In late April, MapsPeople announced that Apex Group Technologies, backed by Round13 Capital, is acquiring at least 51% and up to approx. 64% of the MapsPeople shares, and there is support to delist MapsPeople from Nasdaq First North Premier. We have updated our investment case one-pager following the news, which provides perspectives on both key investment reasons and risks to be aware of when the company is going private.

Following the release of its Q1 2025 results, we had the pleasure of hosting an event with the management of MapsPeople. Joining us from MapsPeople were CEO Morten Brøgger and CFO Christian Læsø, who presented the quarter's results and gave more details on the upcoming delisting.

MapsPeople expects to announce its Q1 2025 results on 21 May 2025. On the same day at 14:00, MapsPeople’s CEO Morten Brøgger and CFO Christian Læsø will present the Q1 2025 results and the recent developments, followed by a Q&A session.

This morning, MapsPeople announced its Q1 2025 results. By the end of Q1 2025, ARR was DKK 59.79m, corresponding to a growth rate of 12% YoY. The main business segment, MapsIndoors, grew by 19% YoY. MapsPeople's quarterly growth compared to Q4 2024 was 3%. Revenue grew 4% YoY. In Q1 2025, EBITDA before special items ended at DKK -6.95m (DKK -8.53m in Q1 2024). The cash flow from operating activities improved to DKK -6.07m (DKK -11.31m in Q1 2024).  

Today, we have published our SaaS newsletter for April and the beginning of May, covering the latest ARR multiple development, the first Q1 2025 reports from both the global and Danish SaaS sector, as well as the recent news from the Danish SaaS sector. 

Today, MapsPeople announced a proposed delisting of its shares on Nasdaq First North Premier after the company has entered into an agreement with Apex Group Technologies Inc. (Apex), which is a company backed by Round13 Capital II, Inc., a Toronto-based private equity firm. Following the completion of transactions, Apex will hold at least 51% and up to approx. 64% of the shares in MapsPeople. We have interviewed MapsPeople’s CEO Morten Brøgger about the private placement and potential delisting.

In the March SaaS newsletter, we among others take a look at the Danish reporting season and the first large IPO in the US.

Following the release of its 2024 report, we had the pleasure of hosting an event with the management of MapsPeople. Joining us from MapsPeople were CEO Morten Brøgger and CFO Christian Læsø, who presented the 2024 results and gave some insights into the expectations for the coming year.

MapsPeople is set to release its 2024 Annual Report on March 19, 2025. The following day, on March 20 at 12:30 PM, CEO Morten Brøgger and CFO Christian Læsø will present the financial results and discuss recent strategic developments, followed by a Q&A session.