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Highlights from the Directors’ Report

2021 was in many ways a continuation of 2020, with the Covid-19 pandemic closing societies and maintaining its strain on the global economy. In spite of this, Visma was steadfast in its delivery of mission-critical software, ensuring that customers could not just maintain their operations but also further streamline them.

This hard work was reflected in strong customer growth, and a record 42 companies joining the Visma family in 2021.

Overall performance

In 2021, total revenue increased by 19,5 per cent to EUR 2 081 million. EBITDA reached EUR 590 million, a margin of 28,3 per cent. These numbers are in line with expectations from the 2020 Director’s report, and the Board of Directors is satisfied with Visma’s financial performance for the year.

We saw strong growth in all core business areas:

  • Nordics: Revenue was EUR 1 190 million, a growth of 20,1%. EBITDA was EUR 383 million.
  • Benelux: Revenue was EUR 347 million, a growth of 20,8%. EBITDA was EUR 79 million.
  • Custom Solutions: Revenue was EUR 384 million, a growth of 15,9%. EBITDA was EUR 91 million.
  • Geographic expansion in continental Europe and LatAm: Revenue was EUR 61 million, a growth of 63,3%. EBITDA was EUR 22 million.

As during last year, Visma had a strategic focus on growing its SaaS software and related services through investment in development resources as well as acquisitions of innovative cloud companies. Overall cloud revenue reached EUR 1 625 million, an increase of 24,5 per cent from 2020. Visma has established itself as one of the largest cloud software businesses in Europe.

At the end of 2021, Visma had 14 064 employees, which is an increase from 12 502 at the end of 2020.

Acquisitions

2021 saw a record number of new companies joining Visma’s software ecosystem. These strategic acquisitions ventured into new business areas, expanded Visma’s geographical footprint and contributed to growth in our main markets.

Among the most notable acquisitions were those in new markets. Visma moved into the Spanish SMB market by acquiring Holded, provider of the fastest-growing cloud ERP and accounting software in Spain. With the acquisition of Prosaldo.net, a pioneer in cloud-based accounting and invoicing, Visma entered the Austrian market.

Initiatives for our people

We aspire to be the most inspiring and engaging place to work. The competencies of our employees are also critical in creating value for customers and stakeholders, and to ensure the future progress of the company.

Launched in 2021, Visma Learning Zone (VLZ) is an internal learning and development platform giving all Visma employees access to Group-wide learning content and development opportunities. In VLZ, employees can access learning materials and join communities within areas of interest, such as Front End Development, Optimization, Sustainability, Project Management and Leadership. VLZ also provides employees with examples of relevant development paths to advance their careers and gives access to more than 70 competence mentors ready to share their knowledge and offer support.

Each month, employees are asked six to ten questions about different aspects of engagement, such as their wellbeing, management support and organisational fit. The results are available to leaders and HR through a live dashboard, and engagement scores are reported in the management report. As of December 2021, the eNPS score for Visma Group was 56, which is top 25% in the Technology industry. Visma has demonstrated a healthy employee engagement score throughout 2021 and will keep it high on the agenda going forward as well.

We strongly believe that a diverse workforce, in combination with an inclusive culture, will provide a more engaging place to work as well as produce better business results and more innovative solutions. To promote the principle of equal opportunities for all genders, Visma has implemented several measures to strengthen and secure the gender balance, including:

  • Diversity & Inclusion awareness training in leadership training and onboarding
  • Opportunities for training and promotion are independent of gender
  • Partnership with Equality Check, Women in Tech and other organisations promoting gender diversity in the work life
  • Visma’s work within Diversity & Inclusion takes place both at Group level and within each company

Want more data from 2021? View the full Directors’ Report in Visma’s 2021 Annual Report.

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