Visma delivers a strong third quarter and maintains the solid growth rate. Cloud related software and services continued to be the strongest driver of growth with a historically high SaaS revenue exceeding NOK 200 million for the first time.

Visma had a strong third quarter and maintained its solid growth rate. Visma delivered revenue of NOK 1,615 million, compared with NOK 1,516 during the same period last year, an increase of 6,6 percent.

The EBITDA came in at NOK 399 million, compared to NOK 363 million in the third quarter 2013, representing an increase of 10,1 percent, yielding a record EBITDA margin of 24,7 percent.

Net cash flow from operations after tax at the end of the first three quarters of 2014 was NOK 1,088 million versus NOK 878 million in 2013.

Demand for Cloud solutions steadily increasing
Visma is experiencing an increasing demand for Cloud services. The growth in SaaS (Software as a Service) revenue was 36 percent in the third quarter 2014 compared to Q3 2013.

SaaS and SaaS transactions continue to be the strongest driver of growth in Visma and revenue exceeded a quarterly NOK 200 million for the first time reaching NOK 206 million.

Visma is steadily launching new SaaS products, and the heavy investment in SaaS continues. Services like procurement, accounting, payroll, debt collection and software consultancy are increasingly based on SaaS.

The customers increasingly prefer subscription type of cost-models instead of up-front investments, and Visma is in the middle of a process of moving all our activities to the Cloud.

- More and more of our customers are using Cloud-services and the SaaS revenue is increasing every quarter. Both within R&D and in relation to acquisition strategies, we are focusing on Cloud solutions, says Øystein Moan, CEO of Visma.

Acquisition activity
Visma continues the strategy of organic and acquisitive growth. This quarter Visma has completed the acquisition of Info Consensus.

- Info Consensus is the leading provider of on-line regulatory information and training services to the education and elderly care sectors in Norway. This acquisition further strengthens Visma's position as the leading software provider to Norwegian municipalities, Moan says.

Visma has several interesting acquisition dialogues in process, some of which may be signed during the fourth quarter of 2014.

  3rd quarter 2014 3rd quarter 2013 Growth
Revenue 1,615 1,516 6,6%
EBITDA
399 363 10,1%
EBIT
291 369 8,1%
Profit before tax 230 183 25,7%

Related news

18 April 2019 Cinven agrees final realisation of Visma 29 June 2017 Cinven generates successful partial realisation of Visma 19 April 2017 Visma acquires NYCE Solutions 15 March 2017 Visma acquires Davilex 20 December 2016 Visma acquires Cox Consulting Oy and strengthens the role in the Finnish business intelligence market 23 November 2016 Visma acquires the accounting software Dinero 28 October 2016 Q3 2016 Quarterly Report 19 September 2016 Divestiture of the Visma BPO division 27 June 2016 Visma will not prolong the acceptance period and will thus not complete its offer for Fortnox 23 May 2016 Fortnox acceptance period further extended to 28 June 2016 12 May 2016 Visma acquires EasyCruit from Lumesse to strengthen its position within recruitment cloud solutions 26 April 2016 Hungarian franchise chain COOP selects Visma Retail as provider of Retail IT 20 April 2016 Growth in revenue and EBITDA for Visma in the first quarter 15 April 2016 Visma acquires StarSoft Oy, the leading school administration software provider in Finland. 14 March 2016 Visma announces a recommended public cash offer to the shareholders in Fortnox 02 February 2016 Visma acquires Numeron Oy, a leading workforce management software provider in Finland. 26 January 2016 Visma acquires MIND4iT 26 January 2016 Visma with excellent top-line revenue and profit growth 18 January 2016 Visma acquires Trimma 07 December 2015 Visma acquires Abalon 01 December 2015 Visma expands to online booking systems by acquiring DigitalBooker 20 August 2015 Visma acquires Aditro Public AB, a leading HRM and FRM software provider in Sweden 11 May 2015 Visma strengthens Nordic leadership in cloud based ERP 07 May 2015 Visma acquires PBJ, leading HRM software provider in Denmark 17 March 2015 Visma Retail enters the Turkish market 09 March 2015 Visma strengthens its focus on HRM solutions 11 December 2014 Visma acquires two Norwegian companies and strengthens the focus on cloud-based solutions for year-end accounts production 28 November 2014 Visma acquires Creno AS and strengthens the focus on debt collection in Norway 28 April 2014 Cinven to invest in Visma