Visma Strengths, Domain Expertise, and Key Differentiators
Visma’s strength lies in its rapid development in technology and its deep knowledge which comes from its local presence and understanding of the market. It has grown exponentially over the years; it now has over 200 local offices on an international basis. Acquisitions have been a key part of its strategy. It has invested in local market leaders and specialists, making sure that local expertise is intact as it expands operations globally.
Visma Software provides specialized software and Cloud-based services within Enterprise Resource Planning (ERP), Invoicing, Project Management, BI, Customer Relationship Management (CRM), Human Resource Management (HRM), payroll and a range of tailor-made solutions for small business customers. However, the products and services offered vary by region.
Visma Recent Developments
As the landscape of technology continues to evolve at an unprecedented pace, Visma is at the forefront of leveraging cutting-edge advancements to enhance its product offerings.
One noteworthy example of this transformative technology in action is the development of a new API support bot by Visma Dinero in Denmark. This innovative bot has already proven its mettle by successfully handling over 50 percent of all incoming customer support requests, showcasing its efficacy in streamlining customer interactions and improving overall service efficiency.
The integration of generative AI into Visma's product ecosystem is poised to yield significant benefits, particularly in software development and customer support. By automating repetitive tasks and streamlining workflows, Visma is not only enhancing the user experience but also empowering its internal teams to focus on high-value activities.
As Visma continues to harness the full potential of AI-driven solutions, customers can expect to see further enhancements that elevate their experience and drive tangible business outcomes. With generative AI as a cornerstone of its innovation strategy, Visma is paving the way for a future where intelligent automation is not just a possibility but a reality.
During a global pandemic and recession, Visma demonstrated its ability to provide mission-critical software that keeps society running. This was evident in the increased demand for cloud solutions, accelerating growth from new customers, and strong cloud acquisition targets choosing to join the Visma family. Visma had a record acquisition pace in 2020, acquiring 37 companies. CarbonLink Oy, founded by software company Visma Finland and atmospheric scientists at the University of Helsinki, is building the first real-time carbon footprint calculator for organisations. This exceptional cooperation will result in the release of a cloud-based service which calculates an organisation's CO2 emissions based on financial data in real-time.
Visma is a minority shareholder of CarbonLink and will provide the service produced by the new company under the name “Visma Green” next year. Effective climate actions start by surveying and understanding the carbon footprint. It has become a major competitive factor, as many organisations have made CO2 emissions a key business measure alongside revenue.
Meat Digital and Trollweb, both part of the Visma group, merged to form Visma Digital Commerce. The merger strengthens Visma's focus on e-commerce solutions in the Nordic market and provides customers with a wider range of services.
Visma Mergers and acquisitions (M&A) Activities
In April 2025, Visma’s acquisition of Lara AI highlights a forward-thinking integration of artificial intelligence into the human capital management (HCM) stack. Organizations with high levels of HR automation are significantly more likely to report improvements in talent engagement and strategic agility.
Lara AI’s platform aligns with this trend by acting as a virtual HR Business Partner, enabling data-driven decisions and improving employee communication across the enterprise. The scalability of Lara AI’s solutions and its natural alignment with Visma’s existing portfolio suggest a strong potential for cross-market replication, especially as enterprises seek greater return on HR technology investments.
In 2024, Visma demonstrated strategic clarity and operational discipline through a record 33 acquisitions, reinforcing its role as a consolidator in the European SaaS landscape. The company deepened its presence in France by acquiring Teledec Chaintrust, MyCompanyFiles, Finthesis, and quarksUp — all reinforcing its portfolio in digital finance and accounting. Entry into Italy was marked by the acquisition of Fiscozen, a SaaS platform for tax advisors, while the acquisition of Moj eRačun enabled a foothold in Croatia, targeting eInvoicing compliance ahead of the 2025 B2B mandate. Visma’s moves in Belgium — including Dexxter, Bizzcontrol, In Good Company, and Mobilexpense — expanded its reach across the public sector and SME ecosystems.
Additional scale was gained in the Netherlands with TimeChimp and in Germany with Pathway Solutions, which bolsters Visma’s capabilities in e-commerce. Combined with a strengthened HR tech footprint in Latin America through the Rex+ Group, and multiple Nordic acquisitions like Vesitieto (Finland), Vieri (Norway), Zebon and Securelogin (Denmark), and Accountec and Samverkan (Sweden), Visma continues to execute a geographically balanced, value-creating growth strategy aligned with the digitization of SMBs and the public sector across EMEA and beyond.
Visma’s M&A trajectory across 2023 and 2022 highlights a strategic imperative: rapidly expand domain capabilities, modernize software stacks, and penetrate underserved market segments via targeted acquisitions. The 2023 acquisitions enhanced Visma’s ecosystem with 24 new companies that address emerging technology domains, regulatory-specific workloads, and high-growth verticals. This followed the record-setting 2022 expansion, which added 42 companies, including EnviDan Selvkost (public finance modeling), BokaMera (SMB booking systems), mySupply (digital procurement), Appical (HR onboarding), and Two-Many (UX and digital design).
Visma’s ability to integrate these diverse entities into a unified software platform exemplifies a playbook that combines local relevance with enterprise-grade scale. Visma is shaping into a reference model for software consolidation across Europe — a role enabled by its deep understanding of regional compliance, strong product-market fit in SMB and public sectors, and commitment to cloud-first architectures."
Visma Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Visma applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Visma and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Visma.net ERP, Visma Tripletex, Poweroffice, Visma eAccounting, Visma Netvisor, Visma e-conomic and Dinero customers.
Visma Overview
Ownership: - HgCapital and co-investors
Number of Employees: 16395
Functional Market: Absence Management, Workforce Analytics, Workforce Scheduling, Time and Attendance, Core HR, Payroll, Benefits Administration, Pension Administration, Compliance, Contingent Workforce, Onboarding, Recruiting, Applicant Tracking Systems, Performance Management, Learning and Development, Compensation Management,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction and Real Estate, CPG, Distribution, Education, Government, Healthcare, Insurance, Leisure and Hospitality, Life Sciences, Manufacturing, Media, Non Profit, Oil Gas Chemicals, Professional Services, Retail, Transportation, Utility,
Visma Key Cloud and HCM Applications
Visma.net ERP, Visma Tripletex, Poweroffice, Visma eAccounting, Visma Netvisor, Visma e-conomic and Dinero
Visma HCM and Cloud HCM Applications Revenues, $M:
| Type/Year | 2023 | 2024 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Visma Revenue Breakdown by Type:
Visma HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % of HCM Revenue in the HR Segment | 2024 HCM Revenues, By HR Segment, $M | |
Visma HCM Applications Revenues By Verticals, $M:
Visma Total and HCM Applications Revenues by Region:
| Region | % of Total Revenues | 2024 Total Revenues, $M | 2024 HCM Applications Revenues, $M |
|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe |
Visma Direct vs Indirect sales
| Type | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Visma Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Visma Customers
No. of Visma Customers: 2000000
No. of Visma HCM Applications Customers: x
No. of Visma Cloud HCM Customers: x
No. of Visma Cloud HCM Subscribers: x
Visma has over 2 million customers across the Nordics, Benelux, Central and Eastern Europe, and Latin America.
Among Visma customers are: Amedia, DFDS A/S, Elektrobit oy, Farveringen AS, Jernia Detalj AS, JN Data A/S, JULA, Wallenstam, Wittusen & Jensen and many others.
Visma Market Opportunities, M&A and Geo Expansions
Visma’s acquisition of Rindegastos in May 2025 signals a decisive step in accelerating its digital transformation footprint across Latin America. As a mobile-first, AI-driven platform used by over 4,500 companies, Rindegastos expands Visma’s capabilities in expense management and complements its existing HR Tech and ERP suite.
With only 31% of SMEs in the region having fully digitized their operations, Visma is well-positioned to address a massive untapped market. The real-time tax compliance and ERP integration capabilities of Rindegastos directly align with demand for automation and regulatory assurance in high-friction financial processes. This deal strengthens Visma’s localization strategy while reinforcing its ambition to become the default provider of mission-critical software across Latin America.
Visma’s decision in January 2025 to integrate its Nordic ERP operations into a single business unit, Visma Software Nordic, reflects a strategic realignment toward platform centralization and market responsiveness. This move enables Visma to streamline product delivery and customer engagement across Norway, Sweden, and the wider region, helping clients accelerate cloud ERP adoption for complex, multi-country business processes.
The merger enhances Visma’s ability to offer modular, suite-based ERP solutions, such as Visma.net and Business NXT, within a unified go-to-market and support framework. This is a proactive response to the intensifying demand for ERP systems that support agility, compliance, and ecosystem connectivity at scale in the mid-enterprise segment. The new structure also positions Visma to better compete with global and regional ERP vendors by offering deep local domain knowledge and cross-border support under one operational umbrella.
Visma Risks and Challenges
Visma’s aggressive M&A strategy, while fueling growth, introduces ongoing integration risks—particularly in harmonizing cybersecurity controls across acquired entities. Cybersecurity lapses during post-merger integration represent a potential Achilles’ heel, especially as threat actors target transitional IT environments.
Additionally, as AI-driven attacks proliferate, failure to continually adapt its security architecture or invest in skilled personnel could expose Visma to financial, legal, and reputational risks that undermine its mission-critical service promise.
Visma pursued an aggressive acquisition strategy in 2020, acquiring 37 companies. Integration of the latest acquisitions and multiple product suites under one umbrella will be a challenge for Visma.
While Visma has 5000 developers building solutions, not all solutions were/are developed organically. Some come from acquisitions, but Visma also offers partner products. For example, it private labels Acumatica's ERP solution. Products and services offered vary by region. Therefore it is important to understand which products and categories of products are offered to you locally.
Visma Ecosystem, Partners, Resellers and SI
Visma exemplifies a modern playbook for scaling B2B software through M&A. The firm’s 2024 activity reflects a high-functioning acquisition engine, designed to identify and integrate customer-centric startups across Europe. Beyond the deal-making capability, Visma’s disciplined post-acquisition execution—investing in shared infrastructure, joint knowledge networks, and product development pipelines.
This approach allows acquired firms to scale locally while benefiting from Group-wide expertise. The performance of new markets, particularly in Spain, France, and Belgium, reinforces the viability of this expansion model. Visma’s formula of strategic acquisition, sustained R&D investment, and localized autonomy is positioning the company as a dominant force in the European software economy.
In June 2022, Visma, unveiled a strategic agreement to divest its IT consulting business, formerly housed under Visma Custom Solutions, to CVC Capital Partners Fund VIII. After months of anticipation, the transaction has been successfully finalized, marking a significant milestone for both Visma and the newly formed entity, now known as "twoday."
The decision to divest the IT consulting business stems from a strategic rationale aimed at unlocking growth potential for both Visma and twoday as separate entities. Unlike Visma's core focus on Software as a Service (SaaS) and standardized products, the bespoke nature of IT consulting aligns more closely with twoday's vision and mission. By carving out this segment of its business, Visma aims to streamline its operations and sharpen its strategic focus on its core offerings.
With over 2 million customers across the Nordics, Benelux, Central and Eastern Europe, and Latin America most of Visma's growth comes from acquisition. While it does have partners (like Acumatica), it is more likely to acquire local companies and may refer to these acquired companies in the context of expanding its ecosystem, but acquired products tend to expand Visma's solution portfolio.
Visma has approximately 100 offices throughout Norway, Sweden, Denmark, Finland, the Netherlands, the United Kingdom, Ireland, Lithuania, Romania and Latvia. In addition, the company has 1,100 resellers and distribution through partners in several European countries.
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/taxonomy
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