Back to Newsroom

Visma continues strong growth with 26% increase in Q3 revenue and record acquisition pace

Financials
Visma continues strong growth with 26% increase in Q3 revenue

Total revenue grew 25,5% to reach NOK 4 626 million, while EBITDA increased 37,7% to NOK 1 557 million.

Read the full report

 

Summary

All divisions deliver strong Q3

With customers continuing to demand mission-critical cloud software, all four of Visma’s core divisions delivered strong growth in Q3 compared to one year ago. Software Nordic & International grew revenue by 24,5%, Software Benelux by 25,1%, Custom Solutions by 30,4%, and Commerce Solutions by 27,4%. 


Continued cloud growth

Visma’s Cloud Annualised revenue, a forward-looking indicator of future cloud revenue, reached NOK 15,1 billion year on year in Q3, an increase of 34,6%. This was due to organic growth as well as a strong acquisition pace.

Visma has now eclipsed 1,1 million customer contracts. 880 000 of these are cloud contracts, an increase of 25,8% over one year ago. The demand for modern cloud solutions has increased over the course of the pandemic as more and more customers see the benefit of accessing their software from anywhere.


Eight new acquisitions

Visma had eight new acquisitions in Q3, bringing the total to 23 through Q3. Among the most notable were two new acquisitions in the Netherlands, SaaS accounting providers Yuki and Cash Software. Together with several other units in the Netherlands, they have formed an ecosystem of complementary cloud solutions for accounting offices in the region.

Visma is also increasing its focus on the real estate segment in Norway, having acquired three companies within this vertical during the quarter.

 

Q3 by the numbers

Continuing operations
(NOK in millions)
Q3 2020 Q3 2019 Growth 1st three quarters 2020 1st three quarters 2019 Growth Year 2019

Revenue

4 626

3 685

25,5%

13 682

10 831

26,3%

15 028

EBITDA

1 557

1 131

37,7%

3 979

2 915

36,5%

4 061

EBIT

731

512

42,9%

1 657

1 162

42,6%

1 647

Profit before tax

614

589

4,4%

1 309

987

32,7%

1 262


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