Penneo is a Danish SaaS provider of digital signatures, document handling, and onboarding of customers through its two solutions Penneo Sign and Penneo KYC. It also has an aspiration to develop additional solutions to become a true end-to-end business process automation platform. The company has delivered impressive SaaS metrics in recent years, particularly with its low churn and high net retention rate. Penneo is currently present in Denmark, Sweden, Norway, Finland, Belgium, and Germany, but it aims to expand to additional countries in the future.
The market for Penneo’s solutions is highly competitive, and some competitors have more financial strength and a more extensive global reach. While Penneo is focused on the accounting, audit, and financial institution verticals, there is a risk that the other players may begin to develop solutions targeting these verticals, potentially forcing Penneo into a price war. In addition, we believe there is risk associated with Penneo’s international expansion, while we also consider lack of funding in the future a key risk.