Penneo intends to migrate to Nasdaq Copenhagen Main Market and plans to seek capital to accelerate growth further
Company Announcement No. 16-2021
Copenhagen, 21 June 2021
Penneo intends to apply for admission to trading on Nasdaq Copenhagen Main Market and plans to obtain capital of up to approximately 100M DKK to accelerate growth further.
By moving onto the Main Market, Penneo expects to be able to attract a wider range of national and international institutional investors. The process of listing Penneo on the Main Market is expected to be carried out in connection with the publication of Penneo’s annual report in Q1-2022. The change of trading platform to the Main Market is subject to approval of a listing prospectus by the DFSA, and publication hereof, as well as approval of Penneo’s listing application by Nasdaq Copenhagen. The expected capital raise of up to approximately 100M DKK is to be concluded no later than by the official listing of Penneo on Nasdaq Copenhagen Main Market.
Penneo was listed on Nasdaq First North Growth Market in June 2020. Since then, Penneo has overperformed as regards both the growth strategy with a YoY ARR growth rate of 52% in Q1 2021 and the ARR guidance for 2021-H1 which was improved from 38-43M DKK to 45-47M DKK. In addition, Penneo has professionalized both its governance with independent board members and its internal structures through the transition to IFRS. Hence, a move onto Nasdaq Copenhagen Main Market is a natural next step and the right timing for Penneo.
Interim CEO, Nicolaj Højer Nielsen comments: “We have proven the value of our strategy and delivered on our goals with growth rates that surpass the IPO projections. Now we seek to further accelerate our commercial momentum by investing in the next phase of our strategy with a move onto the Main Market, where Penneo now belongs”
To accelerate Penneo’s growth journey, the Board of Directors has updated the strategy with three new revenue streams:
- Roll out the KYC product to existing 700+ audit customers in the Nordics
The KYC/AML-software acquired after the IPO is a new growth lever to strengthen the Audit vertical ownership and solidifying the position as a critical IT-infrastructure for auditors. Securing and developing this position prescribes investments in upselling KYC to existing audit customers across the Nordic countries by investing in sales, marketing and product development.
- Penetrate the Financial Institutions vertical with Penneo’s KYC/AML and core products in Denmark
With an increasing demand from financial institutions, Penneo can leverage the proven case within the financial sector and accelerate investments in the roll-out of KYC/AML and core products.
- Secure Audit vertical ownership in current countries
To secure the Audit vertical ownership in Belgium and Finland and to continue the ambition to become the de facto standard for auditors in Europe, additional investments in the two markets are required at commercial and product levels.
Interim CEO, Nicolaj Højer Nielsen
Mobile (+45) 25 46 25 80
Grant Thornton, Jesper Skaarup Vestergaard
Direct (+45) 35 27 50 11, Mobile (+45) 31 79 90 00
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 automated solutions that digitizes company workflows related to the onboarding of customers (KYC), as well as 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 manner. Penneo has a strong position in the Nordic countries and in Denmark, where more than 620,000 persons used Penneo’s workflow in 2020.
For information about Penneo, please visit https://penneo.com/investors/