Visma reaches NOK 10.4 billion in cloud annualised revenue in the second quarter

Tuesday, July 9, 2019

Visma had another strong quarter with excellent top-line revenue and continued profit growth. Revenue was NOK 3,678 million, an increase of 43.6 percent, while EBITDA grew by 36.1 percent over Q2 2018 to reach NOK 908 million. Visma made two new acquisitions in the Netherlands during the quarter.

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Revenues in each of Visma's three largest divisions continued high with double-digit growth year-on-year. The SMB division grew revenues by 18 percent. The Enterprise division grew by an impressive 77 percent and Custom Solutions achieved 69 percent growth compared to the second quarter one year ago.

Saas subscriptions and SaaS transactions continue to be the strongest drivers of organic growth in Visma and cloud annualised revenue grew by 52 percent to reach NOK 10,400 million.

Further growth in the Dutch market

Visma completed four acquisitions during the quarter, continuing its proactive and high-tempo acquisition strategy. This included Provad, a leading Finnish AI company providing a market-leading and technologically advanced customer service platform. Visma advanced further into the Dutch market by acquiring Roxit (renamed Visma Roxit), a provider of a broad portfolio of mission-critical e-government solutions for Dutch municipalities.

"We are pleased to welcome two new Dutch companies to the Visma family. The Netherlands is a strategically important region for us, and will continue to offer significant organic and acquisition growth opportunities in the future," said Visma CEO Øystein Moan.

The Netherlands is Visma's largest addressable market, and the sponsorship of pro cycling team Jumbo-Visma has had a significant impact on awareness in the Dutch market.

Continued increase in e-invoicing transactions

At the end of Q2, Visma reached 8.5 million monthly e-invoices through Visma's e-invoicing hubs, which is a 28 percent growth year-on-year. Studies show that all Nordic countries are eager to do more SaaS invoicing, and one of the key objectives for Visma's software products is to make the traditional paper invoice redundant.

For more information, please contact:

Øystein Moan, CEO Visma, +47 92 08 00 00

 

Second quarter 

(NOK in millions)

Q2 2019

 

Q2 2018*

 

Growth

 

Revenue

3,678

2,561

43.6%

EBITDA

908

667

36.1%

EBIT

314

31

0.3%

Profit before tax

189

248

-24%