B2B Software: Visma Surpasses the 2.8 Billion Euro Mark and Establishes Itself as the Leading SaaS Provider in Europe and the Americas

In 2025, the Norwegian giant Visma posted exceptional financial results, confirming the strength of its business model and the effectiveness of its long-standing focus on small and medium-sized enterprises (SMEs). The group’s revenue reached 2.8 billion euros, up 17% year-over-year.

At the same time, its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose by 18.5% to 975 million euros, coming close to the symbolic milestone of one billion euros in pure profitability. This trajectory underscores the resilience of critical management software in the real economy.

M&A vs. Organic Growth: An Analysis of Visma's Growth

Visma’s driving force lies in its key financial metric: Annual Recurring Revenue (ARR), which also climbed to 2.8 billion euros, posting overall growth of 19% for the year. To understand the mechanics of the company’s value creation, we need to analyze the breakdown of this increase:

• Organic growth (13%): This demonstrates Visma’s ability to expand its existing customer base. This internal growth driver is fueled by product innovation, the ongoing migration of long-standing users to the cloud, and excellent subscription retention rates.
• External growth (6%): This figure is the direct result of an industry consolidation strategy carried out at a breakneck pace, with more than 30 strategic acquisitions completed during 2025.

Visma’s approach is a textbook example: acquisitions serve as a bridgehead for capturing market share in new geographies or software verticals (external growth). Once integrated, these solutions benefit from the group’s commercial and technological clout, becoming powerful drivers of organic growth. By 2025, this dual strategy had enabled the customer base to surge by 22%, reaching 2.4 million client organizations and businesses.

Comparison: How Visma Dominates the European SaaS Landscape

In the European market for enterprise resource planning (ERP) and accounting software, Visma has established a unique position that shields it from American giants and its European competitors:

• Competing with global giants (SAP, Oracle): These behemoths target multinational corporations with heavy, global architectures. Visma, on the other hand, caters to the dense network of small and medium-sized enterprises (SMEs) and micro-enterprises—an ultra-localized market where close alignment with national regulations is essential.
• Compared to established European players (Sage in the United Kingdom, Cegid in France): While these players share the same core target market (business accounting and payroll), Visma stands out for its federated business model. Rather than imposing a single software solution everywhere, Visma acquires the leading local technology companies in each country and allows them to operate under their own brands, while pooling cloud infrastructure and artificial intelligence tools. This agility enables Visma to achieve growth that exceeds the average for the European SaaS sector.

Brazil's El Dorado: Conquering the Micro-Entrepreneur Market

In addition to its dominant presence in Europe, Visma is now applying its acquisition strategy in South America. After acquiring Conta Azul in Brazil, Talana in Chile and Peru, and Rindegastos and Lara in Argentina, the Norwegian group has just announced the acquisition of MaisMei, Brazil’s leading platform for micro-entrepreneurs.

Founded in 2020, MaisMei has become the largest private platform in its sector in Brazil, currently serving 3.7 million customers. It combines rigorous accounting expertise with an intuitive mobile interface to address the administrative and billing challenges faced by freelancers.

This decision is part of a strategic macroeconomic context: Brazil is South America’s largest economy, and its micro-entrepreneurs account for 58% of all businesses in the country. Faced with a complex regulatory landscape and an explosion in digital sales, this market is expected to reach 25 million entrepreneurs by 2028, creating a massive need for compliance tools accessible via smartphone.

“MaisMei has done a remarkable job of making Brazil’s complex regulatory landscape easier to understand. But it’s not just about compliance; it’s about creating a springboard for the country’s largest segment—entrepreneurs,” says Merete Hverven, CEO of Visma.

Outlook for 2026: The Era of AI Industrialization

By 2026, Visma is poised to reap the benefits of its massive investments in technology. Artificial intelligence is now at the core of the group’s operational strategy, with 250 AI projects already deployed across its various subsidiaries.

For 2026, the outlook centers on two key areas:

• Monetizing AI Features: Automating accounting data entry, automatically generating payroll reports, and predictively detecting billing errors will increase the perceived value of the software for customers, thereby increasing the average revenue per subscriber.
• Margin growth: Internally, the use of AI coding assistants by the group’s 15,000 employees will optimize research and development costs, enabling EBITDA to comfortably surpass the 1 billion euro mark as early as 2026.