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VISMA: LIMITED IMPACT FROM RECESSION Featured

Norwegian software vendor Visma said this week the pandemic-induced recession has had limited impact on the top line. The company experienced growth from its continuing acquisition binge, including expansion in Latin America, and from migration to the cloud. 

For the second quarter ended June 30, Visma reported net income of about $30.5 million, a rise of about 103.7 percent from a year earlier. Revenue of roughly $480.4 million was 26.6 percent higher than in last year’s corresponding period. Visma purchased eight businesses during the quarter including two in the Netherlands and one in Norway. Its acquisition of Argentina-based Zetech, which makes digital signature and document management applications,  expanded its presence in Argentina, Chile, Peru, Mexico and Uruguay. Currently, only 2 percent of revenue comes from outside the Netherlands and the Scandinavian countries. Visma said annualized cloud revenue was approximately $1.46 billion, up 35.5 percent year over year and reported it had more than 1 million customer contracts, with more than half of them for SaaS products. That is 26.5-percent higher than last year. Visma still has a strong on-premise business, most of that from maintenance income, which totaled about $1.53 billion in the recently completed quarter, a 12.6-percent increase over a year ago.

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