Published: 2021-08-27 07:44:07 CEST
Penneo A/S
Interim information

Penneo realizes 61% ARR growth rate in 2021-H1 and improves ARR guidance for 2021

Company Announcement No. 19-2021
Copenhagen, 27 August 2021

Financial report for the period 1 January 2021 - 30 June 2021

Key features 2021-H1

  • Annual Recurring Revenue (ARR) increased 61% to 47.6M DKK end of 2021-H1 from 29.5M DKK in 2020-H1
  • ARR from new customers increased by 5.3M DKK in 2021-H1 which is 83% higher than 2.9M DKK in 2020-H1
  • Average Revenue Per Account (ARPA) increased by 29% compared to 2020-H1
  • EBITDA amounted to negative 5.4M DKK as a result of the planned investments in future ARR growth
  • ARR guidance for 2021 is improved to 56-60M DKK from 54-59M DKK

ARR guidance 2021

ARR guidance for 2021 is improved to 56-60M DKK from 54-59M DKK. Henceforth, Penneo will solely provide year-end guidance.

Management commentary

Penneo expands agreement with KPMG Norway
As announced in Company Announcement No.15-2021, Penneo expanded the partnership with KPMG to include Penneo’s KYC/AML software for the purpose of onboarding KPMG Norway’s customers to Penneo’s platform. The expanded agreement is a result of the commercial focus to roll out the KYC/AML software to auditors across the Nordic countries and Europe. The strategic focus was announced in the annual report for 2020. 

Penneo’s new KYC/AML product increases net ARR retention rate
The net ARR retention rate is an important SaaS benchmark metric which demonstrates the ability to provide additional value to customers and to continue delivering high growth rates.

In 2021-H1 Penneo realized a net ARR retention rate of 130% as a result of:

  • Higher customer engagement with Penneo’s existing products
  • Increasing demand for new products across markets

Both of which led to an uplift in ARR per customer, thus causing a net ARR retention rate of more than 100%.

In particular, Penneo’s strategic vertical audit and accounting shows an increasing demand for Penneo’s KYC/AML product, which is in line with the new revenue streams of the updated strategy announced in Company Announcement No. 16-2021. 

Events after 2021-H1

Christian Stendevad takes up the position as CEO of Penneo
As announced in Company Announcement no. 5-2021, Christian Stendevad was appointed CEO of Penneo and would take up the position no later than 1 October 2021. As announced in Company Announcement No. 18-2021, Christian Stendevad took up the position as CEO of Penneo on 18 August 2021, succeeding Nicolaj Højer Nielsen, who stepped down as Interim CEO.

Nicolaj Højer Nielsen will present the interim report on 30 August 2021 and will be available for queries until 1 September 2021.

 Consequently, the Executive Board of Penneo is:

  • CEO, Christian Stendevad

  • CTO, Jan Flora

Michael Moesgaard Andersen steps down from the Board of Directors of Penneo
As announced in Company Announcement No. 17-2021, Michael Moesgaard Andersen decided to step down from the Board of Directors. 

The Board recommends that Steffen Heegaard will be elected as a new member of the Board at the next ordinary shareholder meeting. Steffen Heegaard has more than 20 years of experience within capital market communication, IR and ESG, primarily from Topdanmark. As an independent board member, Steffen Heegaard will be a unique addition to the existing board competencies and a key contributor in realizing Penneo’s capital market aspirations.


The interim report will be presented at an online conference on 30 August 2021 at 1:00pm CEST.

Register for the conference at:

For more details please see the interim report attached.

Further information

Departing Interim CEO, Nicolaj Højer Nielsen
Mobile (+45) 25 46 25 80

CEO, Christian Stendevad
Mobile (+45) 27 29 50 02

Certified Advisor 
Grant Thornton, Jesper Skaarup Vestergaard 
Direct (+45) 35 27 50 11


About Penneo A/S
Penneo is a Software-as-a-Service (SaaS) provider originally established to help companies with digital document signatures. Penneo was founded by six Danish entrepreneurs, who joined forces with a shared ambition to reduce the “hassle of getting documents signed” by replacing pen and paper with a digital alternative. This new digital “pen” (Pen-neo) was launched in 2014. Today, Penneo has evolved into an eco-system of automation solutions that digitize company workflows in connection with onboarding of customers (KYC) and secure and easy signing and management of documents. The company offers a RegTech solution that gives companies an efficient and inexpensive tool for complying with regulatory requirements . Penneo holds a strong position in the Nordic countries. In Denmark alone, more than 620,000 people signed documents electronically with Penneo in 2020. 

For more information about Penneo, please visit: