Visma results for Q2 2011 

After the atrocity in Oslo and at Utøya last Friday, informing about financial results seems trivial right now. Our thoughts are with the families of the deceased, the wounded and the young people surviving hell at Utøya.

The tragedy seems unreal, and even though our minds are filled with emotions, it is hard to comprehend what took place.

At the moment we have no knowledge of any employees in Visma or their relatives that are directly affected. The fact that the bomb exploded at 15.30 on a Friday during the vacation explains why not even more people were killed in the first attack. Subsidiaries of Visma that work mainly with software-development and consulting for the government did not have any employees hurt when the government offices were attacked. Visma will, wherever possible, contribute to continuation of public services in Norway.
Visma has delivered strong growth throughout several years and this development continues. During the second quarter, revenue from SaaS (software as a service) solutions was, for the first time, higher than On-Premises software license sales. For the full year, SaaS revenue will exceed NOK 300 million.

In the second quarter 2011, Visma delivered revenue of NOK 1 232 million, compared with NOK 954 million during the same period last year. This resulted in a revenue increase of 29 percent. The EBITDA came in at NOK 183 million, compared with NOK 169 million in the second quarter 2010, representing an increase of 8.2 percent. Net cash flow from operations after tax YTD was NOK 498 million versus NOK 499 million in the same period in 2010.

Visma continues its strategy of expanding the business within the Nordics and in the Netherlands, within the existing lines of business. At the end of the quarter, Visma made a public bid on Mamut ASA which was accepted in early July. Mamut will add over NOK 500m in annual revenues.

“The growth and profitability reflects Visma’s strong market position and the solid demand for our products and services in markets that are now experiencing stable economic development after the financial turmoil during the past years.” says Øystein Moan, CEO of Visma.

Expected continued growth
Visma offers a comprehensive portfolio of products and services within software, outsourcing of financial processes, procurement solutions, collecting services and retail solutions as well as services within projects and consulting. According to Øystein Moan, there is a great potential for creating additional value through cross-selling and combined solutions to customers. He believes that there is still a lot to gain from selling additional solutions to each customer, as well as combining products across Visma’s business areas. 

“At the same time, we expect continued growth through new acquisitions. The high revenue is, among other things, a result of good strategic acquisitions within several areas. As always, we are focused on combining both organic and structural growth with the implementation of new business operations. This includes acquisitions and organic investments, which have been executed successfully over many years. Hence, we will continue with this strategy” says Øystein Moan.

Demand for SaaS 
Visma has experienced an increasing demand for Software as a Service (SaaS) solutions. The growth in SaaS revenue is 38% YTD 2011, and the SaaS revenue in Visma was, for the first time, higher than On-Premises software license sales. 

“The market and Visma are in a transition phase from On-Premises software to SaaS solutions and Visma will, during the coming years, launch several ground-breaking services. For the full-year 2011, the SaaS revenue in Visma will exceed NOK 300 million“, says Øystein Moan.


2ndst quarter 2011

2nd quarter 2010





29 %




8,2 %




-12,5 %

Profit before tax



-25,2 %







All figures in NOK million


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

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