Transcendent Group takes measures to address increased uncertainty from covid-19
Press release 19 March, 2020
Transcendent Group, present in 8 European markets, is affected by the decisions taken by the respective governments and authorities with the purpose of limiting the spread of the corona virus. In order to proactively address the effects of the increased uncertainty, the management of Transcendent Group has today decided to initiate actions in order to adapt costs to the new business environment.
The measures include 3 components;
- Establishments in new geographical markets are postponed, and no new market entries are planned for 2020
- Further product development within RegTech (digital GRC services) is put on hold, and focus will be directed to sales initiatives in the Nordics supporting the existing products RFA and RFA Monitor, and the launch of two additional fully developed products in the near term
- An overall review of costs, including revised fixed and variable remuneration, reorganisation of group functions and certain staff reductions
Martin Malm, CEO of Transcendent Group, comments:
“Today’s decision is an outcome of our analysis of how the business environment is affected by covid-19, and with these measures we are creating an increased room for manoeuvre, and the right preconditions to be able to continue to deliver to our clients. However, we stay alert and have established a steering group with special focus on monitoring the development and analysing various scenarios in order to take further actions, should the situation deteriorate.”
For more information, please contact:
Martin Malm, CEO Transcendent Group
+46 73 335 94 26
This is information that Transcendent Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was sent for publication, through the agency of the contact person set out above, on 19 March, 2020 at 16:30 (CET).
About Transcendent Group
At Transcendent Group you will meet experienced consultants in Governance, Risk and Compliance. Transcendent Group’s services provide security and opportunities for government agencies, businesses and other organizations in a variety of industries. The company was established in Stockholm in 2001 and has from the start built a differentiated offering based on a value-driven culture with experienced experts. Transcendent Group has been ranked as one of Europe’s, Sweden’s and Norway’s best workplaces in 2019 and has been a Great Place to Work since 2012. Transcendent Group is listed on Nasdaq First North Premier Growth Market. The company’s Certified Adviser is Avanza Bank, +46(0)8-409 421 20, firstname.lastname@example.org. For more information, visit www.transcendentgroup.com.