03 May 2024

Company announcement no 11-2024

Søborg, May 3, 2024

Notification of transactions by persons discharging managerial responsibilities and persons closely associated with them in Konsolidator A/S

On May 3, Konsolidator A/S issued new shares in a directed issue according to company announcement no 10-2024. The share issue exercised generated net proceeds of DKK 5.9m to Konsolidator A/S. The entire Board of Directors and management were part of the directed issue.

The Board of Directors, CEO Claus Finderup Grove and CFO Jack Skov participated in the directed issue with DKK 2m according to the attached notifications.

In accordance with the Market Abuse Regulation article 19, Konsolidator must notify Finanstilsynet and publicly disclose transactions made by persons discharging managerial responsibilities and persons closely associated with them on trading of Konsolidator shares. Konsolidator A/S hereby notify and submit the following transaction of shares in Konsolidator:

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

About Konsolidator
Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

Attachment

Konsolidator - share transactions board members and management

03 May 2024

Læs mere

Company announcement no 10-2024

Søborg, May 3, 2024

Konsolidator completes private placement

In company announcement no. 9-2024, Konsolidator A/S (“Konsolidator”) announced the resolution by the Board of Directors to issue up to 1,685,394 new shares in a private placement. The new shares have been subscribed for by 11 private investors, including all members of the Board of Directors, the CEO, Claus Finderup Grove and CFO, Jack Skov.

Konsolidator announces the completion of the private placement as all 1,685,394 new shares have been subscribed for and the total subscription amount of DKK 6m has been received by Konsolidator, corresponding to a net proceeds of DKK 5.9m.

Today, the new shares and the related capital increase has been registered at the Danish Business Authority, following which the company has a registered share capital of nominal DKK 886,428.84. The share capital will consist of 22,160,721 shares, each with a nominal value of DKK 0.04. Each share carries one vote, corresponding to a total of 22,160,721 votes.

The new shares represent approximately 8.2% of Konsolidator’s share capital before the capital increase and 7.6% of Konsolidator’s share capital after the capital increase.

The new shares are expected to be admitted to trading on Nasdaq First North Growth Market Denmark on May 6, 2024 under the ISIN code of Konsolidator’s existing shares, DK0061113511.

Following registration of the capital increase, the authorization in section 3.1.8 of the articles of association for the Board of Directors to issue shares without pre-emption rights has been reduced to a nominal value of DKK 179.048,84. The authorization in article 3.1.7 has been fully utilized.

The updated articles of association are available at www.konsolidator.com/investor/.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator company announcement no 10-2024

29 Apr 2024

Læs mere

Company announcement no 9-2024

Søborg, April 30, 2024

Konsolidator to issue new shares in private placement

The Board of Directors of Konsolidator A/S (“Konsolidator”) has today exercised its authorization to issue new shares in a private placement of new shares with expected gross proceeds of up to DKK 6m. As announced in the Q1 2024 report, Konsolidator stated that it had received positive interest from investors including the Board of Directors. The expected net proceeds will strengthen the capital structure and finance our announced growth initiatives.

The Board of Directors of Konsolidator has today exercised its authorization to resolve on an increase of the share capital in a directed issue without pre-emption rights for Konsolidator’s existing shareholders according to articles 3.1.7 and 3.1.8 of the articles of association.

Consequently, the board of directors has resolved to issue up to a total of 1,685,394 new shares at a subscription price of DKK 3.56 per share corresponding to gross proceeds of approximately DKK 6m and an expected net proceeds of DKK 5.9m. The subscription price corresponds to the volume weighted average of the share price of Konsolidator’s shares the 5 trading days preceding the decision of the Board of Directors.

The new shares issued in connection with the directed issue will be subscribed by a group of 11 private investors, including all members of the Board of Directors and the CFO, Jack Skov.

Use of net proceeds

In the Q1 2024 report published on April 26, 2024, Konsolidator confirmed that the announced new growth initiatives are developing as planned creating value for Konsolidator. Growth initiatives covering further internationalization, partner channel building, and continued software development also for use in other verticals.

On February 23, 2024, Konsolidator signed a letter of intent to open a sales office in Spain which is part of these new opportunities, and as stated in company announcement no 2-2024, the operations and establishment of the subsidiary are estimated to require DKK 1-2 million in 2024.
On April 25, 2024, Konsolidator signed a partnership agreement with former Swedish country manager, Peter Simonsson, who will focus on selling in the Swedish market. As a country manager for Konsolidator, Peter signed 90 customers over 3 years.

To pursue these areas and other growth initiatives, Konsolidator need to raise capital to finance the establishment of the Spanish sales office and to finance the continued software development to explore new business segments for Konsolidator’s consolidation engine.

The expected net proceeds of DKK 5.9m will cover Konsolidator’s expected capital requirements for the rest of 2024.

CEO Claus Finderup Grove says: “We are happy to be able to attract further capital in order to finance our exciting growth initiatives and strengthen our capital structure. We believe that our new strategic focus is a way to get Konsolidator back to double digit growth.”

The resolution on the private placement of new shares

The new shares issued as a result of the private placement will be registered at the Danish Business Authority upon receipt of final subscriptions and cash payments for the new shares. Following registration, the share capital will increase by the number of new shares subscribed, where each share will have a nominal value of DKK 0.04. Today, the company has a registered share capital of nominal DKK 819,013.08 and with full subscription the share capital will increase to nominal DKK 886,428.84.

The new shares represent approximately 8.23% of Konsolidator’s share capital before the capital increase and 7.60% of Konsolidator’s share capital after the capital increase.

The new shares will be negotiable instruments, and no restrictions will apply to their transferability. The new shares will not carry any special rights. The rights conferred by the new shares, including voting and dividend rights, will apply from the date when the capital increase is registered with the Danish Business Authority. The new shares are to be registered in the name of the holder in Konsolidator's register of shareholders.

Admission to trading and expected timetable

The new shares will be issued in the temporary ISIN code, DK0062954871, which will be merged with the primary ISIN code for the existing shares, DK0061113511, as soon as possible after the capital increase has been registered with the Danish Business Authority.

The temporary ISIN code will not be admitted to trading on Nasdaq First North Growth Market Denmark but will only be registered with Euronext Securities Copenhagen for use in connection with subscription for the new shares.

The expected timeline for registration of the capital increase with the Danish Business Authority and admission for trading of the new shares under the same ISIN code as the existing shares, DK0061113511, is as follows:

*Date*		*Step*
April 30, 2024		New shares issued in temporary ISIN
May 2, 2024		Settlement in temporary ISIN
May 3, 2024		Registration of capital increase with the Danish Business Authority
May 6, 2024		Admission to trading of new shares on Nasdaq First North Growth Market

The offering of new shares and the admission to trading is exempt from the obligation to publish a prospectus.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

About Konsolidator
Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

Attachment

Company announcement no 9-2024 - Board resolution on private placement

26 Apr 2024

Læs mere

Company announcement no 8-2024

Søborg, April 26, 2024

Konsolidator maintains its financial expectations for 2024
In Q1 2024, Konsolidator delivered ARR growth of 4% (YoY). The focus has been on establishing our Iberia sales office and preparing and launching the growth initiatives, including the new Microsoft D365 partner channel. Improving churn and increasing direct sales remain top priorities together with the growth initiatives. Konsolidator maintains its financial expectations of DKK 24-28m in ARR in 2024.

2024 is well underway, and Konsolidator has signed 7 new customers. However, Konsolidator has also lost 11 customers during Q1 2024m, thus churn has the utmost attention. Konsolidator expects to see an improvement in churn in the second half of 2024.

In Q1 2024, Konsolidator initiated a Customer Success academy, which will be implemented in Q2 2024. Further in March 2024, Konsolidator elected a new board member, Michael Rasmussen. As VP of technical engagement in the SaaS company, Queue-it, Michael brings experience in building a Customer Success department.

As mentioned in the annual report 2023, the growth initiatives combined with exploring new business segments for the company’s consolidation engine, and the efforts to minimize churn, Konsolidator remains positive about the ARR development for 2024.

"To regain growth momentum, we have initiated several projects that we will benefit from in 2024. These initiatives will improve ARR and profitability” says CEO Claus Finderup Grove.

Q1 2024 Financial highlights

On March 31, 2024, ARR amounted to DKK 19.4m compared to DKK 18.6m on March 31, 2023, corresponding to an increase of 4%.
Revenue in Q1 2024 amounted to DKK 5.0m compared to DKK 4.7m in Q1 2023, corresponding to an increase of 8%.
EBIT for Q1 2024 amounted to a loss of DKK 2.7m compared to an EBIT loss of DKK 2.9m in 2023.
Total cash and cash equivalents amounted to DKK 0.2m on March 31, 2024 compared to DKK 0,2m at the end of March 2023.
The total equity amounted to a negative equity of DKK 1.7m on March 31, 2024 compared to a negative equity of DKK 14.8m a year before. As announced on April 25, 2024, Konsolidator has received positive interest from private investors including the board of directors and management to participate in a future directed issue of shares to reestablish the equity.

Outlook
We maintain our outlook for 2024 which is as follows:

ARR is expected to be in the range of DKK 24-28m by the end of 2024
Revenue is expected to be in the range of DKK 23-27m.
EBIT is expected to be a loss in the range of DKK 0-5m.

Investor webinar
On April 30 2024 at 10.00 (CET) an investor webinar will be held. Sign up using this link.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator reporting Q1 2024

25 Apr 2024

Læs mere

Former Swedish Country Manager returns to Konsolidator as a Sales Partner

Konsolidator reinforces its focus on the Swedish market by welcoming back former country manager Peter Simonsson as a Sales Partner for Sweden. During his tenure, Peter set a record by securing 90 customers within just 3 years, a testament to his deep understanding of Konsolidator^® and the market. Therefore, the potential of this partnership holds a significant promise for Konsolidator’s growth in Sweden.

As of April 25, Konsolidator has appointed Peter Simonsson as a Sales Partner, with a specific focus on the Swedish market. With over 25 years of experience in financial consolidation and reporting solutions, Peter brings invaluable expertise in selling these solutions to finance teams in large and small Swedish groups. Additionally, he has led more than 300 financial consolidation and reporting projects, directly engaging with similar software solutions to Konsolidator, catering to the same stakeholders and business challenges.

CEO Claus Finderup Grove says: "We are delighted to welcome Peter to the Konsolidator family again – this time as a partner. With Peter's profound knowledge of Konsolidator’s value proposition and of the Swedish market and customers, Peter has shown his value as a former country manager for Sweden."

Sweden remains pivotal in Konsolidator's global growth strategy. With Peter Simonsson's return as a Sales Partner, Konsolidator is poised to strengthen its market position in Sweden, capitalizing on its existing success and further expanding its reach. Sweden is Konsolidator's second-largest market, with a substantial portion of its customers signed by Peter, including notable names like Max Burger, Pågen, and Bergkvarabuss AB.

Sales Partner, Peter Simonsson: "We’re confident that our renewed partnership is a solid strategic move and will be as successful as our previous one. With my market knowledge and deep understanding of its challenges and Konsolidator's user-friendly consolidation tool, we are well-positioned to tap into the Swedish market."

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press Release no 2-2024 - New Sales Partner Sweden

25 Apr 2024

Læs mere

Company announcement no 7-2024

Søborg April, 25, 2026

Updated financial calendar for 2024

Konsolidator A/S (“Konsolidator”) has decided to advance the publication of the Q1 2024 report to April 26, 2024, instead of May 8, 2024, as previously announced.

The financial calendar has been updated accordingly:

April 26, 2024: Q1 2024 Report
August 22, 2024: Q2 2024 Report
November 7, 2024: Q3 2024 Report

The advanced publication of the Q1 2024 Report is due to a wish of ending the current blackout period (the closed trading window) for the board of directors and management. Konsolidator has received positive interest from private investors, including all members of the board of directors, to inject additional capital in a possible directed issue of new shares. By ending the blackout period, the board of directors will be able to participate in a possible directed issue of new shares.

The Q1 2024 Report is published in the morning April 26, 2024 followed by an investor presentation at April 30, 2024, at 10:00 (CET).

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Company announcement no 7-2024 - Updated Financial Calendar

25 Apr 2024

Læs mere

Company announcement no 6-2024

Søborg, April 15, 2024

Proceedings at the extraordinary general meeting on April 25, 2024

An extraordinary general meeting of Konsolidator A/S took place on April 25, 2024 at Konsolidator A/S, Vandtårnsvej 83A, 2., DK-2860 Søborg, in accordance with the agenda.

The board of directors elected Jakob Vig Schnack, attorney-at-law, as chairman of the meeting.

The general meeting approved the only item on the agenda, which was the proposal by the board of directors to include a new authorization in the articles of association for the board of directors to increase the share capital with a nominal value of up to DKK 240,000 without pre-emption rights for the existing shareholders.

The minutes of the extraordinary general meeting and the updated articles of association are available at www.konsolidator.com/investors/ and attached to this announcement.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachments

10 Apr 2024

Læs mere

Company announcement no 5-2024

Søborg, April 10, 2024

Notice to extraordinary general meeting in Konsolidator A/S

Notice is hereby given to shareholders in Konsolidator A/S (“Konsolidator”) of an extraordinary general meeting, which is scheduled for April 25, 2024, at 15:00, at Vandtårnsvej 83A, 2., DK-2860 Søborg.

According to the annual report for 2023 published on February 9, 2023, Konsolidator could be required to raise capital for strategic opportunities. The needed authorization to the Board of Directors, to increase the capital without pre-emptive rights, was not included on the agenda of the annual general meeting. Because of this, the Board of Directors proposes that the extraordinary general meeting authorizes the Board of Directors to increase the share capital with a nominal value of up to DKK 240,000 without pre-emption rights for the existing shareholders. Please see the notice for the full proposal.

Shareholders not able to attend the general meeting will be able to follow the live webcast of the general meeting by a link, which will be available from April 23, 2024 on the Konsolidator investor site.

Enclosed please find notice and agenda for the extraordinary general meeting.

Attachments

Notice to extraordinary general meeting 2024 / Indkaldelse til ekstraordinær generalforsamling 2024
Ordering of admission card / Bestilling af adgangskort
Proxy and postal vote form / Fuldmagt og brevstemme

For further information please contact the company.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachments

25 Mar 2024

Læs mere

Press release no. 1-2024
Copenhagen, March 25, 2024

Konsolidator welcomes Michael Rasmussen to the Board of Directors

At the Annual General Meeting on March 19, 2024, Michael Rasmussen was elected as a new member of the Board of Directors. With an extensive background in Technical Services, Customer Success, and IT Management from SaaS and companies within different industries, Michael brings a wealth of experience to streamline the complete customer journey.

30 years of leadership experience

Michael Rasmussen enters the Board of Directors and brings over 25 years of leadership experience, including experience in building a new customer success department as VP at Queue-it. Thus, Michael brings a wealth of knowledge about improving the entire customer journey and customer success departments in SaaS companies by understanding the quality, potential, and steps to succeed. Based on these competencies, Michael will strengthen and complement the Board's Competencies and support Konsolidator's continued growth and customer engagement.

Jesper Eigen Møller, Chair at Konsolidator’s Board of Directors, comments: "We are thrilled that Michael has been elected to the Board of Directors, as his competencies complement the rest of the board very well. Michael's deep knowledge of customer success in tech companies and strategic understanding of the steps and structure required contribute significantly to our ambitious roadmap in Konsolidator."

"I'm excited to join the board of Directors. Konsolidator's dedication to automating financial consolidation and empowering data-driven decision-making perfectly aligns with my own passion for innovation in tech. I look forward to contributing to Konsolidator's continued success." Says Michael Rasmussen

Expands the strategic focus to the entire Customer Journey to improve churn

One of Konsolidator’s main strategic goals for 2024 is to improve churn. One key initiative involves increased engagement with the customers throughout their entire customer journey to ensure that the customer utilizes the whole product suite. With Michael Rasmussen on Konsolidator's Board of Directors, Konsolidator has a knowledgeable and strategic resource to the customer success team, who focuses on the entire customer journey.

Konsolidator's Board of Directors now consists of the five members: the Chairman of the Board, Jesper Eigen Møller, and the members Claus Jul Christiansen, Michael Rasmussen, Peter Gath, and Thomas á Porta.
See Konsolidator’s Board of Directors and Management.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press Release no 1-2024 - New Board member Michael Rasmussen

19 Mar 2024

Læs mere

Company announcement no 4-2024

Søborg, March 19, 2024

Proceedings at the annual general meeting on March 19, 2024

The Annual General Meeting of Konsolidator A/S took place on March 19, 2024 at Konsolidator A/S, Vandtårnsvej 83A, 2., DK-2860 Søborg, in accordance with the agenda.

The board of directors elected Søren Elmann Ingerslev, attorney-at-law, as chairman of the meeting.

CEO, Claus Finderup Grove, accounted for the company's activities in the past year and the shareholders took note of the presentation. The audited annual report for 2023 was presented and approved by the general meeting.

The general meeting approved, in accordance with the adopted annual report and the board of directors’ proposal, that the result of the financial year 2023 is transferred to the next financial year and that no dividend is paid out.

Before the general meeting Karin Cecilia Hultén had informed the board of directors of her wish to resign from the board. Consequently, Michael Rasmussen was proposed had been prosposed and was elected as new member of the board of directors. The remaining board members were re-elected.

Deloitte Statsautoriseret Revisionspartnerselskab was re-elected as auditor.

The board of directors had proposed that the board of directors is authorized to issue warrants with a nominal value of up to DKK 75,000 and to resolve on the related capital increase. The authorization was proposed to expire on March 19, 2029. The proposal was adopted, including the proposed amendmends to the articles of association with the insertion of a new section 4.10, which includes the details of authorization to the board of directors.

The minutes of the annual general meeting and the updated articles of association are available at https://konsolidator.com/investor/ and attached to this announcement.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Minutes of Annual General Meeting

28 Feb 2024

Læs mere

Company announcement no 3-2024

Søborg, February 28, 2024

Notice to annual general meeting in Konsolidator A/S

Notice is hereby given to shareholders in Konsolidator A/S of the annual general meeting, which is scheduled for March 19, 2024 at 15:00, at Vandtårnsvej 83A, 2., DK-2860 Søborg. Shareholders not able to attend the general meeting will be able to follow the live webcast of the general meeting by a link, which will be available from March 12, 2024 on the Konsolidator investor site.

Enclosed please find notice and agenda for the annual general meeting.

Attachments

Notice to ordinary general meeting 2024 / Indkaldelse til ordinær generalforsamling 2024
Ordering of admission card / Bestilling af adgangskort
Proxy and postal vote form / Fuldmagt og brevstemme
Appendix 1 – Michael Rasmussen

For further information please contact the company.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachments

23 Feb 2024

Læs mere

Company announcement no 2-2024

Søborg, February 23, 2024

Konsolidator signs letter of intent to open a sales office in Spain, covering Iberia
Today, Konsolidator has signed a non-binding Letter of Intent (LoI) to open a sales office in Madrid covering Spain and Portugal - the Iberian market. The office will be led by a Spanish country manager and his sales team, who have extensive experience selling financial consolidation software. The final agreement is expected to be finalized in March 2024, and the operation to commence on April 1, 2024.

The business plan outlines the staffing of 5-7 employees located in Madrid, covering all the sales and marketing activities in Spain and Portugal. The expansion to new geographical markets is part of Konsolidator’s growth opportunities for 2024, as mentioned in the Annual Report 2023. The business plan for Iberia is built on the expectation that the annual recurring revenue will grow by more than DKK 2m per year after a 3-month start-up phase.

Furthermore, the agreement creates an opportunity for Konsolidator to start selling Konsoldator^® in South America.

Final agreement expected in March 2024
The final agreement is expected to be finalized in March 2024, which includes a company established in Spain with Konsolidator A/S owning 60% and the remaining shares owned by local management. The potential investment will impact EBIT negatively in 2024 by DKK 1-2m. The operations and establishment of the subsidiary have a cash flow requirement of approximately DKK 1-2m in 2024 and will be included in the considerations of a capital increase during Q2 2024 as indicated in the Annual report for 2023.

Konsolidator expects that the operations of the new company will be cash flow positive after 2-3 years.

The agreement is part of Konsolidator’s growth opportunities for 2024 and will not affect Konsolidator’s ARR and revenue guidance for 2024. However, it is expected that the opportunity will impact ARR, revenue and EBIT positively when looking beyond 2024.

Claus Finderup Grove, CEO at Konsolidator comments: “With this Letter of Intent, we partner up with people we know are highly skilled in financial consolidation together with a local presence in the Iberian region. This cooperation is an exciting growth possibility which eventually could be a door opener to the markets in South America.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Company announcement no 2-2024

09 Feb 2024

Læs mere

Company announcement no 1-2024

Søborg, February 9, 2024

Ending 2023 with a solid Q4 – optimistic about 2024

During the first half of 2023, Konsolidator was challenged by unforeseen high staff turnover among sales representatives and the need to raise capital. Konsolidator secured capital, totaling gross proceeds of DKK 34 million and ended the year on a high note with a sales conversation rate of 25% in Q4 2023 and new growth opportunities evolving.

Annual recurring revenue (ARR) in 2023 amounted to DKK 19.4m, just below expectations of an ARR between DKK 20-21m. Revenue amounted to DKK 19.2m in 2023, an increase of 15% and within the expectations of DKK 19-21m. With the capital increase in June 2023 the equity is positive with DKK 1.3m. The positive development in Q4 2023 is expected to continue in 2024, and Konsolidator maintains its 2024 guidance with ARR of DKK 24-28m at the end of 2024.

“With the capital raise, a realigned strategy, a good Q4 2023, and many new growth opportunities we
are ready to take on 2024. We have left the hard times behind and with the positive energy in the office, we believe we have a strong foundation to succeed in 2024” says CEO Claus Finderup Grove.

CEO Claus Finderup Grove continues: "Konsolidator is built on proper accounting and simplicity creating value every day for our customers and with a growth potential to be unfolded in new business segments, new markets and possible acquisitions. We have assessed new strategic opportunities in Q4 2023 and in the beginning of 2024 and are ready to follow through and raise the needed capital if required.”

2023 Financial Highlights

ARR amounted to DKK 19.4m compared to DKK 17.6m in 2022, corresponding to an increase of 10%. The ARR did not live up to our expectation of DKK 20-21m.
Revenue amounted to DKK 19.2m compared to DKK 16.7m in 2022, corresponding to an increase of 15%. The revenue was within our expectations of DKK 19-20m.
The contribution margin was 93% compared to 94% in 2022.
EBIT amounted to a loss of DKK 10.7m compared to an EBIT loss of DKK 22m in 2022. The EBIT loss was within expectations of a loss of DKK 9-11m.
EBIT before share-based payments was a loss of DKK 8.9m compared to a loss of DKK 19.7m in 2022.
Total cash and cash equivalents amounted to DKK 1.8m at the end of 2023 compared to DKK 1.5m at the end of 2022.
The total equity amounted to a positive equity of DKK 1.3m on December 31, 2023 compared to a negative equity of DKK 11.4m a year before.

Outlook
We maintain our outlook for 2024 which is as follows:

ARR is expected to be in the range of DKK 24-28m by the end of 2024, corresponding to a growth of 20-40%.
Revenue is expected to be in the range of DKK 23-27m.
EBIT is expected to be a loss in the range of DKK 0-5m.

Annual Report 2023
Konsolidator’s Annual Report 2023 is included in this announcement and can be found on Konsolidator’s investor website.

Investor webinar
On 9 February 2023 at 11.00 (CET) an investor webinar will be held. Sign up using this link.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator_Annual_Report_2023

15 Dec 2023

Læs mere

Company announcement no 23-2023

Søborg, December 15, 2023

Notification of transactions by persons discharging managerial responsibilities and persons closely associated with them in Konsolidator A/S

In accordance with the Market Abuse Regulation, Konsolidator must notify Finanstilsynet and publicly disclose transactions made by persons discharging managerial responsibilities and persons closely associated with them on trading of Konsolidator shares. Konsolidator A/S hereby notify and submit the following transaction of shares in Konsolidator:

Name:	Cecilia Hultén
Position:	Member of the board
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Purchase of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	12-14 December 2023
Number of shares	20,964
Share price	3,91
Aggregated price	81,953

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Company announcement no 23-2023

04 Dec 2023

Læs mere

Company announcement no 22-2023

Søborg, December 4, 2023

Name:	Thomas á Porta
Position:	Member of the board
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Purchase of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	24.11.2023
Number of shares	24,000
Share price	4.02
Aggregated price	96,480

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Company announcement no 22-2023

02 Nov 2023

Læs mere

Company announcement no 21-2023

Søborg, November 2, 2023

Interim financial report for the period January 1 to September 30, 2023

Q3 2023 has been slow in sales as the net ARR growth in Q3 2023 did not live up to our expectations. Still delivering an ARR of DKK 18.7m on September 30, 2023 – the same level as on June 30, 2023. On the contrary, a good start to Q4 2023 with 8 new customers signing in October.

Financial report for the period January 1 to September 30, 2023

Annual Recurring Revenue (ARR) amounted to DKK 18.7m corresponding to an annual growth of 13%. In Q3 2023, Annual Recurring Revenue (ARR) increased by DKK 27 thousand compared to DKK 1,034 thousand for Q3 2022.

The net ARR growth in Q3 2023 did not live up to our expectations but Q4 2023 is off to a good start with 8 new customers in October.

“We believe we have broken the negative conversion rate trend and with a defined strategy and the resources in place within the partner channel and audit segment, we are confident about 2024.”, says CEO Claus Finderup Grove.

Financial highlights

Revenue in Q3 2023 amounted to DKK 4.9m, an increase of 11% compared to Q3 2022 and for the first nine months of 2023, revenue increased by 17%, which is in line with expectations.
EBIT loss for Q3 2023 amounted to DKK 1.9m compared to a loss of DKK 3.9m for Q3 2022. In YTD 2023, EBIT loss was DKK 8.4m compared to a loss of DKK 17.1m for the same period in 2022.
On September 30, 2023, the equity amounted to DKK 1.8m compared to a negative equity of DKK 11.4m on December 31, 2022.
Cash and cash equivalents amounted to DKK 4.1m on September 30, 2023.
In July 2023 proceeds of DKK 15.1m from two new loans were received and the convertible loan was repaid in full.

SaaS metrics

In Q3 2023, Annual Recurring Revenue (ARR) increased by DKK 27 thousand compared to DKK 1,034 thousand for Q3 2022. On September 30, 2023, the total ARR amounted to DKK 18.7m, an increase of 13% compared to September 30, 2022.
The Customer Acquisition Cost (CAC) divided by net increase in ARR for Q3 2023 was very high because of the low net increase in ARR.
On September 30, 2023, the churn for the last 12 months was 8.5% compared to 9.7% on September 30, 2022. The improvement in churn relates to an improvement in ARR and not an improvement in churn. The initiatives related to the onboarding churn are starting to show but will not impact churn positively until 2024.
The net retention, summarized to 97, has been influenced negatively by churn and downsale which were higher than upsale, compared to 102 on September 30, 2022.

Outlook:

The outlook for 2023 as announced in company announcement no 18-2023 August 8, 2023, is maintained as follows:
- ARR of DKK 20-21m (prev. DKK 21-23m)
- Revenue of DKK 19-20m (prev. DKK 20-22m)
- EBIT loss of DKK 9-11m (prev. a loss of DKK 5-8m)

Investor webinar

On November 2, 2023, at 15.00 (CET) an investor webinar will be held. Sign up here.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator reporting Q3 2023

31 Aug 2023

Læs mere

Company announcement no 20-2023

Søborg, August 31, 2023

Name:	Thomas 'a Porta
Position:	Member of the board
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Purchase of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	28.08.2023
Number of shares	38,429
Share price	4.47667
Aggregated price	172,034

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Company announcement no 20-2023

24 Aug 2023

Læs mere

Press release no. 5-2023
Copenhagen, August 24, 2023

Konsolidator welcomes Nicholas Løjmand-Kines as Audit & Channel Manager

Konsolidator announces the appointment of Nicholas Løjmand-Kines as the new Audit & Channel Manager. With an extensive background in B2B sales to Audit firms and finance professionals, Nicholas Løjmand-Kines brings a wealth of experience and expertise to Konsolidator.

Nicholas Løjmand-Kines joins Konsolidator with 4 years of experience in B2B sales to accounting offices, including a key sales leadership position at Visma e-conomic. Nicholas Løjmand-Kines played a pivotal role in Visma e-conomic, advising large accounting offices and conglomerates in optimizing their business with digitalization and automation. As Audit & Channel Manager, Nicholas will focus on further attracting audit firms using Konsolidator Audit^® as well as building a strong global sales channel through Microsoft D365 Business Central.

Strengthens strategic focus on Konsolidator Audit^® and Microsoft D365 Business Central

With the appointment of Konsolidator’s first Audit & Channel Manager, Konsolidator strives to become the preferred consolidation tool for the Audit firms segment as well as the preferred add-on tool to the Microsoft D365 Business Central segment. The company further expands its growth strategy by adding these two segments to Konsolidator’s current strategic focus of selling directly to Groups.

CEO Claus Finderup Grove says: "We are thrilled to welcome Nicholas Løjmand-Kines as Audit & Channel Manager to our team. We know that Audit firms and channel sales through Business Central can become a strong source of earnings, as our product fits perfectly in these segments. With the hiring of Nicholas, we now have the resources needed and are confident that we can explore this massive potential."

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no 5-2023 - Audit & Channel Manager

21 Aug 2023

Læs mere

Press release no. 4-2023

Konsolidator releases two new integrations: PowerOffice and Finance & Operations – Dynamics 365 (F&O)

Konsolidator releases two new integrations with cloud systems already established in different markets: Norwegian accounting software PowerOffice – strengthening our position in Norway, and Microsoft’s ERP system Finance & Operation – Dynamics 365 - targeting larger groups. The releases make Konsolidator more accessible for a large segment of users that seeks a cloud add-on tool to automate the entire reporting process - from the closing of the books to the final group reporting.

PowerOffice integration strengthens group reporting in Norwegian SMEs

PowerOffice is a well-established Norwegian accounting software targeting SMEs. The accounting software helps SMEs by automating the accounting process and focusing on user-friendliness, providing a good match for Konsolidator’s free trial offering. Further, integrating Konsolidator with PowerOffice supports group finance professionals in SMEs by providing a completely streamlined and standardized process by adding consolidation software to handle the process from the books are closed to the final group reporting.

Finance & Operations – Dynamics 365 integration eases the consolidation of more complex groups

Finance & Operations – dynamics 365 (F&O) is Microsoft’s more extensive ERP system, targeting larger groups. By integrating with F&O, Konsolidator can strengthen this segment's value proposition for large groups that already have all the finance processes in the cloud. This second integration with Microsoft allows Konsolidator to tap further into its broader customer base to help more finance professionals maximize efficiency and improve data accessibility, quality, and productivity.

Konsolidator’s integration portfolio now counts 9 integrations

By expanding the integrations portfolio, Konsolidator continues the road toward becoming the preferred consolidation and reporting software for Groups and Auditors with a cloud strategy. With the two new integrations, Konsolidator can now count nine integrations to well-known cloud ERP software in the global market: Finance & Operations – Dynamics 365, Microsoft Business Central, PowerOffice, Xero, Sage, QuickBooks, e-conomic, and Fortnox. See the complete list here: www.konsolidator.com/integrations/

CEO Claus Finderup Grove comments: “By collaborating and integrating with PowerOffice and F&O, we reach customers who are a perfect fit for our niche add-on product – by being cloud-ready and having complex consolidation. Furthermore, with the newest ERP integration, we boost the usefulness of our software even further, which is ultimately key to converting and retaining customers.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

About Konsolidator
Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on critical performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

Copenhagen, August 21, 2023

Attachment

Press Release no 4-2023 - Finance & operations_Poweroffice integrations

10 Aug 2023

Læs mere

Company announcement no. 19-2023

Søborg August 10, 2023

Interim financial report for the period January 1 to June 30, 2023

In Q2 2023, the capital injection was finalized securing positive equity. The net increase in ARR in Q2 2023 only amounted to DKK 0.1m reaching DKK 18.7m on June 30, 2023. On a year-on-year basis revenue and ARR increased by 20%. The net ARR growth in Q2 2023 did not live up to our expectations, and with the expected churn in H2 2023, we have lowered our expectations for 2023.

Financial report for the period January 1 to June 30, 2023

Annual Recurring Revenue (ARR) amounted to DKK 18.7m corresponding to an annual growth of 20%. In Q2 2023, Annual Recurring Revenue (ARR) increased by DKK 0.1m compared to DKK 1.3m for Q2 2022.

In June 2023 the directed share issue was finalized and in July 2023 the loan agreements were signed totaling net proceeds of DKK 33.3m securing positive equity.

“We have spent a lot of management time on the capital restructuring process which now will be converted into hard core sales work. I am excited to be back talking to potential customers and we have an important task securing that our free trial customers become actual customers.”, says CEO Claus Finderup Grove.

Financial highlights

Revenue in Q2 2023 amounted to DKK 4.7m, an increase of 17% compared to Q2 2022 and for the first half of 2023, revenue increased by 20%, which is in line with expectations.
EBIT loss for Q2 2023 amounted to DKK 3.6m compared to a loss of DKK 6.7m for Q2 2022. In H1 2023, EBIT loss was DKK 6.5m compared to a loss of DKK 13.2m in H1 2022.
On June 30, 2023, the equity amounted to DKK 2.0m compared to a negative equity of DKK 11.4m on December 31, 2022.
Cash and cash equivalents amounted to DKK 13.1m on June 30, 2023.
After the reporting date, Konsolidator signed loan agreements which finalized the capital restructuring with the repayment of the convertible loan to Formue Nord.

SaaS metrics

In Q2 2023, Annual Recurring Revenue (ARR) increased by DKK 0.1m compared to DKK 1.3m for Q2 2022. On June 30, 2023, the total ARR amounted to DKK 18.7m, an increase of 20% compared to June 30, 2022.
The Customer Acquisition Cost (CAC) divided by net increase in ARR has been calculated to be 258 for Q2 2023 compared to 36 for Q2 2022.
The net increase in ARR was DKK 0.1m in Q2 2023 and has been generated at a cash cost of DKK 3.2m, equaling 0.04 times (ARR net increase/Cash burn), compared to 0.2 times in Q2 2022. For H1 2023, the metric equals 0.2 times, which is the same as June 30, 2022.
On June 30, 2023, the churn for the last 12 months was 9.2% compared to 8.1% on June 30, 2022. The increase in churn is impacted by a stronger cost focus from especially smaller customers. Furthermore, the attention to current customers has not been ideal, which also has impacted churn negatively.
The net retention summarized to index 100 and has been influenced by a higher churn in Q2 2023 than expected, compared to index 102 on June 30, 2022.

Outlook:

The outlook for 2023 has been adjusted as announced in company announcement no 18-2023 August 8, 2023, which is as follows:
- ARR of DKK 20-21m (prev. DKK 21-23m)
- Revenue of DKK 19-20m (prev. DKK 20-22m)
- EBIT loss of DKK 9-11m (prev. a loss of DKK 5-8m)

Investor webinar

On August 11, 2023, at 13.00 (CET) an investor webinar will be held. Sign up here.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator H1 2023 reporting

08 Aug 2023

Læs mere

Company announcement no 18-2023

Søborg, August 8, 2023

Konsolidator lowers expectations for 2023 and 2024

In Q2 2023, the net growth in Annual Recurring Revenue (ARR) only increased by DKK 0.1m reaching an ARR of DKK 18.7m as per June 30, 2023. The net ARR growth is now expected to be 14-20% for 2023 (previous guidance: 20-30%). The net ARR growth is impacted by a high churn for the remainder of 2023 and by a lower-than-normal sales conversion rate which leads to Konsolidator revising the expectations for 2023. Konsolidator now expects an ARR at the end of 2023 in the range of DKK 20-21m (previous guidance: DKK 21-23m). Revenue in 2023 is expected to be in the range of DKK 19-20m (previous guidance: DKK 20-22m) with an expected EBIT loss of DKK 9-11m (previous guidance: loss of DKK 5–8m). Other SaaS metrics are also impacted as net growth in ARR is part of the metric.

During Q2 2023, Konsolidator has experienced a higher termination from customers than expected which impacts the ARR negatively for the remainder of 2023. Furthermore, the sales conversion rate was impacted by changes in the sales department. The lack of sales impacts our guidance for ARR, revenue and EBIT. The revenue and EBIT have been impacted by fewer onboardings and less consultancy work than expected. The development in Q2 2023 has not been satisfactory and several new initiatives have been launched to secure growth.

Churn will be reduced in 2024
Inflation and a stronger cost focus from especially smaller customers have increased churn more than expected. Furthermore, attention to current customers has not been satisfactory during 2022 due to lack of resources. This unfortunately leads to higher churn during 2023.

To break the negative trend new resources have been added in customer success. This is expected to reduce churn during 2024 and increase up-sales.

Sales conversion rate is expected to return to previous levels during H2 2023
During H1 2023 the sales department suffered from less-than-optimal staffing. The number of sales meetings was still at a high level, but the sales conversion rate was lower than in previous periods.

With a strong pipeline and the sales department resources back to normal, the sales conversion rate is expected to return to previous levels during H2 2023

Claus Grove Finderup, CEO at Konsolidator comments:
“A coincidence of unfortunate circumstances means that we have to lower our expectations for 2023. Looking back we have underestimated the impact of downsizing the organization and management time spent on the capital restructuring. However, we remain positive about the future as our pipeline continues to be strong and we are starting to see positive effects from our free trials. Furthermore, we have reasons to believe that the churn will return to an acceptable level as we have hired two new employees to focus on our current customers. We are still a growth company.”

Adjusted guidance 2023
Based on higher churn than expected for the remainder of 2023 and the low sales in Q2 2023, the financial expectation for 2023 has been lowered to:

ARR of DKK 20-21m (prev. DKK 21-23m)
Revenue of DKK 19-20m (prev. DKK 20-22m)
EBIT loss of DKK 9-11m (prev. a loss of DKK 5-8m)

Adjusted guidance on other SaaS metrics:

CAC/net ARR 35-45 months (prev. 25-30)
Net ARR increase/Cash Burn 0.2-0.3 times (prev. 0.4-0.6)
Net retention 96-98 (prev. 100-102)

Adjusted guidance 2024

The guidance for revenue remains unchanged for 2024. However, the cost base has been adjusted as the additional capital raised in June 2023 enables us to invest in channel sales and sales to audit firms in 2024 and invest in product development.

ARR of DKK 24-28m - unchanged
Revenue of DKK 23-27m – unchanged
EBIT loss of DKK 0-5m (prev. EBIT profit DKK 0-10m)

Adjusted guidance on other SaaS metrics:

CAC/net ARR 25-30 months (prev. 20-25)
Net ARR increase/Cash Burn above 0.5 times (prev. positive cash flow)
Net retention 99-101 (prev. 102-104)

Half year report
The half year report will be released on August 10, 2023 and an investor webinar will be held on August 11 , 2023.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Company announcement no 18-2023

07 Jul 2023

Læs mere

Company announcement no. 17-2023

Søborg, July 7, 2023

Konsolidator signs loan agreements and grants 482,565 warrants to loan providers

Today, Konsolidator A/S (“Konsolidator”) formally signed loan agreements with 2L Kapital A/S and Denmark’s Export and Investment Fund (EIFO) to receive a loan of DKK 15.5 million. As part of the agreements, the Board of Directors of Konsolidator has issued 482,565 warrants to 2L Kapital A/S and EIFO

Konsolidator announced on June 1, 2023 (see company announcement no 12 -2023) that it had secured a binding long-term loan offer with 2L Kapital A/S and EIFO as loan providers. Today, Konsolidator formally signed the loan agreements on the terms described in company announcement no. 12-2023. Consequently, the Board of Directors of Konsolidator has today exercised part of its authorization in section 4.9 of the Articles of Association to issue a total of 482,565 warrants to the loan providers.

Each warrant entitles the warrant holder to subscribe for one share of nominal DKK 0.04 in the Company. The exercise price is fixed at DKK 6,18 per share corresponding to the average of the closing share price as made public by Nasdaq Copenhagen for the Konsolidator share on the 5 trading days prior to the date on which the Board of Directors decided to grant the warrants plus DKK 0.10. The warrants can be exercised at any time and are not subject to vesting. The warrants shall be exercised within ten (10) years following the grant at which point all unexercised warrants will lapse automatically. The detailed warrant terms can be found in schedule 7 in the Articles of Association.

After this grant of warrants, the total number of outstanding warrants is 1,827,999.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Company announcement no 17-2023 - Grant of warrants EIFO and 2L.

06 Jul 2023

Læs mere

Press release no. 3-2023
Copenhagen, July 6, 2023

Konsolidator receives assurance report on IT controls related to its application

Konsolidator has received an independent assurance report on the effectiveness of its internal IT security controls. The assurance report provides Konsolidator with proof of the existence and efficiency of its internal control system and that the company has the appropriate measurements in place to protect its customers’ data. By receiving this report, Konsolidator is recognized for following the internationally recognized standard ISAE 3402 type 2 by being able to document and maintain its IT controls for 12 months.

The assurance report is a recognition of Konsolidator’s IT controls as a service provider
To ensure Konsolidator has the best measures in place to protect its customers' data, the company has actively worked towards getting the ISAE 3402 recognition - an international recognition of a service provider’s IT controls attested by independent auditors. In 2022 Konsolidator received type 1 of ISAE 3402, which certifies that the company has described its IT control activities and how they are documented to provide its customers with an assurance of data security. Konsolidator has now received an assurance report of ISAE 3402 type 2, ensuring these IT controls' effectiveness. Thereby providing Konsolidator and its customers with recognition of the existence and efficiency of its internal control system. Furthermore, it proves that the company has the appropriate measurements to protect its customers’ data.

An external auditor has evaluated the documentation and maintenance of the internal controls and risk management activities following the internationally recognized standard. The assurance report will be renewed annually and documents that Konsolidator meets the auditor’s expectations for all controls in scope.

In addition to the ISAE 3402 report, an external audit firm performs a penetration test regularly to ensure maximum security of the data in Konsolidator^®.

A quality stamp for Konsolidator’s growing customer base
In a time when companies want software providers who have a high level of data security, Konsolidator’s ISAE 3402 type II certificate provides their existing and potential customers with a tangible seal of approval that the financial data being handled is secure and can be trusted. Furthermore, it supports Konsolidator’s focus on developing software that auditors and CFOs can trust and helps customers to differentiate Konsolidator from other providers. Hence the report is an essential part of Konsolidator’s growth strategy and software development plans.

CFO Jack Skov comments: “The trust and credibility of our customers are important parts of Konsolidator’s identity as a software provider. The ISAE 3402 type II assurance report confirms our IT security level. It expresses the credibility linked to our software.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press Release no 3-2023 - ISAE3402 - type II - Recognition

29 Jun 2023

Læs mere

Company announcement no. 16-2023

Copenhagen June 29, 2023

Konsolidator enters market maker agreement with Pareto Securities AB

Today, Konsolidator has entered a market maker agreement with Pareto Securities AB, where Pareto Securities AB will promote the liquidity in the Konsolidator share. The agreement commences on July 3, 2023 and will remain in force until terminated by either Konsolidator or Pareto Securities AB.

Besides promoting the liquidity in the share, the agreement with Pareto Securities AB also undertakes to quote bid- and ask- orders in the Konsolidator share with the intention to reduce the spread between the bid and ask prices. The agreement has been concluded with reference to Nasdaq Nordic’s Member rules.

CFO Jack Skov comments, "With a market maker agreement we will improve the shareholder interest by securing a higher liquidity in the share as well as securing a maximum spread between the bid and ask price. High liquidity and low spread will make it easier for shareholders to trade our share which we believe will benefit all shareholders."

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Company announcement no 16-2023

23 Jun 2023

Læs mere

Press release no. 2-2023
Copenhagen, June 23, 2023

Konsolidator releases an AI-powered mapping module

Today, Konsolidator announces the release of its new mapping module, which is powered by OpenAI. With AI auto-map, Konsolidator makes it easier for customers to map local accounts to group accounts which is an important and time-consuming task during onboarding. The feature cuts significant time away from the customers’ workload during onboarding and brings Konsolidator closer to a complete self-onboarding process.

Making the customers able to self-onboard is still a key focus area for Konsolidator. With this release of an AI-powered mapping module, the company has now taken a significant step in solidifying the road toward a complete self-onboarding process.

Faster onboarding, fewer resources
An essential part of Konsolidator’s “Unfolding the potential” strategy is increasing focus on free trial and integrating with existing cloud ERP software. By utilizing emerging technologies like OpenAI, Konsolidator can create an automated self-onboarding process as part of their free trial that ensures constant relevance to a changing marketplace. The goal is to allow small and medium-sized groups to test Konsolidator as a free trial plug-and-play software, where mapping is a heavy part of the process when you build a new Consolidation process. Thereby, Konsolidator can onboard more customers faster with fewer resources.

CEO Claus Finderup Grove comments: “We are excited about our first try at utilizing OpenAI and the tremendous value it brings to our customers. Our mission – to make CFOs and Auditors better - is always our main focus. And by adapting and embracing OpenAI, we can generate even more value for our customers in the onboarding process, but soon also in the reconciliation process, and the preparation of the budget and forecast.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press Release no 2-2023 - AI-Powered mapping

13 Jun 2023

Læs mere

Company announcement no 15-2023

Notification of transactions by persons discharging managerial responsibilities and persons closely associated with them in Konsolidator A/S

On June 12, 2023 Konsolidator A/S issued new shares in a directed issue according to company announcement no 14-2023. The share issue exercised generated proceeds of DKK 21 million Konsolidator A/S.

Name:	Peter Gath
Position:	Member of the board
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Purchase of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	12.06.2023
Number of shares	103,777
Share price	4.818
Aggregated price	499,998

Name:	Strategia Finans ApS
Position:	Strategia Finans ApS is indirectly controlled by Peter Gath, Member of the board
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Purchase of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	12.06.2023
Number of shares	166,044
Share price	4.818
Aggregated price	800,000

Name:	Ved Bækken ApS
Position:	Ved Bækken ApS is indirectly controlled by Jack Skov, CFO
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Purchase of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	12.06.2023
Number of shares	103,781
Share price	4.818
Aggregated price	500,017

Name:	Team FG Invest ApS
Position:	Team FG Invest ApS is indirectly controlled by Claus Finderup Grove, CEO
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Purchase of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	12.06.2023
Number of shares	518,887
Share price	4.818
Aggregated price	2,499,998

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Company announcement no 15-2023

12 Jun 2023

Læs mere

Company announcement no 14-2023

Copenhagen, June 12, 2023

Konsolidator finalizes share issue totalling DKK 21 million

Today, Konsolidator finalized the completion of a directed share issue totalling DKK 18.5 million and converted debts to shares totaling DKK 2.5 million. The issue strengthens Konsolidator’s capital base and reestablishes Konsolidator’s equity.

Konsolidator A/S (“Konsolidator”) will issue 3,839,765 new shares at a subscription price of DKK 4.818 per share corresponding to gross proceeds of DKK 18.5 million. Further, Konsolidator will issue 518,887 new shares converting DKK 2.5 million of the debt to Formue Nord into shares meaning that the debt to be repaid is DKK 22.5 million. The issue will increase the equity with DKK 21 million.

Registration of capital increase
Today, the new shares issued as a result of the directed issue will be registered at the Danish Business Authority, and the share capital will increase by 4,358,652 shares to 20,475,327 shares each with a nominal value of DKK 0.04. The company will have a registered share capital of nominal DKK 819,013.08 after registration of the capital increase.

4,213,364 of the new shares are expected to be admitted to trading on Nasdaq First North Growth Market Denmark on June 14, 2023 under the ISIN code of Konsolidator’s existing shares (DK0061113511). The remaining 145,288 shares have been issued in a temporary ISIN (DK0062497525), which will be merged with the ISIN code of Konsolidator’s existing shares. The temporary ISIN will not be admitted to trading on Nasdaq First North Growth Market Denmark, but will only be registered with Euronext Copenhagen for use in connection with subscription of the new shares.

The new shares will be negotiable instruments, and no restrictions will apply to their transferability. No shares, including the new shares, carry any special rights. The rights conferred by the new shares, including voting and dividend rights, will apply from the date when the capital increase is registered with the Danish Business Authority. The new shares are to be registered in the name of the holder in Konsolidator's register of shareholders.

Expected timetable

June 12, 2023: Registration of the capital increase with the Danish Business Authority
June 14, 2023: Shares to be admitted to trading on Nasdaq First North Growth Market
June 15, 2023: Temporary ISIN is merged with existing ISIN

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Company announcement no 14-2023

02 Jun 2023

Læs mere

Company announcement no 13-2023 – inside information
Copenhagen, June 2, 2023

Formue Nord exercises its subscription rights and converts DKK 2.5 million of the loan to shares

Today, Konsolidator can announce that its loan provider Formue Nord will convert DKK 2.5 million of the loan to company shares. Following this announcement, Konsolidator will issue 518.887 shares corresponding to DKK 2.5 million. By converting part of the loan, Formue Nord brings the loan to be repaid down to DKK 22.5 million. Thereby providing Konsolidator with additional capital to further optimize and secure the company’s future growth.

Today, Konsolidator can announce that the loan provider Formue Nord subscribes shares for DKK 2.5 million. According to the loan agreement with Formue Nord, which was entered into in July 2021 (see company announcement no 8-2021), Formue Nord has informed Konsolidator A/S that they wish to partially exercise the right to convert the loan amount to shares in the company. Specifically, Formue Nord has asked that 10% of the loan amount, DKK 2,5 million, be converted to shares. The conversion rate will be DKK 4,818, which is the rate at which the current capital raise is completed. This, again, is pursuant to the conditions set out in the original loan agreement, where it is stated that the conversion rate would be adjusted in case the company were to execute a capital increase at a lower share price than the conversion rate of DKK 25.00 stated in the convertible loan agreement.

Consequently, 518,887 new shares with a nominal value of DKK 0.04 each will be issued to Formue Nord, corresponding to a total capital increase of nominal DKK 20,755.48 by conversion of debt.

The capital increase is expected to be registered at the Danish Business Authority no later than 12 June 2023, and the new shares are expected to have their first day of trading on 14 June 2023.

With this conversion of part of the loan to shares, Konsolidator gains an additional DKK 2.5 million in funds, further strengthening the company’s liquidity. Following the announcement on June 1, 2023 (see company announcement no 12-2023), Konsolidator will now have DKK 11.5 million in liquidity for the company’s future growth. Furthermore, Formue Nord’s decision to exercise their rights solidifies a belief in Konsolidator’s position in the Fintech market.

CEO Claus Finderup Grove comments, " We are humbled by the faith Formue Nord has shown towards our company and product. With the subscription from Formue Nord, we now have an additional DKK 2.5 million in liquidity, providing us with DKK 11.5 million (the difference between the capital raise of DKK 34 million and the loan of DKK 22.5 million to Formue Nord) to optimize our future growth. Now the board and management have an exciting task in finding out how we best can optimize the use of this for the benefit of our existing and future customers and our shareholders.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, http://www.grantthornton.dk

Attachment

230602_Company announcement no 13-2023 - Formue Nord Converts 2.5 Mio

01 Jun 2023

Læs mere

Company announcement no. 12-2023

Copenhagen, June 1, 2023

Konsolidator secures a binding long-term loan offer of DKK 15.5 million and finalizes total financing of DKK 34 million

Today, Konsolidator received a binding long-term loan offer of DKK 15.5 million, fulfilling the conditions for the DKK 18.5 million in private placement. With the DKK 15.5 million and the private placement, Konsolidator has reached total financing of DKK 34 million. DKK 4 million more than expected. The board of directors has approved, that the loan agreement is accepted.

Konsolidator announced on March 29, 2023 (see company announcement no 8-2023) the commitment of DKK 18.5 million, contingent upon fulfilling the condition of reaching minimum financing of DKK 30 million. With DKK 34 million, the requirements have been met for the private placement to be finalized. With 4 million more than the DKK 30 million announced, improving the capital base even further. With the net proceeds from the total financing of DKK 34 million, Konsolidator will have sufficient funds to repay the loan from Formue Nord and finance the operations during 2023.

The long-term loan of DKK 15.5 million is divided with DKK 8 million coming from 2L Kapital A/S and DKK 7.5 million coming from Denmark’s Export and Investment Fund (EIFO) formerly Vækstfonden. The loan is set to be repaid over 6 years, with the first two years exempt from repayment. Interest payments are paid quarterly. The interest rate is CIBOR3 plus 10.5 %. The loan providers will receive a company charge of DKK 15.5 million from Konsolidator as collateral for the loan. Further, Konsolidator will issue 482.565 warrants to the loan providers The final conditions on the warrants such as strike, will be informed when warrants are issued.

CEO Claus Finderup Grove comments, "We are pleased to have reached a sustainable agreement with 2L Kapital A/S and EIFO. With 2L Kapital A/S we have a partner that can provide know-how to Konsolidator's continuous global growth journey. With EIFO we get a stable partner that understands SaaS growth companies and we look forward to a fruitful cooperation with both the loan providers and the new equity investors.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, http://www.grantthornton.dk

About 2L Kapital A/S
2L Kapital, founded in 2023 by 2L Holding and led by CEO/CIO Mads Møller, is a Danish investment company specializing in active ownership through direct investments in Danish small cap companies. The investment strategy centers on identifying and supporting innovative concepts, ideas, and individuals with the capacity to drive transformative change within their respective industries. As highly engaged active owners, we foster close collaboration with our portfolio companies, unlocking their maximum potential in terms of value creation, sustainable growth, and profitability. We have a hands-on approach, merging the patience and long-term perspective of a family office with the drive, professionalism, and integrity of a private equity investor.
Our primary focus is on partnering with Danish small cap companies with revenues ranging from DKK 15-150 million. By providing them with comprehensive support, capital, and expertise, we aim to unlock their full potential.

Attachment

Konsolidator Company announcement no 12-2023

10 May 2023

Læs mere

Company announcement no 11-2023

Copenhagen, May 10, 2023

Konsolidator grants 375,000 warrants

Today, the Board of Directors of Konsolidator A/S has exercised part of its current authorization by issuing 375,000 warrants to the employees of the company

CEO, Claus Finderup Grove comments “This is the fourth consecutive year we issue warrants to our employees. We want to show our appreciation of our loyal employees. Having the ability to issue warrants to our employess is a good method for us to retain our talented employees”.

The warrants are issued in accordance with the company's guidelines for incentive-based remuneration and the authorization in section 4.9 of the Articles of Association.

Each warrant entitles the warrant holder to subscribe for one share of nominal DKK 0.04 in the Company. The exercise price is fixed at DKK 6,07 per share corresponding to the average of the closing share price as made public by Nasdaq Copenhagen for the Konsolidator share on the 5 trading days prior to the date on which the Board of Directors decided to grant the warrants. The warrants vest in a series of three (3) successive equal annual installments with the first installment vesting in 2024 on the last day of the calendar month of the execution of this Agreement. Consequently, the last intallment will vest in 2026.

Subject to vesting, the warrants can be exercised in periods of 4 weeks starting the day after publication of the Company’s annual report, half-year reports and/or quarterly financial announcements, respectively. Warrants that have not been exercised before five (5) years following the grant will lapse automatically.

The warrant terms include condition on accelerated vesting in case of change of control, e.g., a takeover bid, resolution, and business transfer. The detailed warrant terms regarding warrants issued by the Company can be found in the Articles of Association on www.konsolidator.com/investor.

After this grant of warrants the total number of outstanding warrants is 1,345,434.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Company announcement no 11-2023

04 May 2023

Læs mere

Company announcement no 10-2023

Copenhagen, May 4, 2023

Interim financial report for the period January 1 to March 31, 2023

Q1 report 2023 in line with expectations

The business development in Q1 2023 was in line with expectations, and Konsolidator expects to complete a capital injection of DKK 33-35m in May 2023. Konsolidator is looking ahead for further growth, profitability, and to be cash flow positive.

Annual Recurring Revenue (ARR) amounted to DKK 18.6m, corresponding to an annual growth of 30% in line with expectations. In Q1 2023, Annual Recurring Revenue (ARR) increased by DKK 1.0m compared to DKK 0.7m for Q1 2022.

By reference to company announcement no 9-2023, Konsolidator expects a capital injection of DKK 33-35m during May 2023, including DKK 18.5m in a directed share issue, and a final approval on a long-term loan between DKK 14.5-16.5m.

“When the capital injection and the strengthening of the capital structure is in place, we have a new starting point with a strong pipeline, and we look ahead for further growth and profitability.”, says CEO Claus Finderup Grove.

Financial highlights

Revenue in Q1 2023 amounted to DKK 4.7m, an increase of 24% compared to Q1 2022, which is in line with expectations.
EBIT for Q1 2023 amounted to a loss of DKK 2.9m compared to a loss of DKK 6.5 for Q1 2022. The revenue increase and cost reductions resulted in an improvement in EBIT of 55%.
After the reporting date, Konsolidator has received loan offers and expects to finalize the capital injection of DKK 33-35m during May 2023, which will restore the equity and secure enough capital until being cash flow positive.

SaaS metrics

In Q1 2023, Annual Recurring Revenue (ARR) increased by DKK 1m compared to DKK 0.7m for Q1 2022. On March 31, 2023, the total ARR amounted to DKK 18.6m, an increase of 30% compared to March 31, 2022, which is in line with expectations.
The Customer Acquisition Cost (CAC) divided by ARR has been calculated to be 32 for Q1 2023 compared to 60 for Q1 2022, which is the number of months it will take for the customer to be profitable for the acquired ARR.
The ARR net increase of DKK 1.0m in Q1 2023 has been generated by a cash cost of DKK 2.9m compared to DKK 7.1m for generating ARR DKK 0.7m in Q1 2022.
On March 31, 2023, the churn for the last 12 months was 8.4% compared to 7.7% on March 31, 2022. Compared to December 31, 2022, churn has improved from 10.8% due to initiatives in customer success.
The net retention amounted to index 102 as of March 31, 2023, compared to index 101 as of March 31, 2022. The net retention is compounded of 2.3% up-sale offset by 0.7% churn for Q1 2023.

Outlook:

The outlook for 2023 as announced in the annual report 2022, is maintained as follows:
- ARR of DKK 21-23m, corresponding to a growth of 20-30%
- Revenue of DKK 20-22m, corresponding to a growth of 20-30%
- EBIT loss of DKK 5-8m

Investor webinar

On May 4, 2023, at 15.00 (CET) an investor webinar will be held. Sign up here.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator reporting Q1 2023

04 May 2023

Læs mere

Company announcement no 9-2023

Copenhagen, may 4, 2023

Konsolidator expects to complete the capital injection during May 2023, and extends the subscription period of the private placement

Konsolidator has received loan offers and expects to complete the capital restructuring of DKK 33-35 million during May 2023. The loan offers are still pending final approval and negotiation. As a result, The Board of Directors has extended the subscription period of the directed share issue by 4 weeks until June 2, 2023. The investors in the private placement of DKK 18.5 million have accepted the extension.

Konsolidator announced on March 20, 2023 and on March 29, 2023 that the Board of Directors of Konsolidator exercised its authorization to increase the share capital (see company announcement no 5 -2023). Further, Konsolidator announced that it has received subscription commitments for a total amount of DKK 18.5 million (see company announcement no 8-2023).

The subscription commitments are conditional on Konsolidator being able to achieve final approval on a long-term loan in the size of DKK 14.5-16.5 million.

The loan offers are still pending final approval and negotiation, and consequently the Board of Directors has extended the subscription period of the directed share issue by 4 weeks, ending 2 June, 2023. The investors have all accepted the extension of the subscription period and confirmed their existing commitment.

In the event that the conditions for this directed issue cannot be met and the loans completed as expected, it has been agreed with the investors that they will have the right to participate in any other capital increase with their commitment on the terms and conditions that may be determined in connection with such other capital increase. Such a right will expire upon refinancing of Konsolidator’s loan with Formue Nord. The proceeds will provide Konsolidator with positive equity, and sufficient cash to fully repay the current loan and to finance the operations and growth.

Repayment of Formue Nord
With the proceeds from the capital increase and the long-term loan Konsolidator will have enough funds to repay the loan to Formue Nord, which is expected to be fully repaid in Q2 2023.

Registration of capital increase
Subject to settlement, the new shares issued as a result of the directed issue will be registered at the Danish Business Authority, and the share capital will increase by the number of new shares subscribed where each share will have a nominal value of DKK 0.04. Today, the company has a registered share capital of nominal DKK 644,667 and with the full subscription the share capital will be nominal DKK 798,257.60.

The subscription amount shall be paid to Konsolidator no later than June 9, 2023. The new shares are expected to be admitted to trading on Nasdaq First North Growth Market Denmark on or before June 16, 2023.

The Q1 2023 report will be announced on May 4, 2023, with a full update of the business activities and key metrics.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsoldator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Company announcement no 9-2023

29 Mar 2023

Læs mere

Company announcement no 8-2023

Copenhagen, March 29, 2023

Konsolidator finalizes private placement of DKK 18.5 million, contingent on raising a minimum of DKK 11.5 million in long-term debt

Konsolidator has received commitments for additional DKK 2.5 million in the ongoing capital increase and finalizes a private placement of DKK 18.5 million. The subscription commitments are contingent on reaching a minimum financing of DKK 30 million including a long-term loan of minimum DKK 11.5 million.

On March 20, 2023, Konsolidator announced (see company announcement no 5-2023) the expectation of raising DKK 16-18.5 million from a group of investors with the DKK 16 million already committed. Today, Konsolidator can announce that the last DKK 2.5 million has been subscribed, and the private placement has reached the maximum of DKK 18.5 million.

The subscription commitments were conditional on Konsolidator being able to raise a minimum of DKK 16.0 million in gross proceeds in equity capital before May 5, 2023, and reaching a deal on refinancing the convertible loan of DKK 25.0 million with Formue Nord due on September 1, 2023 (see company announcement no. 8-2021). This commitment has now been fulfilled with the private placement. Further, fulfilling the private placement also depends on the funding of DKK 5 million falls into place for the holding companies of CEO Claus Finderup Grove and CFO Jack Skov.

Konsolidator needs an additional DKK 11.5 million in a long-term loan to reach minimum financing of DKK 30 million. With the net proceeds from the total financing of DKK 30 million, Konsolidator will have enough funds to repay the loan to Formue Nord and finance the operations for 2023. Konsolidator plans to raise DKK 15 million in a long-term loan equalling a total financing package of 33.5 million.

CEO Claus Finderup Grove comments, "With the recent 2.5 million subscribed, we expect to find the remaining DKK 11.5 million before the deadline of May 5. We are thankful for the investors' confidence in our product and growth journey, which is essential for closing a sustainable long-term loan agreement for Konsolidator."

Registration of capital increase
Subject to settlement, the new shares issued as a result of the directed issue will be registered at the Danish Business Authority, and the share capital will increase by the number of new shares subscribed, where each share will have a nominal value of DKK 0.04. Today, the company has a registered share capital of nominal DKK 644,667, and with the full subscription, the share capital will be nominal DKK 798,257.60.

The new shares are expected to be admitted to trading on Nasdaq First North Growth Market Denmark no later than May 18, 2023.

The Q1 2023 report will be announced on May 4, 2023, with a full update of the business activities and key metrics.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator - Company announcement no 8-2023

23 Mar 2023

Læs mere

Company announcement no 7-2023

Copenhagen, March 23, 2023

Proceedings at the Annual General Meeting on March 23, 2023

The Annual General Meeting of Konsolidator A/S took place on March 23, 2023 at Konsolidator A/S, Vandtårnsvej 83A, DK-2860 Søborg, in accordance with the agenda.

The board of directors appointed Søren Elmann Ingerslev, attorney-at-law, as chairman of the meeting.

CEO, Claus Finderup Grove, accounted for the company's activities in the past year and the shareholders took note of the presentation. The audited annual report for 2022 was presented and approved by the General Meeting.

In regard to appropriation of profits or covering losses appearing from the annual report, the General Meeting approved, in accordance with the adopted annual report and the board of directors’ proposal, that the result of the financial year 2022 is transferred to the next financial year and that no dividend is paid out.

On March 21, 2023 in company announcement no 6-2023, the Board of Directors proposed Peter Gath to join the Board of Directors in addition to the existing board members who were nominated for re-election. All board members were elected.

Deloitte Statsautoriseret Revisionspartnerselskab was re-elected as auditor.

The proposal of indemnification of the board of directors and the executive management was approved by the General Meeting.

The Board of Directors reported on the financial position of Konsolidator and the measures that have been taken in connection with Konsolidator’s loss of share capital. It was explained that capital increases and profit should restore the share capital.

The minutes of the Annual General Meeting is available at https://konsolidator.com/investor/ and attached to this announcement.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Minutes from Konsolidator Annual General Meeting 2023

21 Mar 2023

Læs mere

Company announcement no 6-2023

Copenhagen, March 21, 2023

New member proposed for election to the Board of Directors

Konsolidator’s Board of Directors proposes that Peter Gath is elected as a new member of the Board of Directors at the company’s upcoming Annual General Meeting scheduled for 23 March 2023.

Consequently, Konsolidator’s Board of Directors proposes that the company’s Board of Directors will consist of five members: the Chairman of the Board, Jesper Eigen Møller, and the members Thomas Aporta, Cecilia Hultén, Claus Jul Christiansen, and Peter Gath.

Peter Gath enters the Board of Directors with over 20 years of experience as a partner from EY and KPMG. Peter is currently CFO of St. Jørgen Holding and holds multiple Board Member positions, incl. in the listed company Brødrene A & O Johansen A/S.

As a Chartered Accountant with a background in audit and leadership, as well as an Adjunct Professor at Copenhagen Business School (CBS) and former Chairman of the Danish Institute of Public Accountants (FSR – danske revisorer) - Peter is highly knowledgeable about the audit industry, the market, and industry regulations, including understanding the quality potential of digitalizing audit firm’s reporting processes. Based on these competencies, the Board of Directors believes Peter will strengthen the Board’s Competencies and support Konsolidator’s continued growth and expansion into the Audit market.

Peter Gath has committed to a minor share of the capital increase as announced in company announcement no 5 - 2023.

“We are thrilled that Peter wants to join our Board of Directors. Getting a State authorized public accountant on board to better define our Audit strategy can help us reach the great international potential we know it has. Furthermore, Peter’s deep insight into the product and market means his contribution will add significant value to our ambitious roadmap,” says Jesper Eigen Møller, Chairman

“Konsolidator operates within the Audit and Accounting field where I have operated for more than 30 years on both national and international levels. I therefore believe that I can contribute to Konsolidator’s growth especially within the Konsolidator Audit® segment” says Peter Gath

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

About Konsolidator

Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

Attachment

Company announcement no 6-2023 - New Boardmember

20 Mar 2023

Læs mere

Company announcement no 5-2023

Copenhagen, March 20, 2023

Konsolidator to complete a private placement of up to DKK 18.5 million if conditions of raising further capital in a long-term loan are met

The Board of Directors has today exercised its authorization to issue new shares in a private placement with expected gross proceeds of up to DKK 18.5 million. As of today, Konsolidator has received commitments of DKK 16.0 of the 18.5 million. The subscription commitments are contingent on reaching a minimum financing of DKK 30 million.

Konsolidator announced in February 2023 (see company announcement no 3-2023) the capital need of DKK 30 million in order to finance the operations for 2023 and to refinance its convertible loan which is due on September 1, 2023.

Therefore, the Board of Directors of Konsolidator has today decided to exercise its authorization to increase the share capital. With the expected capital increase between DKK 16.0-18.5 million, Konsolidator will have re-established the equity. The subscription period runs until 5 May 2023, and the subscription payments fall due upon fulfilment of the condition reaching a minimum financing of a total of DKK 30 million. Konsolidator has been in dialogue with different loan providers in order to reach a long-term loan agreement to secure the remaining financing.

CEO Claus Finderup Grove comments
"We are very pleased to have experienced such an investor interest and confidence in Konsolidator’s growth journey. With the commitment of DKK 16.0 million our equity will be re-established. We expect the last DKK 2.5 million to be subscribed, which will improve our capital base even further. The task of securing the long-term capital structure for Konsolidator is dependent on equity and a new loan - they go hand in hand. By securing the equity we have the first part solved and we expect we can solve the loan issue with satisfactory terms.”

Directed share issue & long-term loan
The Board of Directors has decided to exercise its authorization to increase the share capital in a directed issue without pre-emption rights for Konsolidator’s existing shareholders according to article 3.1.1. and 3.1.7 of the articles of association.

Consequently, the Board of Directors has resolved to issue up to a total of 3,839,765 new shares (corresponding to nominal DKK 153,590.60) at a subscription price of DKK 4.818 per share corresponding to gross proceeds of up to DKK 18.5 million. The subscription price corresponds to the average of the closing share price of Konsolidator’s shares the 5 trading days preceding the decision of the Board of Directors.

The new shares issued in connection with the directed issue will be subscribed to a limited group of investors, including the holding companies of CEO Claus Finderup Grove and CFO Jack Skov. The subscription of DKK 5 million from the holding companies of CEO Claus Finderup Grove and CFO Jack Skov depends on the funding falls into place.

The subscriptions commitments are conditional on Konsolidator being able to raise minimum DKK 15.0 million in gross proceeds in equity capital as well as reaching a deal on refinancing the convertible loan of DKK 25.0 million with Formue Nord, which comes due on September 1, 2023 (see company announcement no. 8-2021). Thus, Konsolidator needs additionally to raise DKK 11.5-14 million in a long-term loan which together with the net proceeds from the capital increase will be enough funds to repay the loan to Formue Nord and finance the operations for 2023. However, Konsolidator wants to raise DKK 15 million in a long-term loan which will improve our capital base even further.

The subscription period runs from today until May 5, 2023. The subscription amount shall be paid to Konsolidator no later than May 12, 2023 but falls due with the contingencies solved. If the subscription of the remaining DKK 2.5 million is not received by Konsolidator no later than May 5, 2023, the additional capital increase of DKK 2.5 million will lapse.

Use of funds
Konsolidator needs to raise DKK 30 million in order to finance the operations for 2023 and to refinance the convertible loan. The DKK 16 million raised in equity capital re-establishes the equity for Konsolidator. Of the DKK 16 million raised DKK 5-10 million will be used on a repayment on the convertible loan.

Registration of capital increase
Subject to settlement, the new shares issued as a result of the directed issue will be registered at the Danish Business Authority, and the share capital will increase by the number of new shares subscribed where each share will have a nominal value of DKK 0.04. Today, the company has a registered share capital of nominal DKK 644,667 and with a full subscription the share capital can be up to nominal DKK 798,257.60.

The new shares represent approximately 24% of Konsolidator’s share capital before the capital increase.

The new shares are expected to be admitted to trading on Nasdaq First North Growth Market Denmark on or before May 18, 2023 under the ISIN code of Konsolidator’s existing shares (DK0061113511). The new shares will be negotiable instruments, and no restrictions will apply to their transferability. No shares, including the new shares, carry any special rights. The rights conferred by the new shares, including voting and dividend rights, will apply from the date when the capital increase is registered with the Danish Business Authority. The new shares are to be registered in the name of the holder in Konsolidator's register of shareholders.

The Board of Directors has accordingly exercised a total nominal value of DKK 293,535.40 out of the authorizations pursuant to section 3.1.1. and 3.1.7 of the articles of association of nominal DKK 180,000 and DKK 120,000.

The Q1 2023 report will be announced on May 4, 2023 with a full update of the business activities and key metrics.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator - Company announcement no 5-2023

06 Mar 2023

Læs mere

Company announcement no 4-2022

Copenhagen, March 6, 2023

Notice to annual general meeting in Konsolidator A/S

Notice is hereby given to shareholders in Konsolidator A/S of the annual general meeting, which is scheduled for March 23, 2023 at 15:00, at Vandtårnsvej 83A, 2., DK-2860 Søborg. Shareholders not able to attend the general meeting will be able to follow the live webcast of the general meeting by a link, which will be available from March 17, 2023 on the Konsolidator investor site.

Enclosed please find notice and agenda for the annual general meeting.

Attachments

Notice to ordinary general meeting 2023 / Indkaldelse til ordinær generalforsamling 2023
Ordering of admission card / Bestilling af adgangskort
Proxy and postal vote form / Fuldmagt og brevstemme

For further information please contact the company.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachments

21 Feb 2023

Læs mere

Press Release no 1-2023

Copenhagen, February 21, 2023

Konsolidator releases ERP integration to EXACT

Konsolidator can today announce the release of the integration to the cloud ERP software Exact. With this integration, Konsolidator welcomes another cloud ERP system to its growing portfolio, which includes: Xero, Sage, Microsoft Business Central, Fortnox, and QuickBooks. Thereby further solidifying Konsolidator’s focus on reaching a global customer base with a higher value proposition as stated in the growth strategy, Unfolding the potential.

Exact integration strengthens Konsolidator’s value for the Benelux and UK market

Exact is one of the most prominent cloud accounting software in BENELUX (Belgium, Netherlands, and Luxembourg) and is also used in the United Kingdom - two markets where Konsolidator experiences increased interest. Therefore, this new cloud ERP integration makes it even easier for small and medium-sized groups in Benelux and the United Kingdom to synchronize their financial data to Konsolidator, reduce consolidation time, and eliminate the risk of errors in the tedious data upload process.

7 integrations to cloud ERP systems

Konsolidator now counts seven integrations to well-known cloud ERP software in the European market: Microsoft Business Central, Xero, Sage, QuickBooks, e-conomic, and Fortnox. By integrating with cloud systems already established in the different markets, Konsolidator becomes more accessible for a large segment of users who already have a high level of digital maturity and adaption of cloud tools. Konsolidator can thereby help more finance professionals maximize efficiency and improve data accessibility, quality, and productivity. Furthermore, users can increase business flexibility and minimize costs with the integration.

CEO Claus Finderup Grove comments: “It is our vision to become the preferred consolidation add-on to cloud ERP systems globally and to make the consolidation process as fast and accurate as possible. With the newest ERP integration to Exact, we boost the usefulness of our software even further, which is ultimately key to converting and retaining customers.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press Release no 1-2023

08 Feb 2023

Læs mere

Company announcement no 3-2023

Søborg, February 8, 2023

Konsolidator grew by 29% in 2022

Konsolidator’s annual recurring revenue grew to DKK 17.6m and revenue grew to DKK 16.7m in 2022 an annual growth of 29 %. During 2023, Konsolidator needs additional equity capital of DKK 5m to finance the operations for 2023 at the current state. Furthermore, refinancing of the convertible loan is needed by 1 September.

"We were optimistic entering 2022, just having presented a new three year strategy “Unfolding the potential” but the changing market conditions led to a different approach than originally anticipated. We have centralized our sales team in Copenhagen and gone from 36 employees at the beginning of 2022 to 24 at the end of 2022. Still we were able to deliver growth of 29 % in ARR and revenue in 2022. We need to attract equity capital of DKK 5m which will be enough to to support our future operations. ” says CEO Claus Finderup Grove.

2022 Financial Highlights

ARR amounted to DKK 17.6m compared to DKK 13.6m in 2022, corresponding to an increase of 29%.
Revenue amounted to DKK 16.7m compared to DKK 13.0m in 2021, corresponding to an increase of 29%.
The contribution margin was 94% compared to 95% in 2021. EBIT amounted to DKK (22.0m) compared to DKK (24.2m) in 2021.
EBIT before share-based payments was DKK (19.7m) compared to DKK (23.0m).
Total cash and cash equivalents amounted to DKK 1,5m at the end of 2022 compared to DKK 17.2m at the end of 2021.
The total equity amounted to DKK (11.4m) on December 31, 2022 compared to DKK 4.9m a year before.

Outlook

Revenue is expected to be in the range of DKK 20-22m and and ARR in the range of DKK 21-23m by the end of 2023, corresponding to a growth of 20-30%.
Expected EBIT in 2023 in the range of DKK (8-5m).
Expected EBIT before share-based payments in 2023 in the range of DKK (6-3m).
Konsolidator needs to attract DKK 5m equity capital in 2023 in order to finance the operations.
On 1 September 2023 the convertible loan of DKK 25m needs to be refinanced.

Annual Report 2022
Konsolidator’s Annual Report 2022 is included in this announcement and can be found on Konsolidator’s investor website.

Investor webinar
On 9 February 2022 at 15.00 (CET) an investor webinar will be held. Sign up using this link.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator_Annual_Report_2022

19 Jan 2023

Læs mere

Company announcement no 2-2023

Søborg, January 19, 2023

Konsolidator raises guidance for 2023

A strong pipeline and a lower cost base than expected explain the new and revised expectations for 2023. Konsolidator now expects an Annual Recurring Revenue (ARR) at the end of 2023 in the range of DKK 21-23m (previous guidance: DKK 20-22m). 2023 revenue is expected to be in the range of DKK 20-22m (previous guidance: DKK 19-21m) with an expected EBIT loss of DKK 5-8m (previous guidance: loss of DKK 8–11m).

The year-end of 2022 with good progress in important markets such as Sweden and the UK has strengthened the sales pipeline and led to raised top line expectations. At the same time, the effect from the implemented cost savings has started to show and with greater strength than first anticipated. The number of employees has been reduced from 36 employees at year-end 2021 to 24 at the year-end 2022.

The Konsolidator organization is now in place and the benefits of a centralized sales team in Copenhagen show as realized ARR at the end of 2022 was DKK 17.6m in the upper parts of the guidance interval for 2022 (see Company Announcement no. 1-2023).

Adjusted guidance for 2023:
- ARR of DKK 21-23m (prev. DKK 20-22m)
- Revenue of DKK 20-22m (prev. DKK 19-21m)
- EBIT loss of DKK 5-8m (prev. a loss of DKK 8-11m)

The outlook for 2024 is unchanged as follows:
- ARR of DKK 24-28m
- Revenue of DKK 23-27m
- EBIT profit of DKK 0-10m

Claus Grove Finderup, CEO at Konsolidator comments:
“Embarking on 2023, we have a stronger pipeline than expected and the implemented cost savings have proven more efficient than anticipated. We are on the right path to profitability and positive cash flows without jeopardizing the value we deliver to our customers. This is reflected in the raised guidance for 2023 with expected growth of 20-30% in Annual Recurring Revenue and this makes it easier to navigate in the continued turbulent financial climate. A trimmed organization should not be underestimated.”

Annual report
The annual report will be released on February 8, 2023 and an investor webinar will be held on February 9, 2023.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Company announcement no 2-2023

10 Jan 2023

Læs mere

Company announcement no. 1-2023

Søborg, January 10, 2023

Konsolidator realized 29% growth in Annual Recurring Revenue in 2022

Konsolidator A/S continued the strong development in Q4 2022 both in Denmark and internationally, including a record-high December with 14 new customers. In line with expectations, Konsolidator realized 29% Annual Recurring Revenue (ARR) growth in 2022.

In Q4 2022, Konsolidator experienced a high demand for the company's financial consolidation software in Sweden and UK. Of the total growth in Q4 at 1.0 million, UK accounted for 0.4 million, which is an all-time high for the UK in a quarter. Konsolidator achieved an Annual Recurring Revenue (ARR) of DKK 17.6 million, corresponding to a growth of 29% in 2022 (2021: DKK 13.6 million) which is in line with announced expectations of 25-30%.

Revenue increased to DKK 16.7 million in 2022, (2021: DKK 13 million) which is in line with expectations of DKK 16-18 million.

Claus Grove Finderup, CEO at Konsolidator comments:
2022 has been a challenging year in which we have adjusted the costs as announced in a previous company announcement. This has resulted in us closing our offices in the UK and Sweden as well as downscaling the organization. With this in mind we are satisfied with a growth of 29% in ARR. I am happy to see that the growth in particularly the UK and Sweden has continued, even though we have centralized our sales resources in Copenhagen.

The Annual Report for 2022 will be released on February 8, 2023.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Company announcement no 1-2023

20 Dec 2022

Læs mere

Company announcement no 19-2022

Søborg, December 20, 2022

Jesper Eigen Møller takes over as chairman of the Board of directors

Jesper Eigen Møller has accepted the position as chairman of the Board of directors in Konsolidator taking over from lawyer Søren Ingerslev, who has decided to leave the Board of directors.

Jesper was elected to the board in November 2018 and has experience as chairman from Linkfire A/S and Brøndbyernes I.F. Fodbold A/S. Søren Ingerslev will leave the Board of directors of Konsolidator in order to free up time to focus on his newly assumed role as managing partner of Elmann Law Firm.

“I have been a member of the Board of directors in Konsolidator since 2016 with the intention, among other things, to contribute in making Konsolidator mature in regards to regulatory requirements. Further, Konsolidator has reached the scale-up phase where commercialization is even more important for the company, and I believe with the election of Thomas á Porta and Claus Jul Christiansen, at the ordinary general meeting in March 2022, Konsolidator is in a good place to embark on this journey. With this in mind and the fact that assuming the role of managing partner of Elmann Lawfirm requires more of my time I have decided to leave the board of directors in Konsolidator”, says Søren Ingerslev.

Jesper Eigen Møller continues “It has been a great pleasure to work with Søren since 2018. On behalf of the Board of directors and the executive management team I like to thank Søren for all his efforts and for his contribution to Konsolidator over the past 5-6 years. Konsolidator is ready to continue the scale-up journey as a listed company.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator company announcement no 19-2022

25 Oct 2022

Læs mere

Company announcement 18-2022

Søborg, October 25, 2022

Proceedings at the Extraordinary General Meeting on October 25, 2022

The Extraordinary General Meeting of Konsolidator A/S took place on October 25, 2022 at Konsolidator A/S, Vandtårnsvej 83A, 2860 Søborg, in accordance with the agenda.

The board of directors elected Søren Elmann Ingerslev, attorney-at-law, as chairman of the meeting.

The board of directors reported on the financial position of Konsolidator and what measures that have been taken in connection with Konsolidator’s loss of share capital. It was explained, as mentioned in Company Announcement No. 14-2022, that the Company has completed a capital increase of MDKK 3 and secured a credit facility of MDKK 2.

Further, the Extraordinary General Meeting adopted the proposals to authorize the board of directors to issue warrants and to remove section 3.4 of Konsolidator’s articles of association.

The minutes of the Extraordinary General Meeting is available at https://konsolidator.com /investors/ and attached to this announcement.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachments

Minutes of the Extraordinary General Meeting

Attachment

221025_Mintues of the extraordinay general meeting

25 Oct 2022

Læs mere

Company announcement 17-2022

Søborg, October 25, 2022

Financial report Q3 2022 - Outlook adjusted

As a consequence of the increased macro-economic and geo-political uncertainties the financial outlook for 2022-2024 is adjusted. The financial report for Q3 2022 shows an annual recurring revenue growth of 38%. The previous outlook of 40-60% for 2022 is reduced to 25-30%.

The strategy “unfolding the potential” remains and is anchored in a prioritized focus on improving the profitability.

Financial report for the period January 1 to September 30, 2022

Annual Recurring Revenue (ARR) amounted to DKK 16.6m corresponding to an annual growth of 38%. In Q3 2022, Annual Recurring Revenue (ARR) increased by DKK 1.0m compared to DKK 1.3m for Q2 2022.

Konsolidator is seeking DKK 5-10m to finance the operations for 2023 and beyond and to restore the negative equity, which totals DKK 5.7m.

“Q3 2022 was impacted by international uncertainties. Customers are more thoughtful, and the sales cycle is longer. Our pipeline remains strong and with all sales resources now concentrated in Copenhagen, I strongly believe that we are prepared for troubled water ahead”, says CEO Claus Finderup Grove.

Financial highlights

Revenue in Q3 2022 amounted to DKK 4.4m, an increase of 31% compared to Q3 2021 and for the first nine-month of 2022, revenue increased by 41%, which is in line with expectations.
EBIT for Q3 2022 amounted to DKK (3.9m) compared to DKK (4.7) for Q3 2021. For the year, EBIT was DKK (17.1m) compared to DKK (17.9m) in 2021.
In Q3 2022, Konsolidator issued new shares in a directed issue of DKK 3m and secured a credit facility of DKK 2m.
Cash and cash equivalents amount to DKK 2.8m on September 30, 2022.

SaaS metrics

In Q3 2022, Annual Recurring Revenue (ARR) increased by DKK 1m compared to DKK 1.3m for Q2 2022. On September 30, 2022, the total ARR amounted to DKK 16.6m, an increase of 38% compared to September 30, 2021, which is below expectations.
The ARR net increase of DKK 1.0m in Q3 2022 has been generated by a cash cost of DKK 4.3m compared to DKK 6.1m for generating ARR DKK 1.3m in Q2 2022.
The net retention amounted to index 102 as of September 30, 2022, compared to index 102 as of June 30, 2022. The net retention is compounded of 12.0% upsale offset by 9.7% churn.
On September 30, 2022, the churn for the last 12 months was 9.7%. Up from 8.1% on June 30, 2022.
The Customer Acquisition Cost (CAC) divided by ARR has been calculated to be 36 for Q3 2022 compared to 36 for Q2 2022, which is the number of months it will take for the customer to be profitable for the acquired ARR.

Outlook:

Longer sales cycle and higher churn lead to an adjusted outlook for 2022:

ARR of DKK 17-18m (prev. DKK 19-22m), corresponding to a growth of 25-30% (prev. 40-60%)
Revenue of DKK 16-18m (prev. DKK 18-21m), corresponding to a growth rate of 20-40% (prev. 40-60%).
EBIT loss of DKK 20-22m (prev. a loss of DKK 15–20m)

For 2023 and 2024 the macro-economic and geo-political uncertainties have led to an adjusted outlook:

Adjusted outlook for 2023:
- ARR of DKK 20-22m (prev. DKK 27-35m), corresponding to a growth of 20-30% (prev. 40-60%)
- Revenue of DKK 19-21m (prev. DKK 25-33m), corresponding to a growth rate of 20-30% (prev. 40-60%).
- EBIT loss of DKK 8-11m (prev. a loss of DKK 5-11m)

Adjusted outlook for 2024:
- ARR of DKK 24-28m (prev. DKK 37-55m)
- Revenue of DKK 23-27m (prev. DKK 35-54m)
- EBIT profit remains at DKK 0-10m (prev. a profit of DKK 0-10m)

Investor webinar
On October 25, 2022 at 15.00 (CET) an investor webinar will be held. Sign up here.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator_Q3_report

20 Oct 2022

Læs mere

Press release no 15-2022

Copenhagen, October 20, 2022

Konsolidator´s integration gets listed on the Xero App Marketplace

Konsolidator^® has been approved by the ERP software provider Xero and listed on their App Marketplace. This means that Konsolidator^® will now also be sold via Xero, that Xero customers can easily access Konsolidator^®, and that Konsolidator will increase its reach in especially the UK where Xero is one of the preferred ERP systems among small and medium-sized groups.

Small business accounting is made easy with Xero and the consolidations are made easy with integration to Konsolidator^®. Konsolidator released an integration to Xero in April 2022 and has now been accepted to the official Xero App Marketplace. When Xero users look for add-ons to support functions that are not available in Xero, they turn to the Xero App Marketplace. The Xero App Marketplace is a platform of trusted applications that integrate with Xero and that have been tested and approved by Xero.

Being listed on Xero App Marketplace means that Konsolidator^® will now also be sold directly through the marketplace and that Konsolidator will expand the reach of potential customers as Xero and Konsolidator share the same audience and offer solutions that complement each other.

CEO Claus Finderup Grove comments:
“The Xero App Marketplace is an app recommendation platform that makes it easier for customers to buy the right apps to run their businesses. Getting approved by Xero and listed on their marketplace, therefore, gives us not only a stamp of approval but also an additional sales channel where we can reach especially UK customers quicker allowing us to grow faster.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no. 15-2022

12 Oct 2022

Læs mere

Press release no 14-2022

Copenhagen, October 12, 2022

Konsolidator adds Single Sign-On as a new security feature

Konsolidator has released the new product feature “Single Sign-On" (SSO), which is an extra authentication method that enables users to securely log in to multiple enterprise systems by using just one username and password.

Konsolidator strengthened access security with Two Factor authentication in 2020 to help customers increase the security of their accounts, but with SSO activation, customers can now add an additional level of protection for the entire enterprise as SSO allows companies to control user access and deactivation centrally to avoid unintended access when employees leave the company. In addition, SSO makes user management easier and logins faster.

The strategic impact
An essential part of Konsolidators strategy, “Unfolding the potential,” is to provide value-added applications on top of Konsolidator to address different customer needs without changing the core of the software.

Customers that require high-security standards can now add SSO to ensure faster and safer user administration. Konsolidator expects that most of its current customers will employ SSO over time, contributing to higher growth. Further, SSO offering will be yet another element in improving the important SaaS metric “Net Retention.”

CEO, Claus Finderup Grove comments:
“When employees have to use separate passwords for each enterprise application, they usually don't because different passwords are hard to remember. This, however, compromises the level of security for the group and, in this case, their financial data, which is why many groups are activating SSO for all their enterprise software applications. And now we have made it possible to activate for Konsolidator too.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no. 14-2022

12 Oct 2022

Læs mere

Company announcement no 16-2022

Copenhagen, October 12, 2022

Registration of capital increase completed

With reference to company announcement No. 14-2022 of September 30, 2022, where Konsolidator secured funding of DKK 5 million, a capital increase of DKK 3 million and a credit facility of DKK 2 million, the registration of the capital increase has been completed.

Registration of capital increase
The capital increase of a nominal amount of DKK 13,568.52 consisting of 339,213 shares each with a nominal value of DKK 0.04 has been registered with the Danish Business Authority. The company will have a registered share capital of nominal DKK 644,667 consisting of 16,116,675 shares and votes after registration of the capital increase.

The new shares represent approximately 2 % of Konsolidator’s registered share capital before the capital increase and 2 % of Konsolidator’s share capital after the capital increase.

The new shares are expected to be admitted to trading on Nasdaq First North Growth Market Denmark no later than on October 14, 2022, under the permanent ISIN code of Konsolidator’s existing shares (DK0061113511). The new shares will be negotiable instruments, and no restrictions will apply to their transferability. No shares, including the new shares, carry any special rights. The rights conferred by the new shares, including voting and dividend rights, will apply from the date when the capital increase is registered with the Danish Business Authority.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator_Company announcement no 16-2022

10 Oct 2022

Læs mere

Company announcement no 15-2022

Søborg, October 10, 2022

Notice to extraordinary general meeting in Konsolidator A/S

Notice is hereby given to shareholders in Konsolidator A/S of an extraordinary general meeting scheduled for October 25, 2022 at 12:00 (CET). The extraordinary general meeting will be held at Konsolidator’s address, Vandtårnsvej 83A, 2. 2860 Søborg.

Enclosed please find notice and agenda for the extraordinary general meeting.

For further information please contact: Chairman of the board, Søren Ingerslev at +45 30 31 94 51.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachments

Bestilling af adgangskort / Ordering of admission card
Fuldmagts- og brevstemmeblanket / proxy and postal vote form
Indkaldelse til ekstraordinær generalforsamling 2022 / Notice to an extraordinary general meeting 2022

Attachments

30 Sep 2022

Læs mere

Company announcement no 14-2022

Søborg, September 30, 2022

Konsolidator secures funding until the end of August 2023

Konsolidator raises DKK 5 million in capital in a combination of directed issue to a current shareholder in the amount of DKK 3 million and a credit facility at the bank of DKK 2 million. A tight cost focus and continued growth will secure enough funding until the end of August 2023.

Directed share issue
The board of directors of Konsolidator has today exercised its authorisation to increase the share capital in a directed issue without pre-emption rights for Konsolidator’s existing shareholders according to article 3.1.1. of the articles of association. The new shares issued in connection with the directed issue will be subscribed by a current shareholder.

Consequently, the board of directors has resolved to issue a total of 339.213 new shares (corresponding to nominal DKK 13.568,52) at a subscription price of DKK 8,844 per share corresponding to gross proceeds of approximately DKK 3 million. The subscription price corresponds to the average of the end share price of Konsolidator’s shares the 5 trading days preceding the decision of the board of directors.

The subscription amount of DKK 3 million shall be paid to Konsolidator no later than on 7 November 2022. If the subscription amount is not received by Konsolidator no later than on 7 November 2022, the capital increase will lapse. The net proceeds of the directed issue will be DKK 2.9 million.

Registration of capital increase
Subject to settlement, the new shares issued as a result of the directed issue will be registered at the Danish Business Authority, and the share capital will increase by 339,213 shares to 16,116,675 shares each with a nominal value of DKK 0.04. The company will have a registered share capital of nominal DKK 644,667 after registration of the capital increase.

The new shares represent approximately 0.02 % of Konsolidator’s registered share capital before the capital increase and 0.02 % of Konsolidator’s share capital after the capital increase.

The new shares are expected to be admitted to trading on Nasdaq First North Growth Market Denmark on or before 14 November 2022 under the ISIN code of Konsolidator’s existing shares (DK0061113511). The new shares will be negotiable instruments, and no restrictions will apply to their transferability. No shares, including the new shares, carry any special rights. The rights conferred by the new shares, including voting and dividend rights, will apply from the date when the capital increase is registered with the Danish Business Authority. The new shares are to be registered in the name of the holder in Konsolidator's register of shareholders.

The board of directors has accordingly exercised a total nominal value of DKK 13,568.52 out of the authorisation pursuant to section 3.1.1. of the articles of association of nominal DKK 180,000.

Credit facility
Konsolidator has as part of securing more capital agreed to a credit facility of DKK 2 million. The three founders of Konsolidator, Claus Finderup Grove, Jack Skov and Lars Paaske, are guaranteeing the credit facility.

CEO, Claus Finderup Grove comments on the funding: “we are satisfied to have secured funding until the end of August 2023 and strengthening our capital base will continue to have a high priority in order to secure financing for the current 2022-24 strategy, Unfolding the potential.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Company announcement no 14 -2022

28 Sep 2022

Læs mere

Press release no 13-2022

Copenhagen, September 28, 2022

Konsolidator adds budgeting and planning to their software

Konsolidator has entered a partnership agreement with the Australian software company, Phocas software, to deliver a budgeting and planning add-on for Konsolidator^®. This means that Konsolidator has strengthened its software by adding an intuitive and modern tool that replaces spreadsheet-based, budgeting, and planning with a standardized solution, just like Konsolidator replaces spreadsheet-based consolidation.

With this software extension, customers can streamline and automate their budgeting, planning, and consolidation with a best-in-class cloud solution that supports all three core processes in group finance.

Konsolidator aims to use cloud-based add-ons and integrations to bring together various types of software that perform specialized functionality in different business areas to give customers more operational capabilities and increase the value of Konsolidator^®.
Phocas is the third add-on to Konsolidator^® that already counts EasyX and Leasify.

The strategic impact
An important part of Konsolidator’s strategy “Unfolding the potential” is to provide value-added applications on top of Konsolidator to address different customer needs without changing the core of the software. This means that Konsolidator can now reach customers that require budgeting and planning capabilities in combination with consolidation and expand the target group.

Konsolidator expects that 5-10 % of their current customers will employ Phocas, which will contribute to higher growth.
On a strategic level, Phocas is also an element in improving the important SaaS metric “Net Retention”.

The full-year guidance will not be revised.

A partnership agreement with international potential

Phocas is sold internationally through independent partners, which offers an opportunity to enter new markets since both software are country agnostic, built on the same technology, and easy to onboard and integrate.

CEO Nils Mandrup, Integrator – distributor of Phocas comments:
"Konsolidator^® and Phocas complement each other perfectly with different cloud solutions to spreadsheet-based consolidation, budgeting, and planning. Both systems handle large data sets much better and faster than Excel and integrate easily with the current business operations, why we see great potential in this partnership delivering significant value for our customer base."

CEO at Konsolidator, Claus Finderup Grove comments:
"In combination, Konsolidator^® and Phocas are a strong solution for group finance, as we can deliver on more extensive operational and financial capabilities. This enables us to attract new customer segments and increase the value of Konsolidator with simple add-ons”.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no 13-2022

22 Sep 2022

Læs mere

Press release no 12-2022

Copenhagen, September 22, 2022

Konsolidator hires a Country Manager for Norway and optimizes the cost structure in Sweden

An important part of Konsolidator’ s strategy” Unfolding the potential” is to explore and penetrate new markets with a high level of cloud maturity as those countries fit well with Konsolidator’s go-to-market strategy.

For the past three years, Konsolidator has been targeting and selling its software in the Swedish market with great success while exploring the interest and market fit in Finland and Norway.
As the former Country Manager for Sweden, Norway, and Finland resigned in July, Konsolidator has decided to split the sales position into two roles to increase growth. One that covers Sweden and Finland and another that covers Norway. Both positions are based at the headquarters in Copenhagen.

The two new Country Managers

Konsolidator has hired Sofie Evander Coe as Country Manager and sales responsible for the Norwegian market. Sofie has 15+ years of experience in sales, comes from a position at Raffle.ai, and brings extensive sales experience from SaaS platforms like SiteImprove and Secunia.

Konsolidator has a strong brand position in Scandinavia and already has customers in Norway, including House of Control and Play Magnus. Konsolidator estimates that the market potential in Norway is similar to Denmark and estimates 10-20 new customers in Norway during 2023.

Additionally, Mouna Klemming-Schmidt has been hired as Country Manager for Sweden and will replace the former Country Manager. Konsolidator estimates that the market potential in Sweden is larger than in Denmark, and so far, Konsolidator has closed 20 new customers in 2022. It is expected that the current growth will continue in 2023.

Mouna has 8+ years of experience in sales from companies like Dixa, Falcon.io, and Microsoft. She comes from a position as Business Development Manager for the Swedish market.

With the new structure of the sales team and an added sales resource, Konsolidator expects that the growth in Sweden and Norway will be higher than the current level.
Sofie and Mouna have joined Konsolidator Headquarters and will drive sales and market expansion from Copenhagen. Konsolidator will close its Swedish office and thereby optimize the cost structure for Sweden.

Guidance will not be changed.

CEO, Claus Finderup Grove comments:
“Konsolidator has a strong solution for markets that are cloud mature, and we have seen the quickest growth in the Nordics. Since we started in Sweden in 2020, Norway was, therefore, already on our radar. So, we are excited to now dedicate a full sales resource to this market. As we now handle all Nordics sales and marketing activities from Copenhagen, we also become more cost-effective. Therefore, we expect to become profitable in Norway within one to two years.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no 12-2022

10 Aug 2022

Læs mere

Company announcement no 13-2022

Søborg, August 10, 2022

Financial report for the period January 1 to June 30, 2022

The H1 2022 results were in line with expectations. Annual Recurring Revenue (ARR) amounted to DKK 15.6m corresponding to an annual growth of 45%. The SaaS metrics improved compared to Q1 2022, with a growth in ARR of DKK 1.3m up from DKK 0.7m for Q1 2022.

Konsolidator is actively seeking to raise DKK 20-25m in further equity capital to restore the negative equity and secure financing for the current 2022-24 strategy, Unfolding the potential.

“Q2 2022 showed good progress especially the Nordics really excelled, and the upsale to current customers also developed positively. We remain confident that Konsolidator has a good market fit in the UK. However, the market penetration takes longer than expected. We are actively seeking financing for our strategy and expect that we will succeed”, says CEO Claus Finderup Grove.

Financial highlights

Revenue in Q2 2022 amounted to DKK 4,0m, an increase of 30% compared to Q2 2021 and for the first half of 2022, revenue increased by 47%, which is in line with expectations.
EBIT for Q2 2022 amounted to DKK (6.8m) compared to DKK (6.5) for Q1 2022. In H1 2022, EBIT was DKK (13.3m) compared to DKK (13.2m) in H1 2021. The reduced cost base, communicated on March 30, 2022, will start to have effect in Q3 2022.
In Q2 2022, Konsolidator issued new shares in a directed issue and a board member exercised warrants totaling gross proceeds of DKK 4m and net proceeds of DKK 3.9m.
Cash and cash equivalents amount to DKK 7.6m on June 30, 2022. Konsolidator has the cash to continue its operations to the end of 2022 but will have to restructure the cost base if no funding is raised during Q3 2022.

SaaS metrics

In Q2 2022, Annual Recurring Revenue (ARR) increased by DKK 1.3m compared to DKK 0.7m for Q1 2022. On June 30, 2022, the total ARR amounted to DKK 15.6m, an increase of 45% compared to June 30, 2021.
The ARR net increase of DKK 1.3m in Q2 2022 has been generated by a cash cost of DKK 6.0m compared to the DKK 7.1m for generating ARR DKK 0.7m in Q2 2021.
The net retention amounted to index 102 as of June 30, 2022, compared to index 101 as of March 31, 2022, primarily from upsale and price increases offset by churn.
On June 30, 2022, the churn for the last 12 months was 8.1%. Up from 7.7% on March 31, 2022. The increased churn occurs primarily during onboarding.
The Customer Acquisition Cost (CAC) divided by ARR has been calculated to be 36 for Q2 2022 compared to 60 for Q1 2022, which is the number of months it will take for the customer to be profitable for the acquired ARR.

Customer growth

Konsolidator signed 22 new customers in Q2 2022 compared to 19 new customers in Q2 2021.
Konsolidator has 245 customers on June 30, 2022, in 20 different countries.
Konsolidator has entered a strategic partnership with Visma e-conomic where Konsolidator is on Visma e-conomic’s marketplace.

Outlook:

The outlook for 2022 as announced in company announcement no 7-2022 March 30, 2022, is maintained as follows:
- Growth rate of 40-60% in revenue and ARR corresponding to 2022 revenue in the range of DKK 18-21m, and ARR in the range of DKK 19-22m at the end of 2022.
- EBIT in the range of DKK (20m) – (15m) in 2022.

Investor webinar
On August 11, 2022 at 15.00 (CET) an investor webinar will be held. Sign up here.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

220810_Konsolidator half-year report 2022

08 Jul 2022

Læs mere

Press release no 11-2022

Copenhagen, July 8, 2022

Konsolidator receives ISAE 3402 certificate

Konsolidator has received an International Standard on Assurance Engagements 3402 (ISAE3402) report, which is an internationally recognized standard that provides assurance to an organization's customers that the organization has adequate internal security controls.

An external auditor has examined the effectiveness of the internal controls and risk management activities in place. The audit statement documents that Konsolidator meets the auditor’s expectations for all controls in scope.

Maximum safety against IT threats

Konsolidator started working on the ISAE3402 certificate in 2021 with a plan to finalize the initiative in Q3 2022.
The ISAE3402 is a type I report that documents a snapshot of Konsolidators internal security controls. Every 12 months, a report that documents and evaluates the previous 12-month period will be developed.

In addition to the ISAE3402 report, Deloitte performs a yearly penetration test to ensure maximum security of the data in Konsolidator.

The strategic and financial impact

The ISAE3402 report is fundamental for fast international growth and a requirement from audit firms to ensure that the financial data being handled is secure and can be trusted. As a cloud software provider with standardized software, Konsolidator^® and Konsolidator Audit^® can be audited for all users at once, whereas on-premise solutions typically need to be handled by each customer at their own expense. This report will therefore help customers save time and cost and differentiate Konsolidator from other providers. Hence the report is an important part of Konsolidator’s growth strategy but does not have an explicit financial impact.

CEO, Claus Finderup Grove comments;

“The ISAE3402 report is a declaration of our security level and an expression of the credibility linked to our software. In financial software sales, this declaration is an important parameter as it serves as a quality criterion that differentiates us from competitors, like on-premise software providers. As our software is standardized, we can investigate and implement the necessary security measures for all customers at once with one ISEA3402 certificate, as opposed to performing separate ISAE3402 reports for each individual customer if the software was customized to each of our users”.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no 11-2022

30 Jun 2022

Læs mere

Press release no 10-2022

Copenhagen, June 30, 2022

Konsolidator enters partnership with consultancy on the German market

Konsolidator has entered a partnership with the German company INSIRE Consulting.
INSIRE Consulting is an experienced partner in group accounting, corporate controlling, and management reporting. The consultancy will act as a referral partner, sending prospective customers to Konsolidator, and an onboarding partner supporting German customers in the technical implementation of Konsolidator.

German market presence with a referral and onboarding partner is part of the market entry strategy for the German and DACH market.

CEO, Claus Finderup Grove comments:
“Germany is one of the biggest markets in Europe and a marketplace dominated by Excel and older legacy consolidation tools, why it is an interesting market to continue to explore.
We already have a German-speaking sales manager, but with a German partner with consolidation expertise, we can also offer onboarding in German and target the German market even stronger.”

Rainer Wollmann at INSIRE comments:
“We assist our clients in software selection, requirements definition, and implementation of financial consolidation solutions. Our focus is to help German companies future-proof their businesses. One way to do so is by implementing cloud software in the finance function, which is why we see an excellent fit for Konsolidator for our customer base.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no. 10-2022

22 Jun 2022

Læs mere

Press release no 9-2022

Copenhagen, June 22, 2022

Konsolidator enters partnership with finance consultancy in the UK

Konsolidator has entered a CaaS partnership (Consolidation as a Service) with the UK company Isosceles Finance Limited. Isosceles are business and corporate advisors to growing companies through finance director services, outsourced accounting, and M&A support as well as HR and payroll services. With the CaaS partnership, Isosceles Finance Limited will use Konsolidator to deliver consolidation and reporting services for their clients.

Entering partnerships with local consultancies is part of the 3-year strategy “Unfolding the potential” to enable further market entry, increase sales through additional channels and drive new revenue.

Increasing sales and market share growth in the UK
Growing the CaaS partner channel in the UK, and globally, is a sales tactic to grow through relationships with others while building brand awareness.

Isosceles is the first Konsolidator CaaS partner in the UK.

The consultancy consists of a team of 50 employees and has a yearly turnover of over £4 million.

Isosceles specializes in supporting tech businesses with their finance and reporting requirements, with approximately 10% of their clients needing consolidation services. Today Iscosceles uses Excel for their consolidation and Xero for the bookkeeping. In February, Konsolidator relea s ed an integ r ation to Xero that now allows Isosceles to improve consolidation time for their clients considerably, which was key to adding Konsolidator to their portfolio.

CEO at Konsolidator, Claus Finderup Grove comments:
“By cooperating with CaaS partners, we can tap into the end-user market through consultancies that distribute and promote our consolidation solution. In this case, we can further educate the accountancy profession on the use of consolidation tools to streamline this often overlooked part of the month-end close routine, through a trusted advisor.
And with our integration to Xero, as one of the most popular cloud ERPs in the UK, all it takes is a click of a button to update all financial figures from Xero to Konsolidator, making our software very easy to work with for both end-users and consultancies.”

CEO at Iscosceles, Mike O’Conelll comments:
“We aspire to provide Consolidation as a Service and Reporting as a Service for our clients. Using Konsolidator we can relieve the pain points that we have experienced with Excel consolidation. With integration to Xero, we can handle the consolidation much more efficiently as we can import all financial figures within seconds. We did a trial of Konsolidator to test the efficiency of the software, and the results convince us that there is a great product-market fit for Konsolidator in our client segment.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no 9-2022

16 Jun 2022

Læs mere

Company announcement no 12-2002

Søborg, 16 June 2022

Konsolidator grants 450,000 warrants

Today, the Board of Directors of Konsolidator A/S has exercised part of its current authorization by issuing 200,000 warrants to the employees of the company and 250,000 warrants to the two board members elected at the ordinary general meeting on March 24, 2022.

CEO, Claus Finderup Grove comments “This is the third time we issue warrants to our employees in the last three years. We want our employees to feel that they are a part of our growth journey and that the work they do every day is important. Having the ability to issue warrants to our employess is a good method for us in order to be able to attract and to retain talented employees”.

The warrants are issued in accordance with the company's guidelines for incentive-based remuneration and the authorization in section 4.1.1 of the Articles of Association.

Each warrant entitles the warrant holder to subscribe for one share of DKK 0.04 in the Company. The exercise price is fixed at DKK 13.09 per share corresponding to the average of the average share price as made public by Nasdaq Copenhagen for the Konsolidator share on the 5 trading days prior to the date on which the Board of Directors decided to grant the warrants. The warrants vest in a series of three (3) successive equal annual installments with the first installment vesting in 2023 on the last day of the calendar month of the execution of this Agreement. Consequently, the last intallment will vest in 2025.

The warrant terms include condition on accelerated vesting in case of change of control, e.g., a takeover bid, resolution, and business transfer.

The detailed warrant terms regarding warrants issued by the Company can be found in the Articles of Association on www.konsolidator.com/investor.

After this grant of warrants the total number of outstanding warrants is 1,259,634.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Company announcement no 12-2022

24 May 2022

Læs mere

Press release no 8-2022

Copenhagen, May 24, 2022

Konsolidator enters strategic partnership with e-conomic

Konsolidator has entered a strategic partnership with the Danish ERP software provider Visma e-conomic to promote Konsolidator as a consolidation add-on for e-conomic's customer base.
With the partnership, Konsolidator^® is now listed within e-conomic's marketplace, where users can find, test, and add the best business integrations and apply them to their e-conomic account.

The partnership with e-conomic is an integrated part of the strategy "Unfolding the potential" where Konsolidator aims to work closely together with providers of cloud ERP systems. With the plug-and-play adoption, Groups using cloud ERP systems can generate high value by adding Konsolidator to their ERP system.

A new sales channel to expand market presence

e-conomic has more than 165,000 customers, of whom approximately 1% are corporate Groups, meaning the total addressable market for Konsolidator^® is 1650 Groups. With the partnership Konsolidator and e-conomic will join forces to market and promote Konsolidator's consolidation app. The partnership will allow e-conomic to fill a product capability gap within their ERP system and increase value creation for customers. In return, it will enable Konsolidator to expand its market presence by opening a new sales channel. The existing integration between Konsolidator^® and e-conomic already allows e-conomic users to connect their financial data from e-conomic to Konsolidator^® to automate their consolidation, but with the presence in e-conomic's marketplace, Konsolidator^® will become much more visible for the users.

Thomas Pedersen, Head of Direct & Partner Sales Visma e-conomic comments:
“Konsolidator is an interesting app for us to add to our portfolio as it means we can offer our clients a consolidation solution and continue to deliver consistent value for our users in additional business areas such as consolidation and reporting. This means that we can satisfy our customer's needs and increase retention in the corporate Groups' customer segment."

Claus Finderup Grove, CEO Konsolidator, comments:
"Our ambition is to become the market leader within group consolidation for e-conomic users by offering a plug-and-play consolidation add-on. With self-onboarding, integration to e-conomic, a free trial, and a listing on the e-conomic marketplace, we see a big potential in e-conomic becoming a fast-growing sales channel. And equally important, a sales channel that allows customers to test and onboard our software themselves without needing personal assistance."

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no 8-2022

18 May 2022

Læs mere

Company announcement no 11-2022

Søborg, May 18, 2022

Timetable adjusted for previously announced capital increase

Konsolidator announced on April 28, 2022 an issue of new shares in a directed issue and the exercise of warrants totaling proceeds of DKK 4 million. The completion of the directed issue has been delayed according to the originally expected timetable and will be completed within a couple of weeks.

Directed issue
On April 28, 2022 Konsolidator A/S (“Konsolidator”) expected that the settlement and payment of the new shares in Konsolidator would be completed no later than May 4, 2022. However, the transaction announced in regards to Konsolidator’s three founders selling shares to a number of investors have not yet been settled. The funds received in connection with the settlement are used for payment of the new shares subscribed in connection with the directed issue.

As part of the directed issue Konsolidator will issue 204,861 new shares at a subscription price of DKK 14.40 per share corresponding to gross proceeds of approximately DKK 3 million.

Completion and registration of the capital increase with the Danish Business Authority, and admittance of the new shares to trading on Nasdaq First North Growth Market is expected to take place within a couple of weeks.

Exercise of vested warrants
The capital increase by a nominal amount of DKK 4,722.20 through the issue of 118,055 new shares relating to the exercised warrants has been registered with the Danish Business Authority on May 3, 2022. The shares were admitted to trading on Nasdaq First North Growth Market on May 6, 2022.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Company announcement no 11-2022 - timeplan change

04 May 2022

Læs mere

Company announcement no 10-2022

Søborg May 4, 2022

Notification of transactions by persons discharging managerial responsibilities and persons closely associated with them in Konsolidator A/S

On April 28, 2022 Konsolidator A/S issued new shares in a directed issue and a board member exercised warrants according to company announcement no 9-2022. The share issue and warrants exercise gave Konsolidator A/S proceeds of DKK 4 million.

In accordance with the Market Abuse Regulation, Konsolidator must notify Finanstilsynet and publicly disclose transactions made by persons discharging managerial responsibilities and persons closely associated with them on trading of Konsolidator shares. Konsolidator A/S hereby notify and submit the following transaction of shares in Konsolidator:

Name:	Cecilia Hultén
Position:	Member of the board
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Purchase of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	28.04.2022
Number of shares	60,763
Share price	11.52
Aggregated price	699.990

Name:	Team FG Invest ApS
Position:	Team FG Invest ApS is indirectly controlled by Claus Finderup Grove, CEO
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Sale of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	28.04.2022
Number of shares	85,358
Share price	11.52
Aggregated price	983.324

Name:	Ved Bækken ApS
Position:	Ved Bækken ApS is indirectly controlled by Jack Skov, CFO
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Sale of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	28.04.2022
Number of shares	85,358
Share price	11.52
Aggregated price	983,324

Name:	Team FG Invest ApS
Position:	Team FG Invest ApS is indirectly controlled by Claus Finderup Grove, CEO
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Purchase of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	28.04.2022
Number of shares	68.287
Share price	14,40
Aggregated price	983,332
Name:	Ved Bækken ApS
Position:	Ved Bækken ApS is indirectly controlled by Jack Skov, CFO
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Purchase of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	28.04.2022
Number of shares	68.287
Share price	14,40
Aggregated price	983,332

Name:	Jesper Eigen Møller
Position:	Member of the board
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Exercise of warrants
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	28.04.2022
Number of shares	118,055
Share price	8,80
Aggregated price	1,038,884

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Company announcement no 10-2022

02 May 2022

Læs mere

Press release no 7- 2022

Copenhagen, May 2, 2022

Konsolidator adds the IFRS 16 tool Leasify to their software

Konsolidator has entered a cooperation agreement with the Swedish cloud SaaS (Software as a Service) company Leasify AB. This means that Konsolidator has strengthened its software by adding an IFRS 16 reporting tool that simplifies how groups account for leases and manage leases to comply with IFRS 16.

IFRS 16 is an international financial reporting standard that many companies need to comply with, and that is greatly sought after by groups and listed companies. The cooperation agreement with Leasify works mutually to promote each software for the respective customer bases and assist customers with both consolidation and IFRS 16 needs.

Using add-ons to enhance the value of Konsolidator® in a best-of-breed model
Integrations between cloud products are a growing trend in finance. In line with the growth strategy Konsolidator aims to use add-ons and integrations to bring together various types of software to increase the value of Konsolidator^® and offer a best-of-breed solution. Leasify is the second add-on to Konsolidator^® that already counts EasyX, a software that provides XBRL reporting.

Increasing demand for IFRS 16 reporting
IFRS 16 was implemented in 2019, and as a result, auditors are paying close attention to leases and IFRS 16 compliance, increasing the need for more accurate and complete financial reports. Leasify assists customers in complying with IFRS 16 by reporting their leasing liabilities and leasing assets and transferring the figures back to Konsolidator^® to gain accurate consolidated statements and reporting.

The software makes the IFRS16 reporting process easy when transferring numbers from local generally accepted accounts principles to the International Financial Reporting Standards.

Making Konsolidator available in a new sales channel
Konsolidator and Leasify share the same target audience. The cooperation agreement, therefore, not only enhances the functional value of Konsolidator^® as software in group finance but also doubles as a sales channel.
For each new signed customer, Konsolidator and Leasify split the subscription fee.

CEO at Leasify, Claes Ivarsson comments:
" Konsolidator^® and Leasify are a perfect match in the mission of helping companies save time on reporting and consolidation. Time saved that can be used on companies' core business. We are looking forward to making complex IFRS16 reporting easy, quick, and accurate for our joined customers within this partnership, to save time and money for corporations and enable them to focus on their core business according to our customer promises. "

CEO at Konsolidator, Claus Finderup Grove comments:
"Leasify and Konsolidator^® complement each other well by providing solutions to different challenges in the consolidation and reporting process. The core of Konsolidator^® is to reduce complexity and increase simplicity in financial consolidation, but by introducing add-ons that perform specialized functions, we can provide customers with even more value and strengthen the use of our software without making it more complex, meanwhile increasing the sales potential."

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no 7-2022

28 Apr 2022

Læs mere

Company announcement no 9-2022

Søborg April 28, 2022

Konsolidator to issue new shares in a directed issue and due to exercise of warrants

Konsolidator announces today the completion of a directed issue and the exercise of warrants totaling proceeds of DKK 4 million which streghthens Konsolidator’s capital base and enables the company to continue its growth journey.

As part of the directed issue Konsolidator A/S (“Konsolidator”) will issue 204,861 new shares at a subscription price of DKK 14.40 per share corresponding to gross proceeds of approximately DKK 3 million. Further, 118,055 new shares will be issued as a result of a warrant exercise of 118,055 warrants at an exercise price of DKK 8.8 per share, corresponding to proceeds of DKK 1 million.

Directed Issue
The directed issue of new shares is directed to the respective holding companies of Konsolidator’s three founders, Claus Finderup Grove, Jack Skov, and Lars Højer Påske.

The subscription price is DKK 14.40 per share, equivalent to the closing price of Konsolidator’s shares today, April 28, 2022. The expected gross proceeds of the subscription is DKK 3 million.

Prior to the subscription of new shares, the respective holding companies of the three founders have sold a total of 256,074 of their shares in Konsolidator to a number of investors, including current Board Member in Konsolidator, Cecilia Hultén, at the closing price of Konsolidator’s shares at April 28 less 20%, equivalent to a price of DKK 11.52 per share and proceeds of DKK 3 million.

The Board of Directors has thus exercised a nominal value of DKK 8,194.44 out of its authorisation to increase the share capital without pre-emption rights for Konsolidator’s existing shareholders according to article 3.1.1 of the articles of association.

Exercise of vested warrants
In March 2019 Board Member Jesper Eigen Møller was granted 125,000 warrants, each of which entitles to subscribe for one share in Konsolidator at an exercise price of DKK 8.8 per share.

118,055 of the warrants have vested and been exercised by Jesper Eigen Møller. Payment of the total subscription amount will result in proceeds of DKK 1 million to Konsolidator.

The Board of Directors has decided to carry out the capital increase relating to the exercised warrants. As a result of the capital increase, the share capital of Konsolidator will be increased by a nominal amount of DKK 4,722.20 through the issue of 118,055 new shares.

Registration of capital increase
Subject to settlement, the new shares issued as a result of the directed issue and the exercise of warrants will be registered at the Danish Business Authority, and the share capital will increase by 322,916 shares to 15,777,462 shares each with a nominal value of DKK 0.04. The company will have a registered share capital of nominal DKK 631,098.48 after registration of the capital increase.

The new shares are expected to be admitted to trading on Nasdaq First North Growth Market Denmark on May 6, 2022 under the ISIN code of Konsolidator’s existing shares (DK0061113511).

The new shares will rank pari passu with the existing shares in Konsolidator. The new shares will be negotiable instruments, and no restrictions will apply to their transferability. No shares, including the new shares, carry any special rights. The rights conferred by the new shares, including voting and dividend rights, will apply from the date when the capital increase is registered with the Danish Business Authority. The new shares are to be registered in the name of the holder in Konsolidator's register of shareholders.

Strengthening the capital base
Claus Finderup Grove, CEO, comments: “We are happy to welcome our new shareholders in Konsolidator and to experience such a strong commitment from our two board members Cecilia Hultén and Jesper Eigen Møller. We will continue to focus on delivering on our growth strategy 2022-2024, Unfolding the potential including strengthening our capital base further and we look forward to keeping you updated on the progress.”

The guidance for 2022-2024 remain unchanged according to our company announcement on March 30, 2022.

Expected timetable

May 4, 2022: Settlement and payment for the new shares
May 4, 2022: Registration of the capital increase with the Danish Business Authority
May 6, 2022: Shares to be admitted to trading on Nasdaq First North Growth Market

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Company announcement no 9-2022

27 Apr 2022

Læs mere

Company announcement no 8-2022

Søborg, April 27, 2022

Financial report for the period January 1 to March 31, 2022

The Q1 2022 results were in line with expectations. Annual Recurring Revenue (ARR) amounted to DKK 14.3m corresponding to an annual growth of 55%. Konsolidator has implemented a cost-saving program to improve profitability and SaaS metrics. The outlook for 2022, as revised on March 30, 2022, is maintained.

“It has been an intense first quarter and we are satisfied with the outcome. Our strategy ‘Unfolding the potential’ came off to a good start with our new integration center providing users with an easier, quicker, and more safe way of transferring data to Konsolidator^®. To support our continued growth journey, we expect to secure additional funds during Q2 2022”, says CEO Claus Finderup Grove.

Financial highlights

Revenue for Q1 2022 amounted to DKK 3.7m compared to DKK 2.2m the same period in 2021, corresponding to an increase of 71%, which is above expectations.
EBIT for Q1 2022 amounted to DKK (6.5m) compared to DKK (6.2m) for the same period as last year.
By reference to company announcement no. 7-2022, Konsolidator has reduced the cost base by a staff reduction to improve profitability and key SaaS metrics. The effects will show during the second half of 2022.
Cash and cash equivalents amount to DKK 9.9m on March 31, 2022.
Total equity March 31, 2022 was negative by DKK 1.6m.
Konsolidator expects to reestablish the equity in Q2 2022.

SaaS metrics

Annual Recurring Revenue (ARR) amounted to DKK 14.3m on March 31, 2022, an increase of 55% compared to March 31, 2021, which is in line with our expectations of an increase of 40-60%.
The increase in ARR by DKK 0.7m in Q1 2022 has been generated by a cash cost of DKK 7.1m
The net retention amounted to index 101 primarily from upsale and price increases offset by churn.
The annualized churn increased to 7.7% as per March 31, 2022, from 4.1% as per December 31, 2021.
The Customer Acquisition Cost (CAC) divided by ARR has been calculated to 60, which is the number of months it will take for the customer to be profitable for the acquired ARR.

Customer growth

Konsolidator signed 15 new customers in Q1 2022 compared to 19 new customers in Q1 2021.
Konsolidator has 227 customers on March 31, 2022, in 19 different countries.
Konsolidator continues to see an interest for Konsolidator Audit^®. One new audit customer signed up in Q1 2022.

Outlook:

Demand in Konsolidator’s main markets is in line with expectations thus outlook for 2022 as announced in company announcement no 7-2022 March 30, 2022, is maintained as follows:
- Growth rate of 40-60% in revenue and ARR corresponding to 2022 revenue in the range of DKK 18-21m, and ARR in the range of DKK 19-22m at the end of 2022.
- EBIT in the range of DKK (20) – (15m) in 2022.

Investor webinar
On April 29, 2022 at 15.00 (CET) an investor webinar will be held. Sign up here.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg @konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator Q1 report 2022

19 Apr 2022

Læs mere

Press release no 6-2022

Søborg, April 19, 2022

Konsolidator releases free trial for Xero users
Konsolidator, the leading financial consolidation company, announced today that they have released free trial for Xero ERP users. With a free trial, Xero users can sync their ERP data with Konsolidator^® and try the software first-hand before committing.

In line with the 3-year growth strategy, Konsolidator is now ready to offer free trials for Xero ERP users. Shortly after, free trials will also be available to cloud ERP users of Microsoft Business Central, Sage, Quickbooks, e-conomic, and Fortnox.

Lowering the cost of new customer acquisition with 14-day free trials
In combination with the previous cloud ERP integration and self-onboarding releases, Konsolidator expects free trials to open up new sales channels. Xero users can now try Konsolidator^® without a pre-sales process and onboard the software by themselves through video tutorials from the online help center. This will allow Xero users around the world to try Konsolidator without needing personal assistance, as the ERP integrations make the onboarding a “plug and play” process.

Konsolidator’s free trial gives prospects access to the basic features and functions of the software in two weeks.

CEO Claus Finderup Grove comments:
“Try it before you buy it” is the strategy behind offering free trials. We want users to experience our software themselves before they commit, to clearly see how our consolidation software will make them more efficient. In that way, we practically let the software sell itself. It’s a very transparent way of selling and letting customers know precisely what they can expect when they become customers. We believe the free trial option is revolutionary within financial consolidation software.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no 6-2022

30 Mar 2022

Læs mere

Company announcement no 7-2022

Søborg March 30, 2022

Konsolidator reduces cost base - improving EBIT guidance from 2022-2024

Konsolidator reduces the cost base to improve profitability and key SaaS metrics. The growth in revenue and Annual Recurring Revenue (ARR) is sustained but Konsolidator reduces staff from 38 to 31, corresponding to 18%. The cost reduction is primarily in the development department postponing part of the planned product road map. The reduction improves the EBIT guidance by DKK 2 – 4 million in 2022 and DKK 5 – 7 million in 2023 reaching break-even in 2024.

CEO Claus Finderup Grove comments: “It is with great sadness that we have to dismiss 7 employees in order to adjust our cost base. Konsolidator is a people’s business and attracting highly qualified employees is important for Konsolidator to succeed. We believe that the team we have in place will continue to deliver on our strategic promises unfolding the potential in the years to come.”

Adjusting the cost base
Konsolidator is a growth company both focusing on top-line growth as well as a tight cost control. Growing ARR is the main focus but will be balanced with a tighter cost control going forward.

The cost adjustment includes employees as well as other cost reducing measures and will have effect from the second half of 2022 and the adjustment will reduce the cost base by DKK 2 – 4 million in 2022. The full effect of the adjustment will be reached in 2023 and 2024 where a cost reduction of DKK 5 – 7 million is expected.

CFO Jack Skov comments: “We have recognized the need for a tighter cost focus to improve our Cash Flow from Operations. The full effect of the cost reduction of DKK 5 – 7 million will be visible in 2023 and is a reduction of approximately 15%. The reduction will make it possible to reach break-even a year earlier than originally anticipated.”

The cost reduction will not affect the growth rates on ARR and revenue in 2022-2024 which will remain at 40 – 60% growth. The cost reduction will improve the EBIT guidance for 2022 by DKK 2 – 4 million from DKK (23) – (18) million to DKK (20) – (15) million. In 2023 the EBIT guidance will improve by DKK 5 – 7 million to DKK (11) – (5) million reaching break-even in 2024.

Outlook 2022-2024

DKK million	2022	2023	2024
ARR and revenue growth	40 – 60%	40 – 60%	40 – 60%
ARR (unchanged)	19 - 22	27 - 35	37 - 55
Revenue (unchanged)	18 - 21	25 - 33	35 - 54
EBIT (Previous guidance)	(23) – (18)	(18) – (11)	(5) - 5
EBIT (New Guidance)	(20) – (15)	(11) – (5)	0 - 10

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Company announcement no 7-2022

24 Mar 2022

Læs mere

Company announcement no. 6-2022

Søborg March 24, 2022

Proceedings at the Annual General Meeting on March 24, 2022

The Annual General Meeting of Konsolidator A/S took place on March 24, 2022 at Konsolidator A/S, Vandtårnsvej 83A, 2860 Søborg, in accordance with the agenda.

Thomas á Porta, CEO Formpipe Software A/S and Claus Jul Christiansen, former Director, Microsoft Denmark & Iceland, were proposed and elected as new members of the Board of Directors.

The board of directors elected Søren Elmann Ingerslev, attorney-at-law, as chairman of the meeting.

CEO, Claus Finderup Grove, accounted for the company's activities in the past year and the shareholders took note of the presentation. The audited annual report for 2021 was presented and approved by the General Meeting.

In regard to appropriation of profits or covering losses appearing from the annual report, the General Meeting approved, in accordance with the adopted annual report and the board of directors’ proposal, that the result of the financial year 2021 is transferred to the next financial year and that no dividend is paid out.

All board members were re-elected. Thomas á Porta and Claus Jul Christiansen were proposed and elected as new members of the Board of Directors (see attached curricula).

Deloitte Statsautoriseret Revisionspartnerselskab was re-elected as auditor.

The minutes of the Annual General Meeting is available at https://konsolidator.com /investor/ and attached to this announcement.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachments

11 Mar 2022

Læs mere

Press release no 5-2022
Søborg, March 11, 2022

Konsolidator signs referral partner agreement with an alliance of 21 independent companies

Konsolidator, the leading financial consolidation company, announced today that a partnership agreement has been signed with Delphi Alliance, an international partner alliance currently representing 21 independent companies across Greece, Cyprus, and Israel.

Konsolidator launched its referral partner program in October 2021 and aims to use referral partners as a global market entry strategy.

Referral partners - a sales channel that supports growth globally
Konsolidator´s 3-year growth strategy (2022-2024) aims to increase the number of customers in new markets using the partner channel to obtain a more efficient customer acquisition approach. Konsolidator appointed a Head of Global Sales in April 2021 to further develop the partner strategy, including how Konsolidator can develop faster in new markets in collaboration with partners.
Today, Konsolidator has 22 referral partners and 11 sales partners.

The partnership with Delphi Alliance, who is currently servicing, amongst other disciplines, accounting and auditing in Greece and Cyprus, is exceptional because its an agreement with an alliance of 21 independent companies and not just a single company. In this way, the agreement with Delphi Alliance differentiates from the rest of Konsolidator´s referral partners and allows Konsolidator to reach a much broader and international target audience.

CEO Claus Finderup Grove comments:
“Referral partners is an important channel for us to speed up our sales efforts as it allows us to expand rapidly outside our main markets. Referral partners work as affiliates promoting our software in their network and helping us generate sales. In return for referring sales meetings, they earn a commission. Because of their strong professional network, referral partners tend to bring in high-quality sales meetings resulting in faster conversions.”

Delphi Alliance – from 3 to 38 countries by 2025
Delphi Alliance is an alliance of independent firms that services clients locally and globally through their fellow alliance members. Currently, the alliance covers three countries but has a strategic goal of covering 38 countries before 2025. The members of the alliance offer services within 12 professional lines, including accounting and auditing in industries such as Real Estate, Hotel and Leisure, and Shipping.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no 5-2022

04 Mar 2022

Læs mere

Company Announcement no 5-2022

Søborg, March 4, 2022

Notification of transactions by persons discharging managerial responsibilities and persons closely associated with them in Konsolidator A/S

Søren Elmann Ingerslev, Chairman of the Board of Konsolidator A/S has through his holding company sold shares in Konsolidator A/S. The reason for the sale of shares has been to pay the tax on the unrealized profit (market-to-market/lagerbeskatning) as the Konsolidator share price increased from DKK 12.3 per share to DKK 32.0 per share in 2020.

Name:	Ingerslev ApS
Position:	Ingerslev ApS is indirectly controlled by Søren Ingerslev, Chairman of the board
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Sale of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	28.02.2022
Number of shares	14,506
Share price	11.73
Aggregated price	170,091.05

Name:	Ingerslev ApS
Position:	Ingerslev ApS is indirectly controlled by Søren Ingerslev, Chairman of the board
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Sale of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	01.03.2022
Number of shares	40,516
Share price	10.3762
Aggregated price	420.401,95

Name:	Ingerslev ApS
Position:	Ingerslev ApS is indirectly controlled by Søren Ingerslev, Chairman of the board
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Sale of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	02.03.2022
Number of shares	31,867
Share price	9.00
Aggregated price	286,803.00

Name:	Ingerslev ApS
Position:	Ingerslev ApS is indirectly controlled by Søren Ingerslev, Chairman of the board
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Sale of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	03.03.2022
Number of shares	21,111
Share price	9,00
Aggregated price	189,999.00

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Company announcement no 5-2022

04 Mar 2022

Læs mere

Press release no 4-2022

Søborg, March 4, 2022

Konsolidator releases self-onboarding

Konsolidator, the leading financial consolidation company, announced today, that self-onboarding has been added to optimize and strengthen the user journey. Self-onboarding will make it possible to scale the onboarding process, and in addition, self-onboarding is an important next step towards enabling free trial, which Konsolidator will launch in H2 2022.

In line with the 3-year growth strategy, Konsolidator is now ready to offer self-onboarding supported by a help center with video tutorials and guides that ensure customers move seamlessly and quickly through the process.

Self-onboarding resonates well with cloud ERP users
The self-onboarding resonates well with Konsolidator's cloud ERP integrations - Sage, Xero, QuickBooks, Fortnox, Visma e-conomic, and Microsoft Business Central 365. The integrations simplify the onboarding process making it possible for smaller groups to self-onboard by using video tutorials and Konsolidator's support help center. In this way, customers can do self-onboarding from anywhere and anytime, corresponding with the increasing demand for flexibility in time planning.

Preparing for a growing demand globally
From a business perspective, self-onboarding ensures faster onboarding without hiring more employees. It eliminates potential bottlenecks in the 1:1 onboarding process and the barriers of different time zones that are otherwise likely to delay the onboarding. With self-onboarding, Konsolidator^® becomes, if not the first, then one of the first consolidation software globally that offers fast and intuitive self-onboarding. Customers can continue choosing a managed onboarding, which larger groups are expected to demand.

CEO Claus Finderup Grove comments:
"Simplicity has always been a core value for us, and this goes for our onboarding as well. And for two reasons. First of all, a simple and intuitive onboarding allows the customers to do it themselves, which allows them to get started sooner and get to know the product's value sooner. And secondly, self-onboarding makes our business model more scalable, contributing to higher and faster customer conversion rates."

Later in H2, 2022 Konsolidator will release free trails to enable users of cloud ERP systems to onboard and try Konsolidator^® in a free trial period. In combination, these releases significantly increase the time-to-value of the software and the affordability, especially of the lower customer segment due to scarcity of resources.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no 4-2022

03 Mar 2022

Læs mere

Company announcement no 4-2022

Søborg, March 3, 2022

Notice to annual general meeting in Konsolidator A/S

Notice is hereby given to shareholders in Konsolidator A/S of ordinary general meeting scheduled for March 24, 2022 at 15:00. The ordinary general meeting can be attented both virtual and in person.

Investors who wish to attend the ordinary general meeting virtually the webcast link will be open from March 18, 2022 in the Investor Portal.

Enclosed please find notice and agenda for the ordinary annual general meeting.

Attachments

Notice to ordinary general meeting 2022 / Indkaldelse til ordinær generalforsamling 2022
Ordering of admission card / Bestilling af adgangskort
Proxy and postal vote form / Fuldmagt og brevstemme

For further information please contact: Chairman of the Board Søren Elmann Ingerslev, at 3031 9451.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachments

25 Feb 2022

Læs mere

Press release no 3-2022

Søborg, February 25, 2022

Konsolidator releases integrations to leading ERP systems

Konsolidator, the leading financial consolidation company, announced today the launch of four integrations to the popular cloud ERP-systems Xero, Sage, QuickBooks, and Fortnox. This is in line with Konsolidator’s new 3-year growth strategy, Unfolding the potential, focusing on reaching a global customer base with a higher value proposition. By using the “plug-and-play” integration, customers will reduce consolidation time even more and eliminate the risk of errors in the tedious data upload process, which will improve the Return On Investment (ROI) of using Konsolidator®.

CEO Claus Finderup Grove comments:
“It is our vision to become the preferred consolidation add-on to cloud ERP systems globally and to make the consolidation process as fast and easy as possible. With the 4 new ERP integrations, we boost not only the usefulness of our software, but we also increase the ease of use which is key to converting new customers and retaining the current.”

4 new ERP integrations creating customer value

The new cloud ERP integrations support current customer demands and new customer segments in mainly the USA, UK, Ireland, and Sweden. All markets have a high level of digital maturity and adaption of cloud tools and use integrations to increase business flexibility and minimize costs. The 4 new integrations bring the total number of integrations in Konsolidator to 6 as Visma e-conomic and Microsoft Business Central 365 was launched in 2021.

The integrations enable customers to easily synchronize their financial data with Konsolidator by connecting their ERP data to Konsolidator. This maximizes efficiency, improves data accessibility, quality, and productivity, and minimizes manual work and eliminates the risk of errors in the consolidation process.

The first step towards free trials

The new integrations to the large cloud ERP systems in the English-speaking countries are the first step towards providing free trials of Konsolidator. As part of the newly launched strategy, Konsolidator will offer free trials during H2 2022. This taps into the trends in SaaS software of “try-before-you-buy.”

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no 3-2022

09 Feb 2022

Læs mere

Company announcement no 3-2022

Søborg, February 9, 2022

Konsolidator’s growth continued in 2021 with ARR of 70%

Konsolidator accelerated growth in Q4 2021 adding 25 new customers to the portfolio, corresponding to Annual Recurring Revenue (ARR) of DKK 1.6m. For the full year 2021, ARR totalled DKK 13.6m in line with expectations.

"It has been a great year. The growth platform was strengthened with the establishment of the UK business, we moved to new headquarters in Copenhagen, appointed a new Chief Technology Officer (CTO), and recruited additional employees. Outlook for 2022 looks bright rolling out our new three year growth strategy, “Unfolding the potential” and expectations for ARR is in the range of DKK 19m-22m by the end of 2022,” says Claus Finderup Grove, CEO.

2021 Financial Highlights

ARR amounted to DKK 13.6m compared to DKK 8.0m in 2020, corresponding to an increase of 70%. The distribution has been as follows:
- Denmark: DKK 7.6m
- Other Nordic countries: DKK 3.0m
- United Kingdom and Ireland: DKK 1.3m
- DACH region: DKK 0.8m
- Rest of the World: DKK 0.9m

Revenue amounted to DKK 13.0m compared to DKK 7.5m in 2020, corresponding to an increase of 72%. The contribution margin was 95% compared to 96% in 2020.
- EBIT amounted to DKK (24.2m) compared to DKK (15.2m) in 2020.
- Total cash and cash equivalents amounted to DKK 17.2m at the end of 2021 compared to DKK 18.7m at the end of 2020.
The total equity amounted to DKK 4.9m as per December 31, 2021 compared to DKK 26.3m a year before.

Outlook

Expected growth in revenue and ARR of 40 - 60% corresponding to revenue in the range of DKK 18-21m and ARR in the range of DKK 19-22m by the end of 2022.

Expected EBIT in 2022 in the range of DKK (23-18m).
Three year expectation for revenue and EBIT are in the ranges of DKK 35m-54m and (5)-5m by the end of 2024.

Annual Report 2021
Konsolidator’s Annual Report 2021 is included in this announcement and can be found on Konsolidator’s investor website.

Investor webinar
On 10 February 2022 at 15.00 (CET) an investor webinar will be held. Sign up using this link You can register for the webinar here.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachments

28 Jan 2022

Læs mere

Press release no 2, 2022

Søborg 28, 2022

Konsolidator releases ERP integration Center to enable easy connections to global cloud ERP systems

Today, Konsolidator launched a new product – a cloud ERP integration center to enable easy connections to global cloud ERP systems and reach a broader customer base in line with the newly released strategy "Unfolding the potential". The ERP integration center allows users worldwide to quickly transfer financial data directly from their ERP system as Microsoft Business Central to Konsolidator, thereby improving data accessibility, quality, and productivity in the consolidation process. With the release, enterprises who use multiple ERP systems can upload all their financial data from the entire group to Konsolidator within seconds.

Simplifying the consolidation process
"We constantly focus on simplifying the consolidation process, and the integration center is yet another step in simplifying the customers´ consolidation process even further. Currently, Konsolidator integrates with Visma e-conomic and Microsoft Business Central, but shortly we are releasing integrations to support global cloud ERP systems like Xero, Sage, and QuickBooks, and can tap deeper into the big market of English-speaking countries,” says Claus Finderup Grove, CEO.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Attachment

Press release no 2-2022

20 Jan 2022

Læs mere

Press release no 1, 2022

Søborg, January 20, 2022

Konsolidator confirms its new sales strategy by signing the first customer through a referral partner

On January 4, 2022, Konsolidator launched the new 3-year strategy, Unfolding the potential, focusing on growing the business through new cost- and time-effective sales channels.

One of the new sales channels is a referral partner program. The program was launched in Q4, 2021, and has now generated its first customer.

Referral partners is a new sales channel to maximize brand reach
Referral partners work as independent business associates that recommend Konsolidator to prospective customers around the world and, in return, earn a one-time referral fee.
Signing the first customer through a referral partner shortly after launching the program is therefore of strategic importance as it demonstrates the potential and execution of the recently announced growth strategy.

Growing the partner network in 2022 to generate a higher volume of sales leads
Konsolidator launched the referral partner program on their website in October 2021 and signed the first customer through a partner in December 2021. Since the launch Konsolidator has engaged approximately ten referral partners across Europe.

The referral partner who helped Konsolidator gain the first referral customer is a Danish consultancy.

Claus Finderup Grove, CEO, comments:

“Our referral partner program is a new and additional sales tactic to help us reach new prospects globally through the relationships of others. In 2022 our focus is to grow the referral network in markets where we are not represented yet and generate a higher volume of leads from this channel”.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com

Attachment

Press release no 1-2022

11 Jan 2022

Læs mere

Company announcement 2-2022

Søborg, January 11, 2022

Konsolidator announces new strategy and outlook for 2022-2024

Konsolidator announces a new strategy, Unfolding the potential, for the period 2022-2024. Focusing on a more efficient customer acquisition approach, Konsolidator introduced a new pricing model by January 1, 2022 including Free-onboarding and will introduce, Self-onboarding and Free trials during 2022. The new strategy is anchored in a prioritized focus on improving profitability by a tighter cost focus, which impacts the Annual Recurring Revenue (ARR) growth rate. Konsolidator expects an ARR between DKK 37-55m by the end of 2024, corresponding to an annual growth of 40-60%, which is an adjustment from previously announced 57m by the end of 2023.

Attached: The full outlook and strategy announcement

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Konsolidator_Company announcement no 2-2022

04 Jan 2022

Læs mere

Company announcement 1-2021

Søborg, January 4, 2021

Konsolidator realized 70% growth in Annual Recurring Revenue in 2021

Konsolidator A/S continued the strong development in Q4 2021 both in Denmark and internationally, including a record high December with 14 new customers. In line with expectations, Konsolidator realized 70% growth in Annual Recurring Revenue (ARR) in 2021.

In Q4 2021, Konsolidator experienced a high demand for the company's financial consolidation software, thus in line with expectations, Konsolidator achieved an Annual Recurring Revenue (ARR) of DKK 13.6 million, corresponding to a growth of 70% in 2021 (2020: DKK 8.0 million). Since the IPO in May 2019, Konsolidator has achieved a growth in ARR of 318%.

14 new customers in December 2021
Konsolidator had a record high December with 14 new customers, including the first audit customer in the UK. In total, Konsolidator signed 25 new customers in Q4 2021. The positive development covers all four main markets with 8 new customers in Denmark, 2 in Sweden, and 4 from UKI.

At the end of 2021, Konsolidator had 224 customers in 18 countries, which is an increase of 86 customers, up from 138 customers in 12 countries in 2020.

Claus Grove Finderup, CEO at Konsolidator comments: "In 2021, we delivered on both our operational and financial targets. We realized growth in ARR of 70%, and since the IPO in May 2019, Konsolidator has realized a growth in ARR of 318%, which underlines our solid growth case. We have invested a huge number of resources building a strong foundation internationally, and at the threshold to 2022, we are confident of growing both the top line and the profitability in the future."

The Annual Report for 2021 will be released on February 9, 2021

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

Attachment

Company announcement no 1-2022

21 Dec 2021

Læs mere

Press release no 9-2021

Søborg, December 21, 2021

First UK Audit Client for Konsolidator

Konsolidator has signed an agreement with a leading UK Accountancy Firm to provide Konsolidator Audit. Konsolidator Audit delivers a SaaS solution the automates clients’ group consolidations. The Top 100 Firm selected Konsolidator, so that they can use innovative technology as an enable to save costs, whilst delivering accurate consolidated statements to their clients.

This agreement is the first Konsolidator Audit client in the UK. So far, Konsolidator’s customer base comprises types of clients who want to simplify their financial consolidation and internal financial reporting, but with this agreement, Konsolidator enters a new customer segment. Public accounting firms around the world mainly use Excel spreadsheets when preparing their client’s financial consolidation but with Konsolidator the public accounting firms may digitalize their internal processes and, at the same time, increase the quality of work and save substantial amounts of cost.

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 83A
2860 Søborg
www.konsolidator.com

Attachment

Press release no 9-2021

15 Dec 2021

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Company Announcement no 17-2021

Søborg, December 15, 2021

Notification of transactions by persons discharging managerial responsibilities and persons closely associated with them in Konsolidator A/S
In accordance with the Market Abuse Regulation, Konsolidator must notify Finanstilsynet and publicly disclose transactions made by persons discharging managerial responsibilities and persons closely associated with them on trading of Konsolidator shares. Konsolidator A/S hereby notify and submit the following transaction of shares in Konsolidator:

Name:	Cecilia Hultén
Position:	Board member at Konsolidator A/S
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Purchase of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	13.12.2021
Number of shares	6,216
Share price	14.69897
Aggregated price	91,368.80

Name:	Cecilia Hultén
Position:	Board member at Konsolidator A/S
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Purchase of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	10.12.2021
Number of shares	2,639
Share price	14.00
Aggregated price	3,850.30

Name:	Cecilia Hultén
Position:	Board member at Konsolidator A/S
Name of issuer	Konsolidator A/S
ISIN Code:	DK0061113511
Type of securities	Shares
Type of transaction	Purchase of shares
Market for the transaction	Nasdaq First North Growth Market Denmark
Date of trade	01.09.2021
Number of shares	3,000
Share price	19.48
Aggregated price	58,440

About Konsolidator

Contacts
CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Konsolidator A/S
Vandtårnsvej 83A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachment

Company announcement no 17-2021

08 Dec 2021

Læs mere

Company announcements no 16-2021

Søborg, 8 December, 2021

Grant of warrants

Today, the Board of Directors of Konsolidator A/S has exercised part of its current authorization by issuing 500,000 warrants to two board members and management.

The warrants are issued in accordance with the company's guidelines for incentive-based remuneration and the authorization in section 4 of the Articles of Association.

Each warrant grants the holder the right to subscribe for one share of DKK 0.04 in the Company. The exercise price is fixed at DKK 14.08 per share corresponding to the average of the average share price as made public by Nasdaq First North Growth Market for the Konsolidator share on the 5 trading days prior to the date on which the Board of Directors decided to grant the warrants. The warrants will vest with a third in 3 annual installments starting from January 1, 2022. Warrants that have not been exercised will expire automatically on December 31, 2026. Warrants can be exercised in a period of four weeks after the Company’s announcements of the annual report and interim reports.

The program includes condition on accelerated vesting in case of change of control, e.g., a takeover bid, resolution, and business transfer.

The detailed terms of all warrants issued by the Company can be found in the Articles of Association on www.konsolidator.com/investors.

Contacts
CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Konsolidator A/S
Vandtårnsvej 83A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachment

Company announcement no 16-2021

27 Oct 2021

Læs mere

Company announcement no 15-2021

Søborg, October 27, 2021

Financial report for the period January 1 to September 30, 2021

HIGHLIGHTS

Annual Recurring Revenue (ARR) amounts to DKK 12m on September 30, 2021, an increase of 74% (YoY) compared to September 30, 2020 which is in line with our expectations of an increase of 70-90 % at year-end (13.5-15 million).

Revenue for the first nine months in 2021 amounted to DKK 8.6m compared to DKK 4.8m the same period in 2020. An increase in revenue of 80%.
EBITDA for the first nine months amounted to DKK –16.7m compared to DKK -10.2m for the same period as last year.
The total equity amounted to DKK 11.6m on September 30, 2021 compared to DKK 26.3m at December 31, 2020
On September 1, Konsolidator received proceeds from a convertible loan agreement of net DKK 23.6m to support future growth (see company announcement no 13). The total cash and cash equivalents amounted to DKK 24.8m on September 30, 2021 compared to DKK 18.7m on December 31, 2020.

Markets:

Konsolidator signed 25 new customers in Q3 2021 compared to 15 new customers for Q3 2020.
Konsolidator continues focusing on the three main markets: Nordics, UKI (UK & Ireland) and DACH (Germany, Austria, and Switzerland).
Nordics: Growth remains strong in the Nordics where Konsolidator has signed 15 customers in Q3 2021. Total ARR in the Nordics on September 30, 2021, amounted to DKK 9.4m compared to DKK 5.8m in 2020 (growth of 62%).
UKI: Konsolidator’s main focus for UKI (UK & Ireland) is still to continue to build a strong sales pipeline. Konsolidator has signed 3 customers in Q3 2021, and total ARR in UKI on September 30 is DKK 1m compared to DKK 0.6m last year (growth of 67%).
DACH: Konsolidator has entered an agreement with a sales rep- resentative in Q3 focusing on growing the sales pipeline. In Q3 2021 Konsolidator signed 4 customers in DACH, and as per September 30, the total ARR in DACH amounted to DKK 0.7m compared to DKK 0.2m in 2020 (growth of 250%).
Rest of world: Konsolidator has signed 3 new customers totaling an ARR of DKK 0.9m on September 30, 2021, compared to DKK 0.3m last year (growth of 200%).
Konsolidator has 202 customers on September 30, 2021, in 17 different countries.

Organization:

Konsolidator has 37 employees as per September 30, 2021 compared to 26 employees the year before.
During Q3 2021, Konsolidator has engaged three Polish software developers.

Outlook:

The direct sales model is performing as expected and we expect that the direct sales in Nordics, UKI and DACH will remain strong for the rest of the year.
Konsolidator continues to see an interest for Konsolidator Audit® especially from the UK market. Two pilot projects have been initiated in Q3 2021 but no audit firms have been signed yet. Konsolidator is looking for a sales representative for Konsolidator Audit® based in London.

Contacts
CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Konsolidator A/S
Vandtårnsvej 38A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachment

CONSOLIDATED INTERIM FINANCIAL REPORT Q3 2021

07 Oct 2021

Læs mere

Company announcement no. 14-2021

Søborg, 7 October, 2021

Konsolidator enters corporate research agreement with SEB
Konsolidator has entered a paid corporate research agreement with Skandinaviska Enskilda Banken AB (SEB). SEB will start covering the Konsolidator share on the Nasdaq First North Growth Market and an initial coverage report will be prepared. SEB will continuously update the report and valuation when important announcements are made.

Konsolidator is paying an annual fee for the coverage.

About Konsolidator

Contacts
CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Konsolidator A/S
Vandtårnsvej 38A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachment

Company announcement no 14-2021

30 Sep 2021

Læs mere

Press release, no. 8-2021

Søborg, September 30, 2021

Konsolidator signs customer number 200

Today Konsolidator has signed its customer number 200 and reached a new milestone in the customer growth and the ARR.

The customer number 200 reflects the increasing demand that Konsolidator has experienced during 2021. It is a symbol of how the past year has emphasized and underlined the efficiency of cloud software in finance which has accelerated the speed of how companies adopt the new technology.

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 83A
2860 Søborg
www.konsolidator.com

Attachment

Press release no 8-2021

30 Aug 2021

Læs mere

Company Announcements no 13-2021

Søborg, August 30, 2021

Convertible loan issue completed

Following the Extraordinary General Meeting of Konsolidator A/S held on Thursday, August 26^th 2021 and in accordance with company announcement no. 8 of July 21st 2021, the Board of Directors has today used its authorization in section 4.5 of the company’s articles of association to issue a convertible loan and to resolve on the related capital increase.

The loan agreement involves a convertible loan with a principal amount of DKK 25 million from Formue Nord to Konsolidator. The loan will be disbursed in one installment and will be available to Konsolidator on September 1st 2021. A 5.5% commitment fee will be paid to Formue Nord, resulting in DKK 23.6 million in net proceeds to the company. The interest is 8% pro annum and is payable quarterly. Konsolidator has the right to repay the loan at any time upon 14 days’ notice. In this event Formue Nord may choose to receive cash repayment or convert into shares. The loan is repayable in full on September 1st 2023.

The Loan provides a right, but not an obligation, for Formue Nord to convert the loan, in whole or in part, into shares in Konsolidator at a share price of DKK 25.00 per share. Consequently, if the full loan amount of DKK 25 million is converted into shares in Konsolidator at this share price, 1 million new shares will be issued, corresponding to a nominal value of DKK 40,000. In the event that Konsolidator will issue shares at a lower share price prior to the repayment or conversion of the loan the share price at which Formue Nord may convert the loan into shares will be reduced accordingly.

Contacts
CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

About Konsolidator
Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making.

Konsolidator A/S
Vandtårnsvej 83A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachment

Company announcement no 13 2021

26 Aug 2021

Læs mere

Company announcement no 12-2021

Søborg, August 26, 2021

Proceedings at the Extraordinary General Meeting on August 26, 2021

The Extraordinary General Meeting of Konsolidator A/S took place on August 26, 2021 at Konsolidator A/S, Vandtårnsvej 83A, 2860 Søborg, in accordance with the agenda.

The board of directors elected Søren Elmann Ingerslev, attorney-at-law, as chairman of the meeting.

The board of directors had proposed that the board of directors is authorized to issue a convertible loan and to resolve on the related capital increase with a nominal value of up to DKK 40,000. The authorization was proposed to be valid until 1 September 2023. Consequently, it was proposed to amend the articles of association with the insertion of a new section 4.5, which includes the authorization to the board of directors.

The proposal was approved by the General Meeting.

The minutes of the Extraordinary General Meeting is available at https://konsolidator.com/investors/ and attached to this announcement.

Contacts
CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
CFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Konsolidator A/S
Vandtårnsvej 83A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachment

Appendix - Minutes XGM KONSOLIDATOR 26.08.21

11 Aug 2021

Læs mere

Company announcement no 11-2021

Søborg, August 11, 2021

Notice to extraordinary general meeting in Konsolidator A/S

Notice is hereby given to shareholders in Konsolidator A/S of extraordinary general meeting scheduled for August 26, 2021, at 15:00.

Enclosed please find notice and agenda for the extraordinary general meeting.

Attachments

Notice to extraordinary general meeting 2021 / Indkaldelse til ekstraordinær generalforsamling 2021
Ordering of admission card / Bestilling af adgangskort
Proxy and postal vote form / Fuldmagt og brevstemme

COVID-19

To minimize the risk of spreading COVID-19 and adhere to the latest recommendations from the Danish health authorities the board of directors recommends that the shareholders of Konsolidator do not attend the extraordinary general meeting in person, and instead vote in advance by postal vote or by proxy to the board. If a shareholder wishes to attend the general meeting in person, the board of directors requests that the shareholder does not attend the meeting with an advisor. The board hopes for your appreciation of the request.

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 83A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachments

11 Aug 2021

Læs mere

Company announcement no 10-2021

Søborg, August 11, 2021

Michael Moesgaard Andersen resigns from the board of directors of Konsolidator A/S

Michael Moesgaard Andersen has informed the board of directors of Konsolidator that as of today, he has decided to step down from his position as member of the board of directors.

“I have been a member of the board of Konsolidator since 2016 with the intention to contribute to the IPO in 2019 and the growth of Konsolidator as a listed company. The purpose of my board work has thus been successfully completed and I have full confidence in the competences of the current board of directors”, says Michael Moesgaard Andersen.

Michael Moesgaard Andersen continues “Furthermore, my position as a member of the board of directors involves significant restrictions and regulatory requirements in relation to my options to buy or sell shares in Konsolidator. Parts of these restrictions cease when I am no longer serving on the board of directors”.

Chairman of the board of directors Søren Ingerslev says “It has been a great pleasure to work with Michael Moesgaard Andersen since 2016. Both the Board of Directors and the executive management team will take the opportunity to express their gratitude to Michael for his valuable contribution to Konsolidator”.

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 83A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachment

Company announcement no 10-2021

28 Jul 2021

Læs mere

gCompany announcement no 9-2021

Søborg, July 28, 2021

Konsolidator realizes growth in Annual Recurring Revenue of 76 % - the 7^th consecutive quarter with growth higher than 70%

Financial report for the period January 1 to June 30, 2021

HIGHLIGHTS

In the outlook for 2021 in the annual report 2020, one main goal was announced: An Annual Recurring Revenue increase of 70-90% on a year-on-year basis, equaling DKK 13.5-15 million at the end of the year.

Economics

Annual Recurring Revenue (ARR) amounts to DKK 10.7m on June 30, 2021, an increase of 76 % compared to June 30, 2020, and an increase of 16% since March 31, 2021.
Consolidated revenue for the first six month amounted to DKK 5.3m compared to DKK 3.1m for the same period in 2020.
Contribution margin of 95.1% compared to 97.1% in 2020.
Consolidated EBITDA amounted to DKK –12.4m compared to 2020 of DKK -6.8m.
The total equity amounted to DKK 13.9m on June 30, 2021, compared to DKK 33.7m the year before.
Total cash and cash equivalents amounted to DKK 6.8m on June 30, 2021, compared to DKK 27.9m on June 30, 2020.
On July 21, Konsolidator signed a convertible loan agreement, where Konsolidator receives net proceeds of DKK 23.6m. See company announcement no 8.

Roll out of Konsolidator’s platform and software

Growth remains strong in the Nordics where Konsolidator has signed 19 customers in Q2.
Konsolidator’s focus for UKI (UK & Ireland) is still to continue to build a strong pipeline. Konsolidator has signed 2 customers in Q2.
DACH remains challenged as it has been difficult to find the right sales representative. The pipeline is growing and the strategy for the DACH market remains unchanged.
Konsolidator is concentrating on building brand awareness and pipeline for Konsolidator Audit^® and the strategy is to hire a sales representative as soon as possible. Currently, Konsolidator is engaged in some interesting projects.
Konsolidator signed in total 25 new customers in Q2 compared with 17 new customers for Q2 2020.
Konsolidator has 181 customers on June 30, 2021, in 15 different countries.

Organizational growth

Konsolidator has 37 employees as per June 30, 2021 as compared to 21 employees the year before.
In May, Konsolidator issued 270,000 warrants to all employees of the company.

Outlook

Continuing the exponential growth in ARR in 2021 on a year-on-year basis and thus the expectation is still an increase in ARR between 70 and 90 % in 2021, equaling an ARR between DKK 13.5m and DKK 15.0m.

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 38A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachment

Consolidated Interim Financial Report H1 2021

21 Jul 2021

Læs mere

Company announcement no 8-2021

Søborg, 21 July, 2021

Konsolidator enters convertible loan agreement with Formue Nord to secure funding for future growth

On March 15, Konsolidator A/S (KONSOL.CO) announced that additional capital is required to accelerate the current go-to-market strategy and to develop new sales channels. Today, Konsolidator has signed a conditional convertible loan agreement with Formue Nord Fokus A/S to finance Konsolidator’s future growth and the development department.

Konsolidator A/S (“Konsolidator” or the “Company”) intends to use the proceeds to expand the sales team. Further, parts of the proceeds will be allocated to development where scalability and improved user journey are the main topics and includes expansion of the development team into Poland. The loan agreement involves a convertible loan with a principal amount of DKK 25 million from Formue Nord to Konsolidator. The loan will be disbursed in one installment and available to Konsolidator on September 1^st 2021. A 5.5% commitment fee will be paid to Formue Nord, resulting in DKK 23.6 million in net proceeds to the company. The interest is 8% pro annum paid quarterly. Konsolidator has the right to repay the loan at any time upon 14 days’ notice. In this event Formue Nord may choose to receive cash repayment or convert into shares. The loan is repayable in full on September 1^st 2023.

The issue of the convertible loan is subject to the approval at a general meeting of Konsolidator.

Following this announcement, the board of directors of Konsolidator will convene an extraordinary general meeting, to be held in August, with a proposal to authorize the board of directors to issue the convertible loan.

Rasmus Viggers, Chief Investment Officer and Partner at Formue Nord, commented, “We continue to see strong potential for value creation in Konsolidator’s strategy and their international growth plans. We are pleased to support this mission and we are confident in the company’s ability to deliver.”

“We are pleased once again to receive funding at an attractive level as we continue to see an increased demand for the Konsolidator software solution, which requires growth capital. With the launch of Konsolidator Audit^® we expect an additional strong growth within the audit segment on top of the growth to Groups”, concludes CEO of Konsolidator, Claus Grove.

About Formue Nord

Formue Nord is an independent asset management company specialized in providing structured and customized financing solutions to small- and mid-cap companies.

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 38A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachment

Company announcement no 8-2021

06 Jul 2021

Læs mere

Press release, no. 7-2021

Søborg, July 6, 2021

Konsolidator signs a sales partner in Ireland

Konsolidator has signed the Irish business software solutions provider ProStrategy as sales and onboarding partner in Ireland and the UK. ProStrategy has more than 30 years’ experience providing business management solutions and services to Irish and international clients, and delivers solutions that align operational tactics with financial strategies. This means ProStrategy will sell and onboard Konsolidator’s software in Ireland and the UK.

“The Irish market is a yet untapped market for Konsolidator, which is of particular interest due to the abundance of corporate groups based here. ProStrategy is the ideal sales partner, with 30 years of experience serving both local and international clients. We will slot well into their current ecosystems of products and services and expect this to be a very strong alliance as part of our UK and Ireland growth plan.” Lianne Gatti, Country Manager UKI

Commenting on the partnership ProStrategy’s Business Performance Management Practice director Sean Hanley said. “We are delighted to introduce Konsolidator to our solution portfolio, Konsolidator is a high quality highly accessible solution for organisations who wish to save time and close faster by automating their financial consolidation and reporting. Konsolidator further strengthens our effective finance solution portfolio.”

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S

Vandtårnsvej 83A
2860 Søborg
www.konsolidator.com

Attachment

Press release no 7-2021

07 May 2021

Læs mere

Company announcement no 7-2021

Søborg, May 7, 2021

Grant of warrants

Today, the Board of Directors of Konsolidator A/S has exercised part of its current authorization by issuing 270,000 warrants to selected employees of the company.

The warrants are issued in accordance with the company's guidelines for incentive-based remuneration and the authorization in section 4 of the Articles of Association.

Each warrant grants the holder the right to subscribe for one share of DKK 0.04 in the Company. The exercise price is fixed at DKK 31.09 per share corresponding to the average of the average share price as made public by Nasdaq First North Growth Market for the Konsolidator share on the 5 trading days prior to the date on which the Board of Directors decided to grant the warrants. The warrants will vest with a third in 3 annual installments starting from June 1, 2022. Warrants that have not been exercised will expire automatically on April 30, 2026. Warrants can be exercised in a period of four weeks after the Company’s announcements of the annual report and interim reports.

The program includes condition on accelerated vesting in case of change of control, e.g., a takeover bid, resolution, and business transfer.

The detailed terms of all warrants issued by the Company can be found in the Articles of Association on www.konsolidator.com/investor.

After this grant of warrants the total number of outstanding warrants is 517,500.

“This is the second time we issue warrants to our employees. The first time was last year in June. We believe that issuing warrants to all employees is an important part of our journey as well as to attract and retain talented employee” says CEO, Claus Finderup Grove.

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 38A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachment

Company announcement no 7-2021

05 May 2021

Læs mere

Press release no. 6-2021

Søborg, May 5, 2021

The second sales partner in Malaysia signs with Konsolidator

Konsolidator has signed leading Malaysian IT consulting company Push TI Asia Sdn Bhd as the second Konsolidator sales partner in Malaysia. Push.Asia has more than 25 years of experience in digital transformation, the Fourth Industrial Revolution (IR 4.0) and providing IT consultancy. Push.Asia assists and empowers businesses to streamline their operations, reduce cost, increase efficiency, optimize their existing resources, and enhance performance by exploring opportunities in the area of information technology.

Southeast Asia, including Malaysia and Singapore who are now focused on the IR 4.0 have experienced a significant technological transformation over the past decade and they are one of the most innovative and digital markets globally - the reason it is an important market for Konsolidator.

“Southeast Asia will become a sizable market for us in 2022 as we are currently seeking further growth capital to be able to establish an office in Malaysia by 2022. Deloitte Malaysia became an onboarding partner in 2019 and now with two sales partners in the region we are building up the foundation for a local presence to expand the market reach and accelerate revenue growth” says CEO Claus Finderup Grove.

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 83A
2860 Søborg
www.konsolidator.com

Attachment

Press release no 6-2021

29 Apr 2021

Læs mere

Company announcement no 6-2021

Søborg, April 29, 2021

Proceedings at the Annual General Meeting on April 29, 2021

The Annual General Meeting of Konsolidator A/S took place on April 29, 2021 at Konsolidator A/S, Vandtårnsvej 83A, 2860 Søborg, in accordance with the agenda.

The board of directors elected Søren Elmann Ingerslev, attorney-at-law, as chairman of the meeting.

The CEO, Claus Finderup Grove, accounted for the company's activities in the past year and the shareholders took note of the presentation. The audited annual report for 2020 was submitted and approved by the General Meeting.

In regard to appropriation of profits or covering losses appearing from the annual report, the General Meeting approved, in accordance with the adopted annual report and the board of directors’ proposal, that the result of the financial year 2020 is transferred to the next financial year and that no dividend is paid out.

All board members were re-elected and Cecilia Hultén was elected as new member of the board.

The board of directors had proposed to amend the following articles of the company’s articles of association:

Change of group language to English (articles 1.3, 5.18 and 10.2)
Possibility for the board of director to issue new shares of nominal value of DKK 120,000 (article 3.1.7)

The proposals were approved by the General Meeting.

In addition, the board had proposed approval of a new remuneration policy for the company which the Board of Directors withdrew.

The minute of the Annual General Meeting is available at https://konsolidator.com /investor/ and annexed with this announcement.

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 38A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachment

Minutes AGM KONSOLIDATOR 29.04.21

27 Apr 2021

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Company announcement no 5-2021

Søborg, April 27, 2021

Financial report for the period January 1 to March 31, 2021

HIGHLIGHTS

In the outlook for 2021 in the annual report 2020, one main goal was announced: An Annual Recurring Revenue increase of 70-90% on a year-on-year basis, equaling DKK 13.5-15 million.

Economics

Annual Recurring Revenue (ARR) amounts to DKK 9.2m on March 31, 2021, an increase of 73 % compared to March 31, 2020, an increase of 15% since December 31, 2020.
Consolidated revenue for the first quarter amounted to DKK 2.2m compared to DKK 1.6m the same period in 2020.
Contribution margin of 94.5% compared to 96.9% in 2020.
Consolidated EBITDA amounted to DKK –5.9m compared to 2020 of DKK -2.9m.
The total equity amounted to DKK 20.6m on March 31, 2021 compared to DKK 8.8m the year before.
Total cash and cash equivalents amounted to DKK 10.4m on March 31, 2021 compared to DKK 2.9m on March 31, 2020.
Konsolidator has adopted International Financial Reporting Standards (IFRS), which is reflected in Q1 2021.

Roll out of Konsolidator’s platform and software

Konsolidator signed the first Konsolidator Audit to PwC Denmark in December 2020 which is in the test phase as planned.
Sales continued to be somewhat influenced by COVID-19 as set out in the 2020 annual report.
Konsolidator signed 19 new customers in Q1 compared with 15 new customers for Q1 2020. Konsolidator has 157 customers on March 31, 2021.
Konsolidator is active with customers in 14 countries.

Organizational growth

The country manager for UK, Lianne Gatti, started January 1, 2021 and signed two customers in Q1.
Konsolidator has 31 employees as per March 31, 2021 as compared to 19 employees the year before.
On February 1, 2021 Konsolidator A/S moved into a new office at Vandtårnsvej 83A, Søborg.

Outlook

Continuing the exponential growth in ARR in 2021 on a year-on-year basis and thus the expectation is still an increase in ARR between 70 and 90 % in 2021, equaling an ARR between DKK 13.5m and DKK 15.0m.

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 38A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachment

Comsolidated interim financial report Q1 2021

26 Apr 2021

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Press release no 5-2021

Søborg, April 26, 2021

Konsolidator signs the first customer in Belgium

Konsolidator has signed its first customer in Belgium. This means that Konsolidator's software is now being used by customers in 15 different countries across Europe, Africa, Asia, the Middle East, and North America. 
 
The Belgium customer is a result of Konsolidator's go-to-market plan that uses online marketing to drive interest and traffic to Konsolidator and that way allowing Konsolidator to market the software in new countries without a local presence.

“We are excited to engage the first customer in Belgium. We believe that Konsolidator will be well received in the Benelux and eventually we will make a greater effort to assist the finance professionals in the Benelux to become better through simplicity”, says CEO Claus Finderup Grove. 

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 83A
2860 Søborg
www.konsolidator.com

Attachment

Press release no 5-2021

31 Mar 2021

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bCompany announcement no 2-2021

Søborg, March 31, 2021

Notice to annual general meeting in Konsolidator A/S

Notice is hereby given to shareholders in Konsolidator A/S of ordinary general meeting scheduled for April 29, 2021 at 15:00.

Enclosed please find notice and agenda for the ordinary annual general meeting.

Attachments

Notice to ordinary general meeting 2021 / Indkaldelse til ordinær generalforsamling 2021
Ordering of admission card / Bestilling af adgangskort
Proxy and postal vote form / Fuldmagt og brevstemme

COVID-19

To minimize the risk of spreading COVID-19 and adhere to the latest recommendations from the Danish health authorities, the board of directors has decided that the general meeting will be held partially electronically. The board of directors recommends that the shareholders of Konsolidator do not attend the annual general meeting in person, and instead attend electronically or vote in advance by postal vote or by proxy to the board. If a shareholder wishes to attend the general meeting in person, the board of directors’ requests that the shareholder does not attend the meeting with an advisor. The board hopes for your appreciation of the request.

For further information please contact: Chairman of the Board Søren Elmann Ingerslev, at 3031 9451.

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 38A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachments

30 Mar 2021

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Press release no 4-2021

Søborg, March 30, 2021

Konsolidator signs the first customers in France and United Arab Emirates (UAE)

Konsolidator has signed its first customers in France and UAE. This means that Konsolidator’s software is now being used by customers in 14 different countries across Europe, Africa, Asia, the Middle East, and North America.

Since the beginning of 2020 Konsolidator has intensified the digital marketing efforts to broaden the potential market reach and the two new customers in France and UEA shows the effect of these efforts.

“Despite Covid-19 it is possible for us to reach out to potential customers through online advertising in a quick and cost-efficient way. Therefore, we have been able to increase sales meetings and have seen an increasing interest in our product from around the globe. We have the advantage of an online sales and onboarding model that allows us to cover international markets efficiently from our locations in London, Stockholm, and Copenhagen. This efficiency is not only an obvious strength in our business model but also an advantage for finance professionals around the globe as they can explore, decide, and onboard our software when it is most convenient for them”, says CEO Claus Finderup Grove.

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 83 A
2860 Søborg
www.konsolidator.com

Attachment

Press release no 4-2021

15 Mar 2021

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Compnay announcement no 3-2021

Søborg, 15 March 2021

Konsolidator seeks further growth capital and changes certified adviser

Konsolidator continues its growth journey, where 74% growth in ARR was realized in 2020. Konsolidator expects to deliver growth rates at this level for the next couple of years without additional capital, but as the go-to-market strategy defined at the time of the IPO in May 2019 has proven its value, Konsolidator has the potential to accelerate even faster. Since the IPO, it has also become apparent that Konsolidator can grow through other channels and with an expanded product base.

Konsolidator seeks additional capital to enable Konsolidator to not only accelerate the current go-to-market strategy but also develop new sales channels.

Most of the funds will be used to establish sales offices in South East Asia and the US East Coast. Konsolidator has signed its first customer in Boston as well as signed customers in Singapore. Thus, the board and management believe that to accelerate the go-to-market strategy in North America and Asia, a presence in the two parts of the world is important. Furthermore, the expansion is also to be able to support the time zone differences in the sales cycle and be closer to sales and onboarding partners.

Konsolidator will further expand the sales channels with:

A sales partner strategy with a dedicated resource responsible for implementing and executing a sales partner strategy in areas where Konsolidator does not have sales representatives.
Defining and executing a sales strategy towards potential users of Konsolidator Audit^®. With the signing of the agreement with PwC Denmark, it became apparent that there is an interesting potential in the audit firm segment. Being a provider to audit firms will give Konsolidator a stamp of approval.
Strategic partnerships: In Q2-2020 Konsolidator has developed APIs for well-reputed cloud-based ERP systems and to accounting software. With these APIs developed, Konsolidator can communicate directly with potential customers through the different systems’ App stores.
CaaS: A new business area has arisen within cloud-based consolidation systems, called Consolidation-as-a-Service. Two partnerships have been established but more are in the pipeline and Konsolidator will define and execute a strategy within this field.

Putting all of the above together, Konsolidator expects to increase the growth in 2022 with the accelerated strategy from the current expected growth of around 70-90%.

Furthermore, part of the funds will be used to scale up the development department.

“Our growth journey on Nasdaq First North Growth Market has been remarkable where we not only have grown in terms of acquiring new customers but also in our internal learning curve. We can see that our go to market strategy works to the extent that the Return on invested Sales & Marketing cost is reasonable and feel prepared to explore new markets further away from Denmark.”, says CEO Claus Finderup Grove.

Change of certified adviser

Konsolidator has engaged Grant Thornton Statsautoriseret Revisionspartnerselskab (GT) as certified adviser. GT will assist Konsolidator in finding investors for the capital increase.

Jesper Vestergaard is the head of the Corporate Finance department at GT and has several years of experience in mergers and acquisition. Jesper has assisted several companies being listed on the Nasdaq First North Growth Market. Jesper is certified adviser for Penneo, WindowMaster and Valuer.

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 38A
2860 Søborg
www.konsolidator.com

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen
www.grantthornton.dk

Attachment

Company announcement no 3-2021

15 Mar 2021

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Press release no 3-2021

Søborg, March 15, 2021

KPMG Switzerland extends their Konsolidator partner agreement to include Consolidation as a Service (CaaS) and sales

KPMG Switzerland, a Konsolidator onboarding partner since January 2021, has extended their partner agreement to include Consolidation as a Service (CaaS) and sales. With the extension of the partner agreement KPMG Switzerland will work on all three Konsolidator partner levels – CaaS, sales and onboarding.

Firstly, the CaaS agreement will enable KPMG Switzerland to allow their customers to optimize their resources by outsourcing their consolidation to KPMG Switzerland, who will use Konsolidator as consolidation service.

Secondly, the sales agreement will allow KPMG Switzerland to sell Konsolidator to clients who want to do the consolidation themselves using Konsolidator, and thirdly KPMG Switzerland will continue as onboarding partner to help assist new customers in Switzerland with the system integration of Konsolidator.

“The vision for our partner program is to build a global program of trusted and well-known audit companies to increase coverage, reach and revenue. Adding KPMG Switzerland to the full partner program will first of all allow us to strengthen our position in Switzerland but more importantly we expect to be able to use this agreement to build further alliances with other KPMG entities as well as other big 4 audit companies” says CEO Claus Finderup Grove.

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 83A
2860 Søborg
www.konsolidator.com

Attachment

Press release no 3-2021

12 Mar 2021

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Press release no. 2-2021

Søborg, March 12, 2021

Konsolidator signs first Consolidation as a Service (CaaS) partner agreement with a local Beierholm entity in Denmark

Konsolidator has signed the first CaaS partner agreement with Beierholm Hobro. Beierholm is one of the leading audit firms in Denmark. The partner agreement will allow the local Beierholm entity to use Konsolidator to deliver consolidation and reporting services for their clients.

Offering a CaaS partner agreement is an integrated part of Konsolidator's growth strategy for 2021 and a way of expanding the sales channel to the existing partner program that counts end-user sales partners and onboarding-partners.

Konsolidator launched the CaaS partner program in February 2021 and estimates the potential for this type of partner program to be significant.

“Adding a CaaS partner channel to our current sales channels allows us to tap further into the end-user market through audit firms and other providers of financial reporting. Being able to sign the first CaaS partner in March after just launching the program in February is a good indication that the market is ready and will drive new business revenue for Konsolidator” says CEO Claus Finderup Grove.

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 83 A
2860 Søborg
www.konsolidator.com

Attachment

Press release no 2-2021

26 Feb 2021

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Company announcement no. 2-2021

Søborg, February 26, 2021

Konsolidator hires new Chief Technology Officer

In a continued effort to strengthen our team, we are pleased to announce that Olov Lindqvist has accepted the position as Chief Technology Officer in Konsolidator. Olov brings in valuable experience to the management team from Saxo Bank as Director and global head of platform development. Olov will be responsible for the growth of our development team and the technological landscape of Konsolidator.

Olov has been in Saxo Bank since 2017 and has a Master’s in Computer Science from Chalmers University of Technology. Besides his master’s degree in Computer Science, Olov holds an MBA from Copenhagen Business School. Olov will be reporting to CEO Claus Finderup Grove.

Current CTO, Lars Højer Paaske will move to a newly created position as Head of product development to focus even more on the customers as well as the strategic direction and features of the Konsolidator platform.

“I am very much looking forward to having more time developing our products and analyzing the future offerings that meet our strategic goals. Olov and I share many similar values about the future of our development team, and I am confident that we have found an excellent match”, says Lars Højer Paaske

CEO Claus Finderup Grove continues: “We are really excited having Olov onboard. He knows how to build a performing development department and has the experience to take the Konsolidator development team to the next level both domestically and abroad. Olov and Lars have excellent complimentary skills which will strengthen our company”.

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S
Vandtårnsvej 38A
2860 Søborg
www.konsolidator.com

Certified Adviser
Ernst & Young P/S
Osvald Helmuths Vej 4
2000 Frederiksberg
www.ey.com

Attachment

Company announcement no 2-2021

09 Feb 2021

Læs mere

Company announcement no 1-2021

February 9, 2021

Konsolidator continues strong growth

Consolidated annual report for the period January 1 to December 31, 2020 was approved by the Board of Directors today.

Highlights

Economic growth:

Annual Recurring Revenue (ARR*) amounts to DKK 8.0m as per December 31, 2020 (2019: 4.6m) which is an increase in the last twelve months by 74 %. The increase is 3 % points more than expected. In the fourth quarter alone, the increase was DKK 1.1m.
Consolidated revenue for the full year amounted to DKK 7.5m compared to DKK 4.7m in 2019 corresponding to an increase of 60 %.
Contribution margin of 95.6% remains high compared to 96.9% in 2019.
Consolidated EBITDA amounted to DKK -14.6m compared to 2019 of DKK -9.1m (in 2019 DKK 1.9m was costs specifically related to the IPO).
The total equity amounted to DKK 26.3m as per December 31, 2020 compared to DKK 11.7m a year before.
Total cash and cash equivalents amounted to DKK 18.7m at year end 2020 compared to DKK 6.6m at the end of 2019.

Roll out of Konsolidator’s platform and software:

Konsolidator entered the first agreement with PwC Denmark to deliver Konsolidator Audit^® to help PwC Denmark prepare statutory consolidated financial statements for its clients. In terms of revenue, this agreement is significantly more valuable than an ordinary end-user agreement.
In Q4, 2020 Konsolidator was somewhat influenced by COVID-19 as the general global uncertainty caused some companies to postpone investment decisions. Konsolidator signed 11 new customers in Q4 and reached a total of 60 new customers for 2020 compared with 33 new customers in 2019, which is six less than expected.
Konsolidator has a total of 138 customers at the end of 2020 compared to 81 customers at the end of 2019 corresponding to a growth of 70%.
Konsolidator is active with customers in twelve countries compared to six a year before.

Organizational growth:

·Konsolidator has 35 employees as per December 31, 2020 as compared to 20 employees the year before.

Outlook:

Continuing the exponential growth in ARR in 2021 on a year-on-year basis.
An increase of ARR between 70-90 % in 2021, equaling an ARR between DKK 13.5m and DKK 15.0m.

* ARR (Annual Recurring Revenue) is based on Konsolidator’s expectations to revenue from subscriptions for the following twelve months from existing customers.

About Konsolidator

For further information: CEO Claus Finderup Grove, mobile. +45 2095 2988, e-mail: cfg@konsolidator.com

Konsolidator A/S

Vandtårnsvej 83A
2860 Søborg
www.konsolidator.com

Certified Adviser
Ernst & Young P/S
Osvald Helmuths Vej 4
2000 Frederiksberg
www.ey.com

Attachments