Growth in revenue and EBITDA for Visma in the third quarter
Visma had another strong quarter with double-digit revenue and EBITDA growth. An agreement reached to divest the BPO division, strengthening focus on software business.
In the third quarter, Visma delivered revenue of NOK 2,310 million, compared with NOK 1,998 million in the same period last year, an increase of 15.7 percent. EBITDA improved with 22.4 percent over Q3 2015 to reach NOK 615 million, yielding an EBITDA margin of 26.6 percent.
Continued SaaS-growth
Visma continues its strongest growth in the two software divisions. Revenues in Software GLA grew by 25.9 percent, and revenues in Software SMB grew by 11.2 percent, compared to the third quarter a year ago.
SaaS and SaaS transactions continue to be the strongest driver of organic growth in Visma. Revenue from SaaS Software solutions grew by 21 percent, year-on-year, exceeding NOK 500 million.
Divestiture of the Visma BPO division
In September, Visma signed an agreement with HgCapital regarding the divestment of the BPO division. Visma BPO is the leading provider of outsourced accounting, payroll and HR services to 20,000 businesses in the Nordic region.
This is a win-win transaction. Any potential market conflicts between the software activities of Visma when addressing the accountancy market will be removed. BPO will be able to continue with new ownership and increase its role as a Nordic BPO consolidator, and Visma will become more of a "pure-play" Software and Cloud/SaaS solutions provider, says Øystein Moan, CEO Visma.