Visma Software International AS

Norway · owned by Independent (Norway) · visma.com · 55 vendors

Visma delivers cloud-based business software that simplifies the work lives of entrepreneurs, businesses, and societies. The company operates over 180 companies serving 2.2 million customers across 28 countries with solutions for accounting, ERP, payroll, and other business management needs.

Resilience scores

Technology vendors

Services catalogue

24 services in catalogue across 8 categories; runs on 55 sub-vendors.

Insights

Last updated 2026-01-15 · revision 22

55 direct vendors, 358 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 8/10

Assessed by AI based on technology stack characteristics (cloud-native vs legacy, containerization, microservices), regulatory environment, data residency requirements, financial stability, and vendor lock-in risks. The score ranges from 0-10, where higher scores indicate better readiness for technology migration.

Visma exhibits a high level of migration readiness, primarily due to its advanced, cloud-native technical architecture. However, this readiness is tempered by the immense complexity of its regulatory and data residency landscape. **Strengths:** * **Cloud-Native Architecture:** The 'Internal Tech Stack' (Cloud Infrastructure, Microservices, APIs, Continuous Delivery) and 'Key Technologies' (Cloud Computing, SaaS, Open APIs) indicate a highly modular, decoupled, and cloud-agnostic architecture. This is ideal for migration, as applications are likely already designed for distributed environments and can be moved or re-platformed with less effort than monolithic legacy systems. The 'Visma Net' product being a 'Cloud-based ERP system with extensive API capabilities' further confirms this. * **Existing Cloud Expertise:** Extensive use of 'Cloud Infrastructure' and offering 'SaaS' products implies significant internal expertise in cloud operations, which is crucial for planning and executing successful migrations. * **API-First Approach:** The pervasive use of APIs facilitates integration and decoupling, making it easier to migrate components independently and integrate with new services or platforms post-migration. * **Financial Stability (Implied):** A 70% SaaS/Cloud revenue stream suggests a stable financial base, which is generally favorable for funding significant strategic initiatives like large-scale migrations. **Weaknesses:** * **Regulatory and Data Residency Hurdles:** This is the most significant challenge to migration readiness. The 'complex data residency requirements' across 28 countries, coupled with 'Assessment Required' status for GDPR, NIS2, SOC2, and ISO 27001, mean any migration strategy must meticulously address legal and compliance obligations. This will necessitate careful planning for data center locations, legal frameworks, and extensive documentation, adding significant time, cost, and complexity to any migration effort. * **Vendor Lock-in (Unknown but Potential):** While vendor geographic diversity (8 countries) is a positive, the 'Unknown' vendor lock-in risk, combined with 'Total Services: 201' (assuming vendors exist despite 'Total Vendors: 0' being a likely data error), means there could be hidden dependencies or contractual complexities that would impede migration to new platforms or providers. In summary, Visma's technical foundation is exceptionally well-suited for migration, positioning them with high readiness from an architectural standpoint. However, the intricate web of regulatory and data residency requirements across their operational footprint will introduce substantial non-technical challenges that must be meticulously managed during any migration project.

Compliance

5 in-scope frameworks identified; showing 3.

ISO 27001 (source) — Assessment Required

ISO 27001 certification is highly recommended for Visma given their role as a major European cloud software provider handling sensitive business data for 2.2M customers. The standard provides framework for information security management systems (ISMS) and would support compliance with GDPR and NIS2 requirements.

ISO 27001 is critical for a cloud software provider of Visma's scale, especially given their European operations where information security standards are highly valued. Medium risk as certification is voluntary but essential for customer trust, regulatory compliance (supports GDPR/NIS2), and competitive positioning. Large enterprise customers often require ISO 27001 certification from vendors.

GDPR (source) — Assessment Required

GDPR applies as Visma is headquartered in Norway (EEA) and processes personal data of customers across Europe. As a cloud software provider serving 2.2M customers, they handle significant volumes of personal data including customer information, employee data, and potentially sensitive business data.

As a Norwegian company (EU/EEA) processing personal data of 2.2M customers across 28 countries including EU residents, GDPR compliance is mandatory. High risk due to potential fines up to 4% of annual turnover (€3.07B LTM = potential €123M fine), large customer base, and cross-border data processing. Cloud software providers handling customer data face significant GDPR obligations including data protection by design, privacy policies, and data subject rights.

NIS2 (source) — Assessment Required

NIS2 may apply as Visma provides digital services (cloud software, ERP systems) to businesses across EU and exceeds size thresholds (17,500 employees, €3.07B revenue). As a digital service provider, they would be classified as Important Entity.

Visma provides cloud software and digital services to businesses and public sector across EU, potentially qualifying as 'digital service provider' under NIS2 Important Entities. With 17,500 employees and €3.07B revenue, they exceed size thresholds. Medium risk due to cybersecurity requirements, incident reporting obligations, and potential business disruption from non-compliance, though penalties are less severe than GDPR.

Financials

Three-year financials

Financial Resilience Score: 8.5/10

Visma's financial resilience is exceptionally high due to a combination of strategic, operational, and financial factors. As of year-end 2022, over 85% of Visma's total revenue was recurring. This is primarily driven by its SaaS subscription model. Such a high percentage provides excellent revenue predictability, stability, and insulation from economic downturns. With an EBITDA margin consistently above 27%, Visma generates substantial cash flow from its operations. This cash is a key engine for reinvestment into product development and funding its M&A activities. The company is well-diversified across multiple dimensions, which mitigates risk. It is not reliant on a single product, customer segment, or geographic market. Visma's "buy-and-build" strategy is a core competency. The company has acquired and successfully integrated hundreds of smaller software companies, allowing them to operate with autonomy while benefiting from Visma's scale and expertise. In 2022 alone, Visma completed 42 acquisitions. Visma is backed by a consortium of blue-chip private equity investors, led by Hg Capital, which has deep expertise in the software sector. This provides access to significant capital for growth and strategic guidance. The primary risk associated with a model like Visma's is the leverage used to fund acquisitions. However, the company's strong, predictable cash flows provide a solid foundation for servicing its debt obligations.

Key strengths: High Recurring Revenue, Strong Profitability and Cash Flow, Diversification, Proven M&A Integration Capability, Strong Shareholder Backing

Risk factors: Leverage used to fund acquisitions

Revenue by geography

Revenue by product/service

Workforce by country

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