Strong customer growth for Visma in Q1
150,000 new customers, eight acquisitions and record ARR of EUR 2.4 billion.
Visma achieved revenue of EUR 675 million in the first quarter of 2024, up 18 percent year-over-year, mainly driven by a significant increase in new sales.
A record number of 150,000 new customers joined Visma during the quarter, which means that the Group now delivers mission-critical software to 1.8 million customers in the private and public sectors.
“Demand for modern SaaS business tools remains firm, even in a more uncertain economy, and Visma’s products are attractive in the market. We also continue to benefit from the tailwinds of increased digitalisation in general, with a steadily increasing number of European countries introducing mandatory use of digital solutions to handle critical business processes like accounting, invoicing and tax”, says Merete Hverven, CEO of Visma.
Scalable growth
Annualised Repeatable Revenue (ARR) stood at a record-high level of EUR 2.4 billion at the end of March, representing a growth of 22% year-over-year. EBITDA in Q1 was EUR 203 million, representing a growth of 37 percent compared to the same period in 2023.
“I’m pleased to see that in parallel with strong customer growth, we are maintaining our robust profitability trend. This demonstrates not only the scalability of our business model, but also that our industry-leading investments in product development are paying off, with a continuous stream of new and innovative functionality that brings real value to customers”, says Hverven.
France expansion continues, Italy next
Visma remained active on the M&A front in Q1, with a total of eight acquisitions. In France, the journey towards building a comprehensive product ecosystem for accounting offices continued with the addition of Chaintrust, provider of automated accounting, and Teledec, expert in tax filing solutions.
The Group also expanded its presence in the Portuguese market with the acquisition of InvoiceXpress, and in the Danish market through expense management provider Zebon.
“And while the transaction was finalised in the beginning of Q2, I also want to highlight our entry into the Italian software market through Fiscozen, a leading SaaS platform for tax advisory. The Visma family has now expanded to 32 countries, and M&A will remain a key growth lever in our further expansion”, says Hverven.
Key highlights for Q1 2024:
- Revenue of EUR 675 million, 18% growth year-over-year
- EBITDA of EUR 203 million, 37% growth year-over-year
- Annualised Repeatable Revenue reached EUR 2 429 million
- Closed eight acquisitions during the quarter
Q1 2024 by the numbers
For more information, please contact:
Lage Bøhren, Director of Communications at Visma, +47 921 57 801
About Visma
Visma is a leading provider of mission-critical cloud software, with revenue of € 2.4 billion in 2023, more than 15,000 employees and 1.8 million customers across Europe and Latin America. By simplifying and automating the work of businesses and organisations of all sizes, we enable a more efficient and prosperous society. Visit us at visma.com.
