Visma, a company featured in the Vintage Altaroc Odyssey , reported revenue of 699 million euros in the second quarter of 2024, as the company stated in a press release. This represents a 21% increase year-over-year. The company, which has reached €2.5 billion in ARR, achieved this figure thanks to its main growth drivers: increased sales to customers and its mergers and acquisitions. The group’s second-quarter EBITDA totaled 222 million euros, up 35% from 2023, representing a margin of 31.7%.
Visma is a privately-owned company based in Oslo, Norway, offering online accounting, payroll, billing and human resources management software. The company is majority-owned by Hg.
"We continue to demonstrate the evolution of Visma's business model through a period of strong growth. More than 270,000 new customers joined Visma in the first half of 2024, and we are very proud of the trust they place in us to manage their most critical processes," says Merete Hverven, CEO of Visma.
Visma's annual recurring revenue (ARR) reached the record level of 2.54 billion euros at the end of June, recording an annual increase of 21%. In the second quarter, Visma derived over 89% of its sales from cloud products and services, compared with 86% in the same period last year. Sales from subscription-based SaaS (Software as a Service) products accounted for 76% of total sales for the quarter.
The Group acquired nine software companies in the second quarter, extending its presence to 33 countries. In April, Visma entered Italy with the acquisition of Fiscozen, a leading SaaS platform for tax consulting. In June, it entered Croatia with the acquisition of Moj eRačun, a provider of e-invoicing solutions and other digital business tools.
"While we continue to perform well in our core markets, our new markets are now making the strongest contribution to Visma's growth, confirming that our magic formula for market expansion is working," says Hverven.
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