Q1 report 2019: Visma continues expansion in the Netherlands and reaches NOK 10 billion in cloud annualised revenue

Tuesday, April 30, 2019

30.04.19

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Revenues in Visma's three largest divisions continued high, with double-digit growth year-on-year. The SMB Division grew revenues by 17 percent, Enterprise grew by an impressive 78 percent and Custom Solutions achieved 48 percent growth compared to the first quarter last year. SaaS and SaaS transactions continue to be the strongest drivers of organic growth in Visma, and cloud annualised revenue grew by 57 percent to reach NOK 10,100 million.

Growth in e-invoicing transactions
At the end of the first quarter, Visma reached 7.8 million monthly e-invoices through its e-invoicing hubs, which amounts to 27 percent growth year-on-year. One of the key objects for Visma's software products is to make the traditional paper invoice redundant. All the Nordic countries are eager to increase the use of e-invoicing, and Visma has launched an e-invoicing service for customers of e-conomic in Denmark.

Strategic expansion
Visma continued its proactive and high-tempo acquisition activity by completing three acquisitions during the quarter: Saldeo in Poland, IMS in Denmark and EBPI in the Netherlands. Saldeo is a rising star in the Polish market and provider of SaaS invoicing management software for small businesses and accounting offices. Visma made further advancement in the Dutch market by acquiring EBPI, one of the leading providers of governmental software in the Netherlands.

"The Netherlands is our largest addressable market and will continue to offer significant growth opportunities, both in terms of organic growth and acquisitions," said Visma CEO Øystein Moan.

For more information, please contact:
Øystein Moan, CEO Visma, +47 92 08 00 00

First quarter Q1 2019 Q1 2018 Growth
Revenue 3,468 2,503 38.5%
EBITDA 876 683 28.1%
EBIT 336 336 0.0%
Profit before tax 209 221 -5.1%