Annual Report 2023
New Horizons
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New Horizons
2023 was a year of continued growth and development for Visma, with new horizons explored on many fronts. In this article we explore some of the key factors shaping Visma’s development and laying the foundation for further growth.
Highlights
2023
In December, it was announced that Visma has secured around 20 new investors worth over EUR 1 billion of equity investment, including Altaroc, Jane Street, NPS and NYC Retirement System. The new investment will strengthen Visma’s position for further international expansion.
Visma will donate a total of EUR 530,000 to UNICEF through 2026, supporting youth entrepreneurship as well as general relief efforts. Visma will also provide UNICEF with free access to its software to manage the organisation’s mission-critical processes, worth a total of EUR 105,000.
Following a historic 2023, containing an unprecedented three Grand Tour victories, Team Jumbo-Visma continues as Team Visma | Lease a Bike. After five years as second title sponsor, Visma becomes the team’s first title sponsor from the 2024 season.
Visma acquired Silverfin, Belgium’s leading provider of cloud software for accountants. The acquisition increases Visma’s presence in the Belgian software sector and boosts the Group’s position as a cloud accounting leader in Europe.
CEO's comment
“More than 72 per cent of our revenue now comes from modern SaaS products, and our cloud revenue share has surpassed 86 per cent. This underlines the competitive edge we have forged by being an early mover in cloud technology.” – Merete Hverven, CEO of Visma
Team Visma | Lease a Bike – The next chapter begins
Following a historic 2023 season with an unprecedented three Grand Tour victories, the world’s best cycling team will continue as Team Visma | Lease a Bike, with Visma as first title sponsor. Find out why we believe our sponsorship is a key element in increasing our footprint in Europe.
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Financials
Visma continued its impressive growth journey in 2023, driven by both organic growth and acquisitions of new software companies. Despite a challenging 2023 from a geopolitical and macroeconomic point of view, we once again demonstrated the strength and resilience of our business model.
Key figures 2023
2 392
Revenue (EUR Million)
705
EBITDA (EUR Million)
2 294
ARR (EUR Million)
16.2%
Organic ARR growth
Highlights from the Directors' Report
Visma drove profitable growth in 2023 through increased organic sales, as well as expansion in both new and existing markets. By the end of 2023, Visma had acquired 32 companies and increased its customer base approximately 20% year over year, to 1.7 million customers.
Key Figures – Visma Group
EUR (MM)
* Figures have been adjusted to reflect continuing operations only
** from continuing and discontinued operations after minority interests
Key Figures – Visma Group
EUR Million
Sustainability highlights
2023
Bottom-up sustainability initiatives can have just as great of an effect as the top-down variety. In September 2023, an employee-led initiative to commute more sustainably, Visma Car Diet Week, brought the company together and inspired an important discussion on how we travel to work.
Key sustainability figures 2023
16,995
Total net emissions (tCO2e)
1.45
Total net emissions per FTE (tCO2e)
62
Employee engagement score (eNPS) as of Dec 2023, top 5% in the tech industry
39.8%
Share of women in the company
Comment from the Sustainability team
In 2023, we were able to take big strides for sustainability at Visma. From our new sustainability policy and targets, to various initiatives to improve energy efficiency, to our industry-leading employee engagement, we have set the groundwork for improved sustainability performance in the coming years.
The year ahead
In 2024, Visma’s mission remains the same: delivering mission-critical software to customers and expanding our presence in strategically important regions. Visma's robust position and strategic initiatives poise the Group for steady growth in the upcoming year.
Our presence, and growing
Visma operates across the entire Nordic region along with Benelux, Continental Europe, and Latin America. We have a wide network of distributors and partners and maintain a virtual development organisation (R&D) across borders.
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Outlook for 2024
As 2024 begins, the geopolitical landscape remains uncertain, particularly with ongoing tensions in the Middle East and the continued war in Ukraine. Inflation and interest rates, which experienced a rapid increase in 2023, are anticipated to ease during 2024. Despite these global uncertainties, Visma, provider of mission-critical software, stands resilient.
The economic conditions present both challenges and opportunities for Visma, as the Group anticipates an increased demand for efficient, business-improving software, as well as a continued shift towards cloud-based software. The Group is well prepared to meet these demands, boasting a diversified customer portfolio and a high degree of repeatable revenue.
Visma demonstrated a high acquisition pace also in 2023, including first entries in Iceland and Portugal, as well as investments in new product lines such as legal tech and healthcare, and exciting acquisitions boosting growth in the existing core markets. In 2024, Visma will remain committed to its M&A strategy, recognising that market uncertainties make Visma an attractive partner for software entrepreneurs seeking to join the Visma family. With substantial growth opportunities in sight, Visma will maintain an active M&A agenda in 2024, prioritising the opportunities that align with Visma’s strategic goals and profile.
The commitment to being a top employer will remain a key focus in 2024. The Group aims to attract and retain tech talents, a crucial factor for success. As Visma continues to expand its presence in both new and existing markets, the emphasis on fostering an engaging and inspiring work environment remains paramount.
