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Visma’s Q2 revenue increases 27% thanks to continued high pace of acquisitions and new cloud customers

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Total revenue grew 26,6 percent to reach NOK 4 657 million, while EBITDA increased 40,4 percent to NOK 1 276 million.

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Summary

Strong growth across divisions

During periods of high market uncertainty, there is a clear and consistent trend that customers within accounting, payroll, and other mission-critical applications move towards modern cloud-based software. So far, 2020 is no exception. All four of Visma’s core divisions delivered strong growth in Q2 compared to one year ago. Software Nordic & International grew revenue by 25,1%, Software Benelux by 23,5%, Custom Solutions by 29,0%, and Commerce Solutions by 48,7%.

Continued cloud growth

Visma’s Cloud Annualised revenue, which is a forward-looking indicator of future cloud revenue, reached a run rate of NOK 14 200 million in Q2. This was an increase of 35,5% compared to the same period last year.
Visma has now eclipsed 1 million customer contracts. 800 000 of these are cloud contracts, an increase of 26,5% over one year ago.

Eight new acquisitions

Visma had eight new acquisitions in Q2. The Netherlands continues to be a focal point for growth, with accounting software provider Visionplanner and HR and Payroll supplier Nmbrs joining the Visma family. Visma also acquired Norwegian cloud reporting specialist Framsikt, as well as Argentina-based Zetech, provider of digital signature and document management solutions. The acquisition of Zetech allows Visma to offer complementary products to Latin American customers and further expand its presence in Argentina, Chile, Peru, Mexico and Uruguay.

Q2 by the numbers

Continuing operations
(NOK in millions)
Q2 2020 Q2 2019 Growth 1st half year 2020 1st half year 2019 Growth Year 2019

Revenue

4 657

3 678

26,6%

9 057

7 146

26,7%

15 028

EBITDA

1 276

908

40,0%

2 422

1 784

35,8%

4 061

EBIT

479

314

52,4%

925

650

42,3%

1 647

Profit before tax

389

189

106,2%

695

398

74,7%

1 262


For more information, please contact:
Merete Hverven, CEO of Visma, +47 48 02 14 15