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Penneo continued its high ARR growth rate in 2020-Q3

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Company Announcement No. 11-2020
Copenhagen, November 25 2020
Financial report for the period July 1 2020 - September 30 2020

Highlights

2020-Q3-YTD

  • Annual Recurring Revenue (ARR) end of 2020-Q3 was 32,7M DKK which is 38% higher than 23,7M DKK end of 2019-Q3

2020-Q3

  • Penneo increased total ARR by 3,2M DKK in 2020-Q3 which is 78% higher than 1,8M DKK in 2019-Q3
  • Penneo increased the ARR uplift from existing customers by 2,3M DKK ARR in 2020-Q3 which is 130% higher than 1,0M DKK in 2019-Q3
  • Penneo continued to see the effects of its digital marketing activities, which resulted in a 110% increase in the ARR generated from inbound leads compared to 2019-Q3
  • Penneo onboarded 90 customers in 2020-Q3 and 289 customers in 2020-Q3-YTD
  • Penneo increased average ARR per new customer by 70% in 2020-Q3-YTD compared to 2019-Q3-YTD

Management review

Developing an international SaaS business

  • As part of the internationalization and entry to the Finnish market, Penneo successfully integrated the Finnish eID FTN-standard.
  • After the end of the period, Penneo signed a deal with a Big10 audit company in Belgium, VGD. VGD is present in 5 countries and is part of Nexia International, a leading global network of independent accounting and consulting firms.

Strategy execution

  • After the end of the period, Penneo performed its first acquisition. Penneo acquired the Anti-Money laundering (AML) and Know Your Customer (KYC) software from CLA Reply. The AML/KYC software will be integrated in Penneo’s platform, and is a strategic stepping stone in the international roll out. The AML/KYC software has strong global potential that taps into the increasing focus of global AML and KYC challenges for audit and accounting firms.

Organizational growth

  • In 2020-Q3, Penneo’s organization grew from 52 to 58 team members. In addition, through the acquisition of CLA Reply, Penneo added six new talented team members including the two founders. The new employees have provided additional AML and KYC expertise to Penneo.

New CEO

  • As stated in the company announcement no. 7/2020 Niels Henrik Rasmussen has resigned as CEO of Penneo due to his daughter’s back surgery and rehabilitation,and to focus on his family going forward. The Board of Directors is in the process ofrecruiting a new CEO. Until a new CEO has been recruited, the Board has appointedNicolaj Højer Nielsen as Interim CEO. Nicolaj Højer Nielsen is co-founder of Penneoas well as a member of the Board. He has temporarily stepped down as a Boardmember until the new CEO is in place.

Presentation 

The quarterly report will be presented at an online conference Friday November 27th at 2pm CET. Register for the conference at: Webinar - Penneo A/S

Further information
Interim CEO, Nicolaj Højer Nielsen
Mobile (+45) 25 46 25 80
PENNEO A/S
VEGA, Enghavevej 40, 4th floor, 
1674 Copenhagen V, Denmark

Certified Advisor
Grant Thornton, Jesper Skaarup Vestergaard
Direct (+45) 35 27 50 11, Mobile (+45) 31 79 90 00
Grant Thornton 
Stockholmsgade 45 2100 Copenhagen Ø, Denmark 

About Penneo A/S

Penneo A/S (Penneo) is a Software-as-a-Service (SaaS) company, originally focused on delivering the digital pen (Penneo = new pen) back in 2014. Today, Penneo has evolved into an eco-system of automation solutions that digitizes company workflows related to onboarding of customers (KYC), and signing and management of documents in a secure and easy way. The Company offers a RegTech solution that helps companies comply with regulations in an efficient and inexpensive way. Penneo has a strong position in the Nordics and in Denmark, where more than 550.000 people used Penneo’s workflow in 2019.For information about Penneo visit https://penneo.com/investors/

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