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ERP software vendor Visma, driven by the growth of cloud software and service, reported revenue for the second quarter ended June 30 to about $607.1 million. Net income dropped by 4.2 percent to roughly $13.1 million.

The Norway-based company said 85 precent of revenue is from SaaS and cloud products and services, with SaaS revenue increasing by 27.9 percent. Sales of on-premise software fell 4.1 percent from last year’s corresponding period to roughly $152.3 million. The small business segment generated $152.3 million in revenue, up 25 from a year ago while income from medium and large businesses hit $212.8 million an increase of 17.7 percent. Visma continued mopping up small software companies in the market. It acquired 14 organizations with about $44.4 million during the second quarter, bringing the total to 22 acquisitions in 2022. Visma’s market includes the Nordic countries, Benelux, Spain and Latin America.

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