Investor relations

Penneo realises 29% year-on-year ARR growth at the end of 2022-Q3

A strong business with great growth ambitions

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.

Equity story
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Current share price

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 642,332.94. 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

Penneo in the media

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


Penneo 2022 Annual Report Conference call
Tuesday, 28 February 2023 · 10:00 – 11:30

Starting on January 20, 2023, we invite investors and interested parties to submit and upvote questions to Penneo’s management team via During the live event, Penneo will answer questions posted on this platform after responding to questions from analysts. The Q&A platform is open until February 27 and provides a new way of posting and upvoting questions without participating live in the event. The Q&A platform can be found here:

Financial calendar

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

Investor Portal and General Meetings

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.


Christian Stendevad
Christian Stendevad
CEO (Chief Executive Officer)

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.

Casper Nielsen Christiansen
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: 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.

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 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.

Board of Directors

Christian Sagild
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 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 Peter Anker Heegaard

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.

Morten Kenneth Elk
Morten Kenneth Elk
Board Member

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.




Christian Stendevad
Christian Stendevad
CEO (Chief Executive Officer)

Phone: (+45) 27 29 50 02


Karsten Anker Petersen
Karsten Anker
Press contact (Primetime)

Phone: (+45) 6166 4944


Press images

Download Penneo-related images here.

Media kit

Download our logo here.

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Penneo Sign

Get documents signed faster. Collect the information you need and manage your document workflows in an easy and compliant manner.

Penneo KYC

Automate client onboarding and AML compliance. Perform risk assessments and collect client documentation in a safe and efficient way.