Quarterly report Q3, 2018

Visma reaches NOK 8.6 billion in annualised cloud revenue and makes its largest acquisition to date in the third quarter

Visma had another strong quarter with excellent top-line revenue and continued profit growth. Total revenue growth was 42.2 percent, while EBITDA grew strongly by 45.4 percent over Q3 2017 to reach NOK 825 million. The third quarter also saw Visma’s most significant and transformative acquisition to date, leading Dutch HRM and payroll software company, Raet.

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Revenues in each of Visma’s four divisions grew well more than 25% year-on-year. The SMB division grew revenues by 25 percent, Enterprise grew by an impressive 76 percent, Custom Solutions achieved 53 percent growth and Commerce Solutions increased 27 percent compared to the third quarter one year ago.

Increased cloud revenue
SaaS and SaaS transactions continue to be the strongest driver of organic growth in Visma and cloud annualised revenue grew by 62 % to reach 8,600 million. The Visma group's fastest growth is also SaaS contracts, which increased by 15% year-on-year.

At the end of Q3, Visma reached a milestone of seven million monthly e-invoices transported through Visma’s e-invoicing hubs, a growth of 32 percent year-on-year. The milestone is a step closer in achieving Visma’s objective of making the traditional paper invoice redundant.

Transformative acquisition

The proactive and high-tempo acquisitions continue with six acquisitions completed this quarter. The acquisition of Raet, a leading Dutch provider of Payroll and HRM for the public and enterprise sector, is a transformative transaction as it brings an additional NOK 1,500 million in revenue and over 1,000 new employees to Visma Netherlands.

“Visma’s acquisition of Raet is not only an investment in great technology but also in people and competence. Raet’s markets are important for Visma, and together with Raet we see mutual opportunities to continue delivering even more sustainable solutions for new and existing customers”, said Øystein Moan, CEO of Visma Group.

Visma acquisition strategy focuses on SaaS, and the high acquisition pace is expected to continue in the coming quarters.

 

Third quarter 2018 

 Third quarter 2017 

 Growth 

Revenue

2,882

2,027

42.2%

EBITDA

825

567

45.4%

EBIT

443

349

26.8%

Profit before tax 

357

275

29.8%

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