Present in the Vintage Altaroc Odyssey 2023, Visma achieved sales of 675 million euros in the first quarter of 2024, up 18% year-on-year, mainly due to a significant increase in its customer base. A record 150,000 new customers joined Visma during the quarter. The Group now supplies essential software for the private and public sectors to 1.8 million customers.
"Demand for modern SaaS business tools remains strong, even in a more uncertain economy, and Visma's products are attractive on the market. We are also benefiting from the favorable winds of increasing digitalization in general, with a growing number of European countries introducing the mandatory use of digital solutions to manage critical business processes such as accounting, invoicing and taxation," says Visma CEO Merete Hverven.
Scalable growth
Annual Recurring Sales (ARR) stood at a record 2.4 billion euros at the end of March, representing year-on-year growth of 22%. EBITDA in Q1 amounted to 203 million euros, up 37% on the same period in 2023.
"I'm pleased to see that, alongside strong growth in customer numbers, we're maintaining our robust profitability trend. This demonstrates not only the scalability of our business model, but also that our leading investments in product development are paying off, with a steady stream of innovative new features that bring real added value to customers," adds Hverven.
Expansion in France, Italy next step
Visma remained active on the M&A front in Q1, with a total of eight acquisitions. In France, the drive to build a complete product ecosystem for accounting firms continued with the addition of Chaintrust, an automated accounting provider, and Teledec, an expert in tax declaration solutions.
The Group also strengthened its presence in the Portuguese market with the acquisition of InvoiceXpress, and in the Danish market with expense management provider Zebon.
Key figures for Q1 2024 :
- Sales of €675 million, up 18% on 2023
- EBITDA of €203 million, up 37% on 2023
- Recurring annual sales of €2.42 billion
- 8 acquisitions completed during the quarter
