Strong solution: Penneo is a well-established ARR-driven software-as-a-service (SaaS) company delivering secure, customer-friendly, and highly stackable solutions in the rapidly growing market for digital signing, document workflow and compliance solutions such as our KYC-product helping companies comply with Anti Money Laundering (AML) legislation. These products support Penneo’s growth and international expansion.
Proven business model: The combination of a strong subscription-based model with growing ARR from both existing and new customers, low yearly churn, relatively high contribution margin, and attractive possibilities in both existing markets and in entering new foreign markets is a strong foundation for our expansion strategy. This entails attractive growth opportunities as our business model is highly scalable, operating in high growth markets driven by both digitalization, increased regulatory demands (eg. compliance management, and prevention of money laundering) and sustainability.
Market leader and preferred partner: Since Penneo was established in Denmark in 2014, we have evolved into an eco-system of automation solutions, with more than 2.000 customers across 6 countries. Acting in a competitive market, Penneo has found its space as a preferred partner for many of the international top-tier customers within audit & accounting as well as AML-governed industries such as the finance industry.
Penneo has the ambition to become the market leader and preferred partner for the audit and accounting industry in Europe – a position that further strengthens our distribution capabilities and thus our international growth strategy. Via this market entry, Penneo’s Sign and KYC products are naturally expanded through network effects.
Carnegie (Independent coverage)
REDEYE – Equity Research report Penneo | Visit REDEYE page
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.
Our announcements are currently in English and Danish. Contact us for more information.
IT Watch – Penneo henter to profiler ind i direktionen
IT Watch – Penneo gør klar til europæisk ekspansion
IT Watch – Penneo-topchef: ”Vi skal bruge vores penge klogt og rigtigt”
FinansWatch – Penneo hiver større KYC-aftale hjem i Norge
Berlingske – Software company ready for the Main Market
Finans – Penneo migrating to Nasdaq Main Market – first trading day 4 April
Børsen – Penneo migrating to Nasdaq Main Market – first trading day 4 April
Euroinvestor – Danish company to migrate to the Main Market
Kapitalwatch – Penneo to migrate to the Main Market
Børsen – Dansk virksomhed satser på vækst ved at sælge løsninger til bekæmpelse af hvidvask
EuroInvestor – Børshus ser kæmpe kurspotentiale i lille dansk aktie
Børsen – Investeringsbank indleder dækning af ny dansk aktie: Kan stige op mod 76 pct.
Finans – Sådan vil vækstbørsens mønsterelev sætte sin signatur på fondsbørsen
Finans – Efter et år på First North vil Penneo opgraderes til hovedbørsen
IT Watch – Softwarehus vil på kundejagt efter kapitalindsprøjtning
Børsen – Penneo vil skrives ind på hovedbørsen og rejse 100 mio. kr.
Børsen – Her er aktierne, der tager fokus i dagens handel
Euroinvestor – Lille dansk aktie vil tiltrække større investorer
IT Watch – Softwarehus vil hente flere kunder i den finansielle sektor
Penneo 2022 Annual Report Conference call
Tuesday, 28 February 2023 · 10:00 – 11:30
Annual Report
February 28, 2023
Annual General Meeting
March 29, 2023
Q1 Report
May 16, 2023
H1 Report
August 17, 2023
Q3 Report
November 21, 2023
As a Shareholder, you have the option to use Penneo’s Investor Portal. In the Investor Portal, Shareholders can check the amount of shares they hold in Penneo. Shareholders who fill in their email addresses will receive electronic information from Penneo in the future. The Investor Portal can also be used for registration and proxy voting in relation to General Meetings, which Penneo encourages the Shareholders to make use of.
CEO since 18.08.2021
Profession: Chief Executive Officer at Penneo
Description: Christian Stendevad has solid experience within the digital identity and security space and in scaling SaaS businesses globally. Christian is an experienced leader who previously held a position as Chief Operating Officer in Omada. Christian has been with Omada for the past 17 years, where he successfully co-headed the international scaling and growth journey of Omada. Prior to Omada he held a position as Managing Consultant in PwC Consulting and IBM.
Educational background: Master in Engineering in Electronics, DTU
Christian Stendevad privately holds 930,000 warrants in Penneo A/S
Christian Stendevad privately owns 6,056 shares in Penneo A/S.
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: Graduate Diploma in Business Administration (Financial and Management Accounting), Copenhagen Business School
Casper Nielsen Christiansen owns 46,413 shares in Penneo A/S.
Casper Nielsen Christiansen privately holds 78,560 warrants in Penneo A/S.
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 Big10 firms across new European markets.
André Clement Schack owns, through André Clement Holding ApS, 1,340,779 shares in Penneo A/S.
André Clement privately holds 476,029 warrants in Penneo A/S.
Chairman since 28.04.2021
Profession: Professional board member
Description: Christian Sagild is currently the Chairman of Nordic Solar A/S, Deputy Chairman of Ambu A/S, and member of the Board of Directors in Royal Unibrew 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 the Remuneration and Nomination committee and member of the Audit and Risk Committee in Nordic Solar A/S, Member of the Audit Committee of Ambu A/S, Chairman of the Audit Committee of Royal Unibrew 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 597,037 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. Prior to joining Impero, Rikke Stampe Skov worked as a partner in PwC co-chairing the Risk Assurance Services service line, and later as a partner with Odgers Berndtson. Before this, Rikke co-founded the IT security consulting company, Protego. Rikke Stampe Skov’s long career also includes 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
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.
Rikke Stampe Skov privately holds 15,000 warrants in Penneo A/S.
Steffen Heegaard
Board Member
Board member since 27.04.2022
Profession: Professional board member
Description: Steffen Heegaard has more than 30 years of experience within capital market communication, investor relations and ESG, primarily from Topdanmark. He was Head of Investor Relations, Communications and ESG, Executive Vice President at Topdanmark from 1999-2021 and has now transitioned into a board career.
Other key positions: Board member at Luxor A/S, Chairman of the Board of Directors at Flowering ApS, Chairman of the Board of Directors at Janica A/S, Board member at HC Andersen Capital
Educational background: Cand.merc.fir, Copenhagen Business School (CBS); Board Leadership Masterclass, Copenhagen Business School (CBS)
Independent of Company
Steffen Heegaard owns 7,222 shares in Penneo A/S.
Steffen Heegaard privately holds 15,000 warrants in Penneo A/S.
Board member since 14.09.2018
Profession: Professional board member and investor
Description: Morten Elk is a serial entrepreneur, board member, and business angel. He began his career in 1997 after leaving a postdoctoral position in Physics to co-found what became a leading Danish digital agency. In 2003, Morten Elk co-founded SimpleSite, a global player in the DIY website building field. The company was exited to Group. One in 2022. Morten Elk has invested in several start-ups and holds board and chairman positions in a number of them. He is also the initiator behind the event series Nordic Growth Hackers where members from the tech community in Copenhagen come together to share growth experiences and tactics.
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.
Download Penneo-related images here.
Download our logo here.
Strong solution: Penneo is a well-established ARR-driven software-as-a-service (SaaS) company delivering secure, customer-friendly, and highly stackable solutions in the rapidly growing market for digital signing, document workflow and compliance solutions such as our KYC-product helping companies comply with Anti Money Laundering (AML) legislation. These products support Penneo’s growth and international expansion.
Proven business model: The combination of a strong subscription-based model with growing ARR from both existing and new customers, low yearly churn, relatively high contribution margin, and attractive possibilities in both existing markets and in entering new foreign markets is a strong foundation for our expansion strategy. This entails attractive growth opportunities as our business model is highly scalable, operating in high growth markets driven by both digitalization, increased regulatory demands (eg. compliance management, and prevention of money laundering) and sustainability.
Market leader and preferred partner: Since Penneo was established in Denmark in 2014, we have evolved into an eco-system of automation solutions, with more than 2.000 customers across 6 countries. Acting in a competitive market, Penneo has found its space as a preferred partner for many of the international top-tier customers within audit & accounting as well as AML-governed industries such as the finance industry.
Penneo has the ambition to become the market leader and preferred partner for the audit and accounting industry in Europe – a position that further strengthens our distribution capabilities and thus our international growth strategy. Via this market entry, Penneo’s Sign and KYC products are naturally expanded through network effects.
Carnegie (Independent coverage)
REDEYE – Equity Research report Penneo | Visit REDEYE page
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.
Our announcements are currently in English and Danish. Contact us for more information.
IT Watch – Penneo henter to profiler ind i direktionen
IT Watch – Penneo gør klar til europæisk ekspansion
IT Watch – Penneo-topchef: ”Vi skal bruge vores penge klogt og rigtigt”
FinansWatch – Penneo hiver større KYC-aftale hjem i Norge
Berlingske – Software company ready for the Main Market
Finans – Penneo migrating to Nasdaq Main Market – first trading day 4 April
Børsen – Penneo migrating to Nasdaq Main Market – first trading day 4 April
Euroinvestor – Danish company to migrate to the Main Market
Kapitalwatch – Penneo to migrate to the Main Market
Børsen – Dansk virksomhed satser på vækst ved at sælge løsninger til bekæmpelse af hvidvask
EuroInvestor – Børshus ser kæmpe kurspotentiale i lille dansk aktie
Børsen – Investeringsbank indleder dækning af ny dansk aktie: Kan stige op mod 76 pct.
Finans – Sådan vil vækstbørsens mønsterelev sætte sin signatur på fondsbørsen
Finans – Efter et år på First North vil Penneo opgraderes til hovedbørsen
IT Watch – Softwarehus vil på kundejagt efter kapitalindsprøjtning
Børsen – Penneo vil skrives ind på hovedbørsen og rejse 100 mio. kr.
Børsen – Her er aktierne, der tager fokus i dagens handel
Euroinvestor – Lille dansk aktie vil tiltrække større investorer
IT Watch – Softwarehus vil hente flere kunder i den finansielle sektor
Penneo 2022 Annual Report Conference call
Tuesday, 28 February 2023 · 10:00 – 11:30
Annual Report
February 28, 2023
Annual General Meeting
March 29, 2023
Q1 Report
May 16, 2023
H1 Report
August 17, 2023
Q3 Report
November 21, 2023
As a Shareholder, you have the option to use Penneo’s Investor Portal. In the Investor Portal, Shareholders can check the amount of shares they hold in Penneo. Shareholders who fill in their email addresses will receive electronic information from Penneo in the future. The Investor Portal can also be used for registration and proxy voting in relation to General Meetings, which Penneo encourages the Shareholders to make use of.
CEO since 18.08.2021
Profession: Chief Executive Officer at Penneo
Description: Christian Stendevad has solid experience within the digital identity and security space and in scaling SaaS businesses globally. Christian is an experienced leader who previously held a position as Chief Operating Officer in Omada. Christian has been with Omada for the past 17 years, where he successfully co-headed the international scaling and growth journey of Omada. Prior to Omada he held a position as Managing Consultant in PwC Consulting and IBM.
Educational background: Master in Engineering in Electronics, DTU
Christian Stendevad privately holds 930,000 warrants in Penneo A/S
Christian Stendevad privately owns 6,056 shares in Penneo A/S.
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: Graduate Diploma in Business Administration (Financial and Management Accounting), Copenhagen Business School
Casper Nielsen Christiansen owns 46,413 shares in Penneo A/S.
Casper Nielsen Christiansen privately holds 78,560 warrants in Penneo A/S.
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 Big10 firms across new European markets.
André Clement Schack owns, through André Clement Holding ApS, 1,340,779 shares in Penneo A/S.
André Clement privately holds 476,029 warrants in Penneo A/S.
Chairman since 28.04.2021
Profession: Professional board member
Description: Christian Sagild is currently the Chairman of Nordic Solar A/S, Deputy Chairman of Ambu A/S, and member of the Board of Directors in Royal Unibrew 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 the Remuneration and Nomination committee and member of the Audit and Risk Committee in Nordic Solar A/S, Member of the Audit Committee of Ambu A/S, Chairman of the Audit Committee of Royal Unibrew 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 597,037 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. Prior to joining Impero, Rikke Stampe Skov worked as a partner in PwC co-chairing the Risk Assurance Services service line, and later as a partner with Odgers Berndtson. Before this, Rikke co-founded the IT security consulting company, Protego. Rikke Stampe Skov’s long career also includes 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
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.
Rikke Stampe Skov privately holds 15,000 warrants in Penneo A/S.
Steffen Heegaard
Board Member
Board member since 27.04.2022
Profession: Professional board member
Description: Steffen Heegaard has more than 30 years of experience within capital market communication, investor relations and ESG, primarily from Topdanmark. He was Head of Investor Relations, Communications and ESG, Executive Vice President at Topdanmark from 1999-2021 and has now transitioned into a board career.
Other key positions: Board member at Luxor A/S, Chairman of the Board of Directors at Flowering ApS, Chairman of the Board of Directors at Janica A/S, Board member at HC Andersen Capital
Educational background: Cand.merc.fir, Copenhagen Business School (CBS); Board Leadership Masterclass, Copenhagen Business School (CBS)
Independent of Company
Steffen Heegaard owns 7,222 shares in Penneo A/S.
Steffen Heegaard privately holds 15,000 warrants in Penneo A/S.
Board member since 14.09.2018
Profession: Professional board member and investor
Description: Morten Elk is a serial entrepreneur, board member, and business angel. He began his career in 1997 after leaving a postdoctoral position in Physics to co-found what became a leading Danish digital agency. In 2003, Morten Elk co-founded SimpleSite, a global player in the DIY website building field. The company was exited to Group. One in 2022. Morten Elk has invested in several start-ups and holds board and chairman positions in a number of them. He is also the initiator behind the event series Nordic Growth Hackers where members from the tech community in Copenhagen come together to share growth experiences and tactics.
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.
Download Penneo-related images here.
Download our logo here.