Tillkännagivande • Jan 23
Visma Danmark Holding A/S completed the acquisition of 96.49% stake in Penneo A/S (CPSE:PENNEO) from group of sellers. Visma Danmark Holding A/S entered into a binding agreement to acquire 96.49% stake in Penneo A/S (CPSE:PENNEO) from group of sellers for approximately DKK 560 million on November 29, 2024. Visma Danmark Holding and Penneo have today entered into a binding agreement pursuant to which Visma will make an all-cash voluntary recommended public takeover offer to acquire all of the shares (excluding treasury shares) in Penneo at a price of DKK 16.5 per share. Visma has sufficient capital to finance the Offer and its purchase of the Penneo shares by cash payment backed by a parent guarantee provided by Visma AS. Visma has received irrevocable undertakings to accept the Offer at the Offer Price subject to certain customary conditions, from the following shareholders in Penneo i.e., The irrevocable undertakings represent jointly approximately 43.0 % of the voting rights and share capital in Penneo, Irrevocable undertakings provided by Viking Venture 29 AS and the founders will remain in force regardless of any competing offers being made, Furthermore, ATP, whose ownership amounts to 3,374,000 shares, corresponding to approx. 9.9 % of the voting rights and share capital in Penneo, has confirmed its intention to accept the Offer absent any superior competing offer. Consequently, shareholders representing a total of 17,999,724 shares, corresponding to approx. 52.9 % of the voting rights and share capital in Penneo, have either entered into irrevocable undertakings or confirmed their intention to accept the Offer. The offer period is initially expected to expire four (4) weeks after publication of the offer document but can be extended including in order to allow time for satisfaction of the regulatory conditions. No later than three (3) business days after expiry of the offer period (as may be extended), Visma will publish the final result of the Offer. Completion of the Offer is expected to occur around January 31, 2025. As of December 19, 2024, the offer will commenced on December 20, 2024, and will close on January 21, 2025.
The board of directors of Penneo has unanimously resolved and today confirmed in the Agreement entered into with Visma that it will recommend the shareholders of Penneo to accept the Offer. The Offer will be made subject to a number of customary conditions, as well as a requirement that the total number of tendered shares in the Offer will amount to more than 90.0% of the voting rights and share capital of Penneo and that necessary approvals by relevant regulatory authorities are obtained. On January 8, 2025, Danish Competition and Consumer Authority has approved the transaction.
Visma has appointed ABG Sundal Collier Denmark, filial af ABG Sundal Collier ASA, Norge as financial advisor as well as Accura Advokatpartnerselskab as legal advisor in connection with the Offer. Danske Bank A/S is acting as financial advisor and fairness opinion provider Plesner Advokatpartnerselskab are acting as legal advisors to Penneo.
Visma Danmark Holding A/S completed the acquisition of 96.49% stake in Penneo A/S (CPSE:PENNEO) from group of sellers on January 21, 2025. The Offer has received preliminary acceptances representing 32.730282 million shares in Penneo. All conditions of the offer has fulfilled. Tillkännagivande • Nov 29
Visma Danmark Holding A/S entered into a binding agreement to acquire Penneo A/S (CPSE:PENNEO) from group of sellers for approximately DKK 560 million. Visma Danmark Holding A/S entered into a binding agreement to acquire Penneo A/S (CPSE:PENNEO) from group of sellers for approximately DKK 560 million on November 29, 2024. Visma Danmark Holding and Penneo have today entered into a binding agreement pursuant to which Visma will make an all-cash voluntary recommended public takeover offer to acquire all of the shares (excluding treasury shares) in Penneo at a price of DKK 16.5 per share. Visma has sufficient capital to finance the Offer and its purchase of the Penneo shares by cash payment backed by a parent guarantee provided by Visma AS. Visma has received irrevocable undertakings to accept the Offer at the Offer Price subject to certain customary conditions, from the following shareholders in Penneo i.e., The irrevocable undertakings represent jointly approximately 43.0 % of the voting rights and share capital in Penneo, Irrevocable undertakings provided by Viking Venture 29 AS and the founders will remain in force regardless of any competing offers being made, Furthermore, ATP, whose ownership amounts to 3,374,000 shares, corresponding to approx. 9.9 % of the voting rights and share capital in Penneo, has confirmed its intention to accept the Offer absent any superior competing offer. Consequently, shareholders representing a total of 17,999,724 shares, corresponding to approx. 52.9 % of the voting rights and share capital in Penneo, have either entered into irrevocable undertakings or confirmed their intention to accept the Offer. The offer period is initially expected to expire four (4) weeks after publication of the offer document but can be extended including in order to allow time for satisfaction of the regulatory conditions. No later than three (3) business days after expiry of the offer period (as may be extended), Visma will publish the final result of the Offer. Completion of the Offer is expected to occur around January 31, 2025. The board of directors of Penneo has unanimously resolved and today confirmed in the Agreement entered into with Visma that it will recommend the shareholders of Penneo to accept the Offer. The Offer will be made subject to a number of customary conditions, as well as a requirement that the total number of tendered shares in the Offer will amount to more than 90.0 % of the voting rights and share capital of Penneo and that necessary approvals by relevant regulatory authorities are obtained.
Visma has appointed ABG Sundal Collier Denmark, filial af ABG Sundal Collier ASA, Norge as financial advisor as well as Accura Advokatpartnerselskab as legal advisor in connection with the Offer. Tillkännagivande • Sep 24
André Clement to Step Down as Chief Commercial Officer of Penneo A/S Penneo A/S announced that André Clement, Chief Commercial Officer (CCO) and co-founder of Penneo, is stepping down from his position to pursue new opportunities in the startup environment. André Clement will stay with Penneo until the end of 2024 to ensure a smooth transition and continuity of his responsibilities. New Risk • Aug 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (€42.9m market cap, or US$47.4m). Reported Earnings • Aug 29
Second quarter 2024 earnings released: kr.0.11 loss per share (vs kr.0.29 loss in 2Q 2023) Second quarter 2024 results: kr.0.11 loss per share (improved from kr.0.29 loss in 2Q 2023). Revenue: kr.24.0m (up 9.5% from 2Q 2023). Net loss: kr.3.73m (loss narrowed 60% from 2Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. New Risk • Aug 28
New major risk - Revenue and earnings growth Earnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (€34.7m market cap, or US$38.6m). Breakeven Date Change • Apr 24
Forecast breakeven date moved forward to 2025 The analyst covering Penneo previously expected the company to break even in 2026. New forecast suggests losses will reduce by 66% to 2024. The company is expected to make a profit of kr.1.10m in 2025. Average annual earnings growth of 84% is required to achieve expected profit on schedule. Recent Insider Transactions • Mar 14
Chief Financial Officer recently sold €58k worth of stock On the 11th of March, Casper Christiansen sold around 53k shares on-market at roughly €1.10 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €125k. Casper has been a net seller over the last 12 months, reducing personal holdings by €85k. Reported Earnings • Feb 22
Full year 2023 earnings released: kr.0.75 loss per share (vs kr.0.65 loss in FY 2022) Full year 2023 results: kr.0.75 loss per share (further deteriorated from kr.0.65 loss in FY 2022). Revenue: kr.88.4m (up 23% from FY 2022). Net loss: kr.24.7m (loss widened 22% from FY 2022). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 49% per year, which means it is performing significantly worse than earnings. New Risk • Feb 09
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €452k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Shareholders have been diluted in the past year (6.1% increase in shares outstanding). Significant insider selling over the past 3 months (€452k sold). Market cap is less than US$100m (€37.6m market cap, or US$40.5m). Tillkännagivande • Feb 02
Penneo A/S Announces Board Resignations Penneo A/S announced that The shareholders have proposed to dismiss Christian Sagild, Rikke Stampe Skov, Morten Elk, and Steffen Heegaard from the Board of Directors and will propose new candidates to replace the members. The Board of Directors have proposed to dismiss Jakob Neua Nørgaard. The Board of Directors will begin to look for a replacement in time for the coming Annual General Meeting on 10 April 2024. Breakeven Date Change • Dec 31
Forecast to breakeven in 2026 The analyst covering Penneo expects the company to break even for the first time. New forecast suggests the company will make a profit of kr.4.10m in 2026. Average annual earnings growth of 61% is required to achieve expected profit on schedule. Tillkännagivande • Dec 20
Penneo A/S Announces Resignation of Sara Lindgaard as Chief People & Culture Officer Penneo A/S announced that Sara Lindgaard is stepping down from her position as Chief People & Culture Officer to pursue a career outside of Penneo. Sara Lindgaard will remain in her position until the end of February 2024 and ensure continuity and a smooth transition of her tasks and responsibilities. Recent Insider Transactions • Dec 04
Co-Founder & Chief Commercial Officer recently sold €91k worth of stock On the 30th of November, Andre Clement sold around 99k shares on-market at roughly €0.91 per share. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Andre has been a net seller over the last 12 months, reducing personal holdings by €334k. Tillkännagivande • Nov 29
Penneo A/S, Annual General Meeting, Apr 10, 2024 Penneo A/S, Annual General Meeting, Apr 10, 2024. Reported Earnings • Nov 23
Third quarter 2023 earnings released: kr.0.35 loss per share (vs kr.0.20 loss in 3Q 2022) Third quarter 2023 results: kr.0.35 loss per share (further deteriorated from kr.0.20 loss in 3Q 2022). Revenue: kr.15.9m (up 7.8% from 3Q 2022). Net loss: kr.11.6m (loss widened 87% from 3Q 2022). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 45% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Nov 23
Penneo A/S Revises Earnings Guidance for the Year 2023 Penneo A/S revised earnings guidance for the year 2023. For the period, Company assumes an ARR level of DKK 87 million - DKK 92 million at the end of 2023 corresponding to an ARR growth rate of 23% - 30%. This is a narrower ARR guidance range within the previously communicated range of DKK 87 million -95 million at the end of 2023. New Risk • Nov 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr.3.6m net loss in 3 years). Share price has been volatile over the past 3 months (6.2% average weekly change). Shareholders have been diluted in the past year (4.1% increase in shares outstanding). Market cap is less than US$100m (€34.2m market cap, or US$36.7m). Tillkännagivande • Oct 12
Penneo Announces Executive Appointments Penneo announced the promotion of two talented individuals, Mads Paludan Aabling and Sara Lindgaard, to join the company's senior management team. These appointments mark a strategic move to strengthen the company's leadership and drive continued innovation and success. Mads Paludan Aabling, formerly Vice President for Commercial Operations in Penneo, brings a wealth of experience and a proven track record of building and leading commercial teams in Penneo and other SaaS companies. In his new role as Chief Sales Officer, Mads will play a key role in reaching Penneo's growth targets in the coming years from new sales as well as revenue uplift from existing customers through cross selling and increasing product usage. The promotions come at an important point in time for Penneo, as the company is gaining further traction on the digital signature and KYC market in Europe. The enhanced leadership team is set to improve the way Penneo generates demand and sells its products in addition to improve overall organizational efficiency, product development and support expansion into new markets. Reported Earnings • Aug 20
Second quarter 2023 earnings released: kr.0.29 loss per share (vs kr.0.25 loss in 2Q 2022) Second quarter 2023 results: kr.0.29 loss per share (further deteriorated from kr.0.25 loss in 2Q 2022). Revenue: kr.21.9m (up 25% from 2Q 2022). Net loss: kr.9.42m (loss widened 19% from 2Q 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Aug 18
Penneo A/S Reaffirms Earnings Guidance for the Year 2023 Penneo A/S reaffirmed earnings guidance for the year 2023. The company expects guidance for 2023 remains unchanged. The company continues to assume an ARR level of DKK 87 million to DKK 95 million at the end of 2023 corresponding to an ARR growth rate of 23% to 34%. Recent Insider Transactions • Jun 02
Co-Founder & Chief Commercial Officer recently sold €228k worth of stock On the 26th of May, Andre Clement sold around 200k shares on-market at roughly €1.14 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €345k. This was Andre's only on-market trade for the last 12 months. Board Change • Jun 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Director Morten Elk is the most experienced director on the board, commencing their role in 2018. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 18
First quarter 2023 earnings released: kr.0.28 loss per share (vs kr.0.26 loss in 1Q 2022) First quarter 2023 results: kr.0.28 loss per share (further deteriorated from kr.0.26 loss in 1Q 2022). Revenue: kr.18.0m (up 26% from 1Q 2022). Net loss: kr.9.13m (loss widened 23% from 1Q 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Software industry in Germany. Tillkännagivande • May 11
Penneo Appoints Kirstine Møller Pedersen as New Chief Marketing Officer Effective August 1, 2023 Penneo announced that it has appointed Kirstine Møller Pedersen as new Chief Marketing Officer. Kirstine Møller Pedersen will step into her new role on 1 August 2023, and head up Penneo's marketing team driving a range of strategic initiatives that are key to pave the way for growth and increase revenue as the company continues to execute its growth plans and intention to expand operations to new markets in Europe. This includes digital marketing aimed at generating demand for Penneo's products as well as brand development and company positioning strategy. Kirstine Møller Pedersen is a Danish national and a master's graduate of Economics and Marketing from Copenhagen Business School. She joins Penneo from a position as Global Head of Marketing in Planday, a SaaS company specialized in Workforce Management software, where she has been instrumental to the company's growth and the successful acquisition by the tech giant, Xero, known for its small business accounting software. Recent Insider Transactions • Mar 29
Independent Director recently sold €345k worth of stock On the 22nd of March, Morten Elk sold around 283k shares on-market at roughly €1.22 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Mar 08
Full year 2022 earnings released: kr.0.65 loss per share (vs kr.0.72 loss in FY 2021) Full year 2022 results: kr.0.65 loss per share. Revenue: kr.72.1m (up 33% from FY 2021). Net loss: kr.20.3m (loss widened 8.7% from FY 2021). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Software industry in Germany. Tillkännagivande • Dec 22
Penneo Appoints Hans J. Skovgaard as Chief Technology and Product Officer Penneo announced that Hans J. Skovgaard will join the company in a newly established role as Chief Technology and Product Officer. Reporting to Penneo's CEO, Christian Stendevad, Hans will be responsible for leading the company's product development teams using his extensive experience to advance Penneo's technology innovation, as well as the strategic direction of the company's product roadmap. Hans J. Skovgaard is a Danish national and a master's graduate of artificial intelligence, computer science and holds an MBA from IMD. With over 20 years of technology and software engineering leadership experience, he has a successful history of driving strategic planning, running operations, and advancing development initiatives in software companies. Most recently, he has served as CTO and Vice President of R&D in Capture One. Prior to this, he worked as VP for Engineering in Milestone Systems. He has also held senior leadership positions in Microsoft and Mondosoft. Tillkännagivande • Dec 17
Penneo A/S Appoints Daniel Selde as Chief Marketing Officer, Effective 1 January 2023 Penneo A/S announced the appointment of Daniel Selde to a newly created role as Chief Marketing Officer. Daniel Selde will step into his new role as of 1 January 2023. In Penneo, Daniel will head up the marketing team and drive strategic initiatives that are fundamental to facilitate growth and increase revenue as the company continues to execute its growth plans and intention to expand operations across new markets in Europe. This includes company positioning, brand development, and digital marketing aimed at generating demand for Pennos products. Daniel Selde is a Danish national and a master's graduate of IT & Marketing who has 10 years of experience building industry-best marketing teams. He has focused on delivering substantial growth and strategic efficiency improvements in SaaS and e-commerce companies that have outpaced the performance of competitors. Reported Earnings • Nov 24
Third quarter 2022 earnings released: kr.0.20 loss per share (vs kr.0.36 loss in 3Q 2021) Third quarter 2022 results: kr.0.20 loss per share (improved from kr.0.36 loss in 3Q 2021). Revenue: kr.14.7m (up 62% from 3Q 2021). Net loss: kr.6.19m (loss narrowed 32% from 3Q 2021). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Software industry in Germany. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Steffen Peter Heegaard was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Aug 26
No longer forecast to breakeven The 3 analysts covering Penneo no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr.2.00m in 2024. New consensus forecast suggests the company will make a loss of kr.19.0m in 2024. Tillkännagivande • Aug 24
Penneo A/S to Report Fiscal Year 2022 Results on Feb 28, 2023 Penneo A/S announced that they will report fiscal year 2022 results on Feb 28, 2023 Reported Earnings • May 25
First quarter 2022 earnings released: kr.0.26 loss per share (vs kr.0.25 loss in 1Q 2021) First quarter 2022 results: kr.0.26 loss per share (down from kr.0.25 loss in 1Q 2021). Revenue: kr.14.4m (up 32% from 1Q 2021). Net loss: kr.7.45m (loss widened 19% from 1Q 2021). Over the next year, revenue is forecast to grow 47%, compared to a 13% growth forecast for the industry in Germany. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Chairman of the Board Christian Sagild was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2021 earnings released Full year 2021 results: Revenue: kr.54.3m (up 53% from FY 2020). Net loss: kr.18.6m (loss widened 46% from FY 2020). Over the next year, revenue is forecast to grow 43%, compared to a 15% growth forecast for the industry in Germany. Buying Opportunity • Mar 04
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 38%. The fair value is estimated to be kr.2.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last year. Earnings per share has declined by 77% over the last year. Tillkännagivande • Feb 22
Penneo A/S Provides Revenue Guidance for the Year 2022 In 2022, Penneo A/S expected continued growth in ARR and guides ARR at the level of DKK 77 Million -DKK 82 Million at the end of 2022 corresponding to an ARR growth rate of 40%-49%. Breakeven Date Change • Jan 01
Forecast to breakeven in 2024 The 2 analysts covering Penneo expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr.25.0m in 2024. Average annual earnings growth of 80% is required to achieve expected profit on schedule. Tillkännagivande • Nov 27
Penneo A/S Maintains Revenue Guidance for the Full Year of 2021 Penneo A/S maintains ARR guidance for 2021 of DKK 54 million - DKK 57 million, which corresponds to a year-on-year growth rate of 46%-54%. Tillkännagivande • Aug 28
Penneo A/S Provides Revenue Guidance for the Full Year of 2021 Penneo A/S provided revenue guidance for the full year of 2021. For the year, the company expected ARR to be DKK 56 million - DKK 60 million DKK from DKK 54 million - DKK 59 million. Reported Earnings • May 28
First quarter 2021 earnings released: kr.0.25 loss per share (vs kr.0.49 loss in 1Q 2020) The company reported a mediocre first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: kr.10.9m (up 45% from 1Q 2020). Net loss: kr.6.28m (loss widened 130% from 1Q 2020). Tillkännagivande • May 27
Penneo Provides Revenue Guidance for the First Half and Full Year of Fiscal 2021 Penneo provided revenue guidance for the first half and full year of fiscal 2021. Penneo maintains short-term ARR-guidance which continues to be DKK 45-47 million for first half 2021 and DKK 54-59 million for 2021. Tillkännagivande • Mar 25
Penneo Aps Provides Earnings Guidance for the Half Year and Full Year 2021 Penneo ApS provides earnings guidance for the half year and full year 2021. For the first half-year of 2021, Penneo expects ARR at the level of DKK 41 million-DKK 45 million .
For the entire year 2021, Penneo expects ARR at the level of DKK 52 million -DKK 57 million. Tillkännagivande • Mar 06
Penneo ApS Announces Board Changes Penneo ApS announced that at its EGM held on 5 March 2021, the shareholders approved the CTO Jan Flora resigned from the board of directors, while Rikke Stampe Skov was elected. Is New 90 Day High Low • Jan 07
New 90-day high: €6.88 The company is up 62% from its price of €4.25 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 17% over the same period. Tillkännagivande • Dec 26
Penneo A/S Signs First Customer in Finland Penneo A/S signs first audit and accounting customer, Accado, in Finland. The new contract is in alignment with the strategy to roll out Penneo's platform internationally and to focus on audit and accounting companies. With the new contract, Penneo now has customers in five European countries: Denmark, Sweden, Norway, Finland and Belgium. Tillkännagivande • Nov 26
Penneo ApS Announces CEO Changes Penneo ApS announced that Niels Henrik Rasmussen has resigned as CEO due to his daughter's back surgery and rehabilitation and to focus on his family going forward. The Board of Directors is in the process of recruiting a new CEO. Until a new CEO has been recruited, the Board has appointed Nicolaj Højer Nielsen as Interim CEO. Nicolaj Højer Nielsen is co-founder of Penneoas well as a member of the Board. He has temporarily stepped down as a Boardmember until the new CEO is in place. Is New 90 Day High Low • Oct 13
New 90-day high: €4.48 The company is up 14% from its price of €3.95 on 15 July 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is flat over the same period. Tillkännagivande • Oct 13
Penneo A/S Signs First Big10 Customer in Belgium Penneo A/S signs its first Big10 customer, VGD, in Belgium. VGD will be Penneo A/S's second Belgian customer. The new contract is a result of Penneo's commercial activities in alignment with the strategy to roll out Penneo's platform internationally. Tillkännagivande • Oct 07
Penneo ApS (CPSE:PENNEO) acquired the Know-Your-Customer (KYC) Software Activities of CLA Reply Aps for DKK 15 million. Penneo ApS (CPSE:PENNEO) acquired the Know-Your-Customer (KYC) Software Activities of CLA Reply Aps for DKK 15 million on October 6, 2020. Under the terms of the transaction, Penneo will pay a fixed amount of DKK 12 million at closing of the transaction of which DKK 3.8 million will be paid in cash and the remaining DKK 8.3 million will be paid through the issuance of Penneo shares at the applicable market price. An additional consideration of DKK 3 million will be paid no later than December 31, 2021, contingent on the achievement of four performance milestones that each constitute 25% of the DKK 3 million; two of which regard internationalization by entering two new countries and two of which regard retention of two founders; Henrik Asbæk Boensvang and Shum Stra. The earn-out will be paid with a number of Penneo shares at the applicable market price equivalent to a total market value of DKK 3 million. Pursuant to the transaction, a small team of employees will continue employment at Penneo. Jesper Skaarup Vestergaard of Grant Thornton acted as financial advisor to Penneo in the transaction.
Penneo ApS (CPSE:PENNEO) completed the acquisition of the Know-Your-Customer (KYC) Software Activities of CLA Reply Aps on October 6, 2020.