Visma delivered revenue of EUR 699 million in Q2 2024, up 21% year-over-year. The main growth contributors were increased sales to existing and new customers and M&A. Group EBITDA in Q2 was EUR 222 million, up 35% year-over-year, and representing a margin of 31.7%.
“We continue to demonstrate the scalability 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 so proud of the trust they place in us to handle their most mission-critical processes”, says Merete Hverven, CEO of Visma.
Strong SaaS growth
Visma’s Annualised Repeatable Revenue (ARR) stood at a record-high level of EUR 2.54 billion at the end of June, representing a growth of 21% year-over-year. More than 89% of revenue in Q2 came from cloud products and services, up from 86% in the same period last year. Revenue from subscription-based SaaS (Software as a Service) products constituted 76 percent of total revenue in the quarter, an increase of four percentage points year-over-year.
“The shift from on-premise software to cloud and SaaS solutions remains a strong underlying driver of Visma’s growth and success in the market. We dedicate significant resources to both product development and M&A to ensure we have the most modern, user-friendly and secure digital business tools on the market”, says Hverven.
Market expansion continues
Visma acquired nine software companies in Q2, further expanding its presence to 33 countries in the process. In April, the Group entered Italy through the acquisition of Fiscozen, a leading SaaS platform for tax advisory. In June, Croatia was entered through the acquisition of Moj eRačun, provider of eInvoicing solutions and other digital business tools.
Other new additions in the quarter included MyCompanyFiles, a platform specialising in secure document and information exchange for French accounting firms. This is Visma’s third acquisition in France so far in 2024, further strengthening the Group’s position as a fast-growing challenger in the French market.
“While we continue to perform well in core markets, our new markets are now delivering the strongest contribution to Visma’s growth, confirming that our magic formula for market expansion is working”, says Hverven.
Key highlights for Q2 2024:
- Revenue of EUR 699 million, 21% growth year-over-year
- EBITDA of EUR 222 million, 35% growth year-over-year
- ARR reached EUR 2.54 billion
- Closed nine acquisitions during the quarter
Q2 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 1.9 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
