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VISMA SAAS REVS RISE 27 PERCENT Featured

SaaS revenue rose 27 percent for Visma for the third quarter ended September 30, while total revenue included by 20 percent, 13 percent organically.

The Oslo, Norway-based ERP company reported revenue of approximately $527 million. Net income from continuing operations rose to roughly $45 million, up 41 percent from last year’s corresponding period. The company has made 28 acquisitions to date and moved into the market in France. It also divested it consulting business in the third quarter and expects the sale of its Cloud Infrastructure Services Division to close during the current quarter, pending regulatory approval. Visma, which operates in Europe and South America, registered about $555 million in net income from discontinuing operations, from the gain on disposal of operations. SaaS revenue reached approximately $353 million while there was roughly $89 million in income from cloud services, an increase of 15.9 percent. On-premise sales dropped 5.5 percent to about $68 million.

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