Growth in cloud-based financial software pushed revenue for Visma for the year ended December 31 31.9 percent ahead of 2018. The Norway-based software company also registered an 11.3-percent rise in profit before tax.
In addition, with three acquisitions in the fourth quarter, Visma brought its 2019 total of acquired operations to 20. Revenue for 2019 reached roughly $1.65 billion. Profit before tax was about $136 million for the recently completed year. For the fourth quarter, revenue for each of the company’s four core divisions increased by double digits over 2018's corresponding period. Those results were as follows: SMB, up 17 percent; Enterprise, 11 percent; Custom Solutions 53 percent; and Commerce Solutions, 25 percent. Visma said cloud revenue jumped by 31 percent and its annual cloud revenue run rate hit approximately $1.34 billion. Visma’s acquisitions are focused on specific countries and regions. Since July 1, it has acquired Plusport and Circle Software in the Netherlands, Smart Bill in Romania; ProLøn in Denmark; and Inyett and One Stop Reporting in Norway and Sweden.