Penneo A/S

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Penneo announces Quarterly report - Q1 - 2021

The share

Announcements & Financial reports

Events & Presentations

Financial calendar

Corporate governance

Contacts & Press

Equity story


Penneo is a Danish ARR-driven software-as-a-service (SaaS) company and a market leader in the audit and accounting software industry in the Nordics. Penneo is a scalable platform that provides automation features across multiple aspects of digital transactions and digitizes company workflows related to client onboarding (KYC), digital signing, and document management in a compliant, efficient, and easy way.


The early stage of digitization in Europe and the strong network effects provided by international Big10 audit customers are powerful enablers for Penneo to become the de facto standard for the audit and accounting industry in Europe. The strong network effects serve Penneo as branding and distribution channels to all the auditors' clients locally and globally.


Penneo taps into the global trends of increased regulations, sustainability, and digitalization.


Current Share Price

Penneo A/S (PENNEO)

Dividend Policy

The Company's dividend policy is described in the Future dividends section. Dividends not claimed by shareholders will be forfeited in favor of the Company, normal after three years, under the general rules of Danish law on statute of limitations.

Future Dividends

The Company's ability to pay dividends will depend, among other things, on its financial condition, working capital requirements, and the availability of distributable profits and reserve and cash available, and other factors as the Board of Directors may deem relevant. The Company has no intention to pay dividends in the coming years. The Company is in a growth phase and intends to reinvest any profit in activities to continue the growth. Dividends are decided by the Annual General Meeting following a proposal from the Board of Directors.

Dividend Restrictions

The Company has signed a dividend limitation agreement meaning that the Company cannot propose a resolution to pay dividends without the consent from Vækstfonden.

Share Capital

  • The nominal share capital of the company is DKK 502,614.56. The share capital is not divided into share classes.
  • The nominal share capital is divided into shares of DKK 0.02 or multiples thereof.
  • The share capital has been paid up in full.
  • The shares shall be registered by name in the company's register of shareholders. The register of shareholders is kept by VP Securities A/S, CVR-no. 21 59 93 36.
  • The shares are negotiable instruments. There are no restrictions on the negotiability of the shares.


Our announcements are currently in English and Danish. Contact us for more information.


See More


Finans - Companies listed on Nasdaq First North are picking up speed

Berlingske - Denmark is under pressure in the global battle for IT specialists

Computer World - SaaS company Penneo grows by 30 percent

Euroinvestor - Danish company Penneo presents a new candidate for the Chairman of the Board

Finans Watch - Penneo nominates Christian Sagild as Chairman of the Board

Borsen - Two shares are forecast to rise by 21 percent

IT Watch - Penneo announced Omada's CEO Christian Stendevad as the new CEO

Finans Watch - Penneo gets new CEO

Euroinvestor - Penneo appoints new CEO

Computer World - Penneo hires a new CEO

Finans - Christian Sagild proposed as new chairman of Penneo

IT Watch - Penneo to appoint new chairman

Axcelfuture - Initial public offerings in 2020 despite coronavirus

Euroinvestor - Penneo's shares are booming: 'This is a process that doesn't stop'

Bootstrapping - Heroes of 2020 – Tommy Ahlers about 2021 – Penneo as a startup-IPO – Nicolaj Højer as an entrepreneur-investor

Euroinvestor - Danish fund gets 60% return in 2020: Find out the portfolio manager's secret

ITwatch - Listed software company stays on track for growth

Finanswatch - Newly listed fintech extends collaboration with Jyske Bank

Finans - Stock trader Penneo recovered well on the first trading day

Borsen - Newly listed shares rise from price 11 to 27 at the opening of the stock exchange: "As a company, we are overwhelmed by the great interest from risk-averse investors"

Borsen - Wild Rift About Stock Exchange member: Oversubscribed 19 times prior to First North stock exchange listing

Borsen - Big investor interest in stock exchange member before listing: "We could issue shares for 150 million"

Borsen - The Shareholders' Association want a fair fight to join a new stock exchange adventure

Borsen - Large investors flock to a new stock exchange member before the subscription

ITwatch - IT company will be listed in the middle of the crisis

Bootstrapping - Despite Corona crisis, Danish Penneo will be listed on the stock exchange in 2020

Vores Avis - Penneo will help accountants and auditors during the corona crisis

ITwatch - Danish tech company aims for stock exchange listing this year

Borsen - Danish tech company receives million injection from CBB Mobil-richman: Will be listed this year

Events & Presentations


SaaS Seminar
June 1, 2021


Financial Calendar


August 27, 2021

November 25, 2021


March 23, 2022

April 27, 2022

May 24, 2022

August 24, 2022

November 23, 2022


Nicolaj Højer Nielsen

Interim CEO

Interim CEO since 28.09.2020

Profession: Interim CEO at Penneo A/S

Description: Nicolaj Højer Nielsen is a serial entrepreneur, board member, and business angel and has been building startups since 1999. He has co-founded and/or invested in thirteen companies within IT and biotech. Nicolaj Nielsen holds an MBA from INSEAD and an MSc in Marketing from Copenhagen Business School and is an external lecturer within entrepreneurship at Copenhagen Business School.

Other key positions: External lecturer Copenhagen Business School, Board member in InProTher, Board member in Forgotton Anne, Board member in MeetinVR, Board member in Motilitycount, Board member in Estaldo, CEO in Copenhagen United

Educational background: HA, Aalborg Universitet, Cand.merc., Copenhagen Business School, MBA, INSEAD

Nicolaj Højer Nielsen owns, through BIOSTRAT BIOTECH CONSULTING ApS 2,890,829 shares in Penneo A/S.

Jan Flora

CTO (Chief Technology Officer)

CTO since 9.01.2014

Profession: CTO at Penneo

Description: Jan Flora is one of the co-founders of the company. Jan Flora has since the foundation of the Company been the spearhead of product development, innovation, and development of new markets. Jan has had experience with other tech companies before co-founding Penneo in 2014.

Educational background: Msc. In Computer Science, University of Copenhagen, Bsc. In Mathematics and Computer Science, University of Copenhagen

Jan Flora owns, through Flora IT ApS 2,327,427 shares in Penneo A/S.

Jan Flora privately holds 787,029 warrants in Penneo A/S.

Casper Nielsen Christiansen

CFO (Chief Financial Officer)

CFO since 1.12.2018

Profession: Chief Financial Officer at Penneo

Description: Casper Christiansen has since 2018 been the key driver behind the development of structured financial processes in Penneo for improved financial insights regarding e.g. ongoing forecasting, SaaS metrics, profitability etc. In addition, Casper continuously supports the organization regarding the financial aspects of decision making – thus ensuring that all key decisions in Penneo are fact-based and in accordance with the financial situation. With the onboarding of Casper, all management accounting functions have been reallocated back to Penneo, and the financial team today comprises five people. Before joining Penneo, Casper Christiansen was CFO in SpotOn Marketing, where he played a key role in the disposal of the company to the private equity fund, Adelis.

Educational background: Cand.merc.aud, Copenhagen Business School

Casper Nielsen Christiansen privately holds 122,546 warrants in Penneo A/S.

André Clement

CCO (Chief Commercial Officer)

CCO since 9.01.2014

Profession: Chief Commercial Officer at Penneo

Description: André Schack is one of the co-founders of Penneo and has been a key factor in driving the Company forward. In addition, he has been able to provide Penneo with valuable insights from the auditing industry. André is a gifted salesperson, and with unique relationship management skills, André has played an important role in the high growth rates related to the attraction of new customers. In addition, André Schack plays a leading role in the European expansion as a vital part of Penneo’s task force, which primarily focuses on attracting Big 4 firms across new European markets.

André Clement Schack owns, through André Clement Holding ApS, 1,851,382 shares in Penneo A/S.

André Clement privately holds 787,029 warrants in Penneo A/S.

Board of Directors

Christian Sagild

Chairman of the Board

Chairman since 28.04.2021

Profession: Professional board member

Description: Christian Sagild is currently the Chairman of Nordic Solar Energy and Nordic Solar Global A/S, a member of the Audit Committee of Royal Unibrew A/S, and the Chairman of the Audit Committee of Ambu A/S. He was the CEO of Topdanmark A/S between 2009-2017.

His areas of expertise are capital markets, managing public companies, stakeholder and reputation management, and complex framework management.

Other key positions: Chairman of Nordic Solar Energy and Nordic Solar Global A/S, member of the Audit Committee of Royal Unibrew A/S, Chairman of the Audit Committee of Ambu A/S

Educational background: Actuary, cand. act. , University of Copenhagen

Independent of Company

Christian Sagild privately owns 200,000 shares in Penneo A/S.

Christian Sagild privately holds 406,377 warrants in Penneo A/S.

Rikke Stampe Skov

Board Member

Board Member since 5.03.2021

Profession: CEO at Impero A/S

Description: Rikke Stampe Skov is the CEO of Impero A/S, a position, which she has held since June 2018. Rikke drives the company’s vision of creating trust and transparency on a global scale.

Prior to joining Impero, Rikke Stampe Skov spent several years as a partner in PwC co-chairing the Risk Assurance Services service line, and later as a partner with Odgers Berndtson, where Rikke Stampe Skov focused on executive search and leadership development. Before this, Rikke co-founded the IT security consulting company, Protego, which was successfully exited to PwC in 2006. Rikke Stampe Skov’s long career also includes leadership positions with Maersk, ISS, and Siemens. She also serves as a board advisor with several organizations.

Other key positions: CEO at Impero, Chairman of the Board at Union Bulk, member of the Board of Representatives at Forenet Kredit, Board member at VL64

Educational background: Board Master Class (CBS), HD(O) (CBS), HA(jur.) (CBS)

Independent of Company

Rikke Stampe Skov privately owns 1,615 shares in Penneo A/S.

Morten Kenneth Elk

Board Member

Board member since 14.09.2018

Profession: CEO at Simplesite

Description: Morten Elk is a serial entrepreneur, board member and business angel. He started his career in 1997 after leaving a postdoctoral position in Physics to co-found what became a leading Danish digital agency that was exited to Swedish Adcore in 1999. In 2003, Morten Elk co-founded SimpleSite, a global player in the DIY website building services, where he remains the

CEO today. Alongside, Morten Elk has invested in several start-ups and is the initiator and driver behind the event series Nordic Growth Hackers where participants in the tech community in Copenhagen gather to share growth experiences and tactics.

Other key positions: Chairman of the Board at Tibalo ApS, CEO Kunai Ads ApS

Educational background: Ph.D. Physics, University of Copenhagen

Independent of Company

Morten Kenneth Elk privately owns 18,083 shares in Penneo A/S.

Morten Kenneth Elk privately holds 283,167 warrants in Penneo A/S.

Michael Moesgaard Andersen

Board Member

Board member since 29.12.2019

Profession: CEO Andersen Advisory Group A/S

Description: Michael Moesgaard Andersen is a serial entrepreneur, board member and business angel. Michael Moesgaard has been one of the leading actors within Danish telecommunication companies in the last decades. Michael Moesgaard founded and sold CBB Mobil and has been active in numerous other tele and SaaS startup companies through his company Andersen Advisory Group A/S. Alongside his impressive track record within tech and entrepreneurship, Michael Moesgaard is also an adjunct professor at Copenhagen Business School.

Other key positions: Adjunct professor at Copenhagen Business School, Owner of Andersen Advisory Group A/S, Board member in Konsolidator A/S, Chairman of the board in Qemploy A/S, Chairman of the board in Danske Færdighedsspil A/S, owner of Configit build A/S, Chairman of board ApS, Chairman of the board in Mobilepeople solutions A/S, Board member in ITU Business Development A/S

Educational background: Msc. Cand.scient.pol, Aaarhus University, Graduate diploma (HD), Copenhagen Business School

Independent of Company

Michael Moesgaard Andersen owns, through Andersen Advisory Group A/S 3.164.744 shares in Penneo A/S.


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Nicolaj Højer Nielsen

Interim CEO, Penneo

Jesper Skaarup Vestergaard

Certified advisor - Partner, Corporate Finance

Direct: (+45) 35 27 50 11
Mobile: (+45) 31 79 90 00
Grant Thornton, Stockholmsgade 45, 2100 Copenhagen Ø, Denmark

Press contact

Mai Zeilund

Press Contact (zeilund+co)

Phone: (+45) 71 90 05 23

Press images

Download Penneo-related images here.

Jan Flora
Nicolaj Højer Nielsen
Penneo office
Penneo board and management
Penneo board and management
Penneo office
Penneo Board
Christian Stendevad
Christian Sagild and Christian Stendevad
Christian Sagild

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