at NOK 225 million in third quarter 2010, compared with NOK 177 million in the same quarter last year. However, the EBITDA margin declined by 1.7 percent due to investments related to Visma’s determined and successful focus on achieving very strong organic growth. Net cash flow from operations after tax was NOK 596 million by the end of the quarter, compared with NOK 570 million at the same time last year.

Expects further progress

”The growth and profitability is a reflection of Visma’s strong market position and the increasing demand for our products and services. The market is now showing signs of improvement following a couple of years with economic turmoil and we expect a positive market development in the last quarter of 2010” says Øystein Moan, CEO of Visma.

“It is not expected a new round of recession in the markets in which Visma operates. The GDP is increasing in our markets, especially in Sweden, after approximately half a year with continuous strong economic growth. Also state finances in the countries in which we sell solutions to the public sector seem solid, an opinion which is supported by international analysts. We see a steadily increasing demand for software solutions and outsourcing services that provide increased efficiency and cost reductions. Even though many businesses still focus on cost control, an increasing number are looking for solutions that promote and support new business opportunities through growth” Visma’s CEO emphasizes.

Focus on Software as a Service

During last quarter Visma acquired the Finnish company Severa, delivering comprehensive online solutions for customer and project management, time tracking and automatic billing. Severa's software solutions are offered exclusively as Software as a Service (SaaS) and completes Visma’s already wide range of on demand software solutions for the SME market. In first quarter 2010 Visma launched the new online solution “e-Ekonomi” in Sweden and it has been well-received by Swedish customers. 
“We expect an increased interest for various online software solutions in the future” says Øystein Moan and promises that Visma will be introducing several new ground-breaking SaaS solutions going forward.

A new consulting division

As a result of the acquisition of Sirius IT, which was announced in second quarter this year, Visma now establishes a fifth business division for project and consulting services.
“Sirius IT has a strong position towards the public sector, both state and local government. Thus it completes our determined focus and role as a key partner in this segment. The company is also strong within the private sector, particularly within retail, which is a substantial and important market for Visma throughout the Nordic region. At the same time this acquisition contributes to strengthen Visma’s already established presence in Sweden and Denmark – which is very positive on a strategic level” says Øystein Moan.



3rd quarter 2010

3rd quarter 2009





36,2 %




26,5 %




27,3 %

Profit before tax




All figures in NOK mill.


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