Last Friday, Impero announced its Q1 2025 results and, in light of macroeconomic uncertainty, narrowed its ARR guidance range for the end of 2025 to DKK 46–49m (previously DKK 46–52m), corresponding to an expected ARR growth rate of 19–27% YoY. EBITDA guidance for 2025 was maintained at between DKK -10m and DKK -8m. We have updated our investment case one-pager to reflect the latest news, including peer group perspectives from the Danish SaaS sector.

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. 

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

We interviewed the CEO of Impero, Rikke Stampe Skov, about the newly released results for 2024 – a year where the company continues to demonstrate solid growth. At the same time, growth is being generated more efficiently with an improved cash burn to net new ARR ratio.

In the January SaaS newsletter, we take a look at the potential future Implications for the SaaS sector from the DeepSeek news, and read-over from the hyperscalers.

As 2024 is now behind us, it is time to conclude the year and look into 2025. Our HCA SaaS Index ended December 2024 with a median ARR multiple of 3.6x (3.4x by the end of November 2024), while The SaaS Capital Index covering the US/global SaaS market ended December 2024 with a median ARR multiple of 7.0x (from 7.3x by the end of November 2024). Read more here.

November has been eventful with several Q3 2024 reports across the SaaS sector and the announcement that Visma will make a voluntary recommended public takeover offer to purchase all shares in Penneo for approx. DKK 562m (DKK 16.50 per share, a premium of approx. 110%), corresponding to EV/ARR of approx. 5.8x. The takeover/acquisition ARR multiple is also significantly above the median ARR multiple of 3.4x of the Danish SaaS sector by the end of November 2024, yet somewhat close to other recent acquisitions from Digizuite (6.9x ARR) and Relesys (5.1x ARR). Across the broader global/US SaaS sector, software shares rebounded significantly in November. The median ARR multiple increased to 7.3x by the end of November 2024 (from 6.9x ARR) based on data from The SaaS Capital Index.

Today, our SaaS newsletter for September has been sent out. Overall, September was less eventful across the SaaS sector, yet we can look back at the global/US SaaS sector’s Q2 earnings season before we move into the Q3 earnings season. Looking at the median ARR valuation multiple, this is now 6.1x by the end of September (6.2x by the end of August) for the global/US SaaS sector and 3.1x ARR by the end of September 2024 (3.2x ARR by the end of August) for the Danish SaaS sector.

Yesterday, our SaaS newsletter covering news and Q2/H1 financial reports from August was sent out. Looking overall at the global SaaS sector, the growth outlook is still challenged. However, we have observed some relief for the Danish SaaS companies with optimism into H2 2024. Our full blog shows the ARR growth YoY and EBITDA developments for H1 2024 vs. H1 2023 across the Danish SaaS sector.