Visma Annual Report 2019: Software redefining tomorrow
2019 was another year of high growth for Visma. Total revenue increased 31,9% to NOK 15 028 million, while EBITDA grew 26,6% to NOK 4061.
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Visma delivered sustained growth in 2019
2019 was another strong year for Visma, with steady growth in the Nordics as well as internationally. The Netherlands remained a focal point for expansion, with Visma building on its bridgehead 2018 acquisition of Raet by acquiring seven Dutch companies in 2019 (and 17 in total). Visma’s products continue to be highly popular, particularly cloud offerings that give customers the flexibility and cost savings to outperform their competitors.
All divisions contributed to revenue growth
Visma’s total revenue increased by 31,9% to NOK 15 028 million in 2019, an achievement made possible by the hard work of all four core divisions. Revenue in the SMB division increased by 17,4%; Enterprise by 39,5%; Custom Solutions by 57,8%; and Commerce Solutions by 20,7%. At the end of 2019, Visma had over 11 000 employees and close to 1 million customer contracts.
Cloud solutions continued to drive organic growth, with overall cloud revenue increasing by 43,7% over 2018. Visma has now cemented itself as one of the largest cloud software businesses in Europe.
Visma's new CEO weighs in on 2019 success
With Øystein Moan’s planned transition from CEO to Executive Chairman of the Board on March 31st, 2020, former Deputy CEO Merete Hverven has now taken the reins of the company. “2019 was another fantastic year for Visma,” said Hverven, “as our products continue to prove themselves indispensable for small and large organisations alike. 2020 has started in an unprecedented way, and yet we continue to see how critical cloud solutions are to our customers to build financial control and resiliency. I am thrilled to take over as CEO of such a rock-solid company, and work alongside the great talents of Visma to continue our momentum in 2020.”
2019 by the numbers:
NOK in millions | 2019 IFRS | 2018 IFRS* | Growth |
| Revenue | 15 028 | 11 389 | 31,9% |
| EBITDA | 4 061 | 3 207 | 26,6% |
* 2018 has been restated for the effects of IFRS16
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