Introducing Nordic SaaS: 26 companies in various software categories

Nordic public markets host a broad selection of SaaS companies. In this article, we will give you an overview of 26 listed SaaS companies from Finnish and Danish markets, their respective software categories as well as their maturity stage. This article aims to serve as a starting point for finding interesting companies in the Nordic SaaS sector and help guide you toward content on these companies.

In the picture below, we have placed the listed Nordic SaaS companies we (HC Andersen Capital and Inderes) are following. It includes software categorization and the company stage for each company, both based on our subjective assessments. If you want to dive more deeply into the company stages and hear some of our recent views on the SaaS sector from early October, you can find our event “SaaS deep dive - Understand the life cycle/investment phase” from this link.

As you can see from the picture, there are lots of listed SaaS companies still at an earlier stage of growth. In Denmark, listed SaaS companies are generally at earlier stages, whereas in Finland you can find more companies at a more mature stage of profitable growth. High-level software categories are quite well represented both in Denmark and Finland. However, there is a lot of variety and different focus areas within these categories. Overall, looking beyond one’s local public market gives an investor a broader selection of companies, as can already be seen from looking at Finnish and Danish companies.

Below you can find a short introduction of each company found in the picture. Our analysts are here to serve you, so please tag us (@Antti_Luiro / @Kasper_Lihn) or our colleagues at our forums (forum.inderes.dk, forum.inderes.se, or keskustelut.inderes.fi) if you have any questions – we’re here for you!

Admicom develops a vertically focused Cloud ERP-system. Their software is customized for SMEs in construction, building services engineering and industrial sectors especially in Finland. For this niche, Admicom offers a comprehensive set of business applications to automate and reduce administrative work. Inderes research is available here (in Finnish).

Agillic is a software company within Marketing Technology (MarTech). The company offers primarily B2C businesses an omnichannel marketing automation platform in which marketers can work with data-driven insights to create, automate, and send personalized communication. HC Andersen Capital content is available on Inderes here (in English).

Aiforia develops cloud-based software for image analysis, used mainly in clinical and preclinical pathology laboratories. Their software is used to analyze image contents, aiming at improving pathology laboratories’ operations by helping them analyze samples at higher efficiency and accuracy. Inderes research is available here (latest research in Finnish) and here (individual contents in English).

Dataproces is an interdisciplinary company within IT and consulting services. The company’s services are developed for, and in close collaboration with, the Danish municipalities. The software is self-developed and is mainly used for administration, teaching, and analysis and follow-up of revenue optimization. Company page on Inderes site is available here (in English).

DecideAct develops a cloud-based software solution for Strategy Execution Management (SEM) that makes it possible to move manual execution and follow-up of strategies into a software platform. The customers consist of corporate customers operating in several different industries, using DecideAct’s technology to set and achieve strategic goals. Company page on Inderes site is available here (in English).

Digizuite is a software company providing powerful digital asset management (DAM) software to larger B2B companies around the world. Through automated workflows and agile integrations, Digizuite’s solution enables large enterprises to manage their workflows and streamline the entire content value chain. Company page on Inderes site is available here (in English).

Efecte is a European alternative in cloud-based Service Management software. Their software is used mainly by European SMEs and public organizations across their IT-, HR- and Finance- and Legal-departments to digitalize and automate work and service requests. Inderes research is available here (latest research in Finnish) and here (Some items available in English).

Enalyzer develops and markets software within online market research, sales, and marketing, providing a product portfolio that mainly consists of programs designed for digitized surveys that provide online feedback. Company page on Inderes site is available here (in English).

FastPassCorp develops a software solution for the protection of large organizations’ passwords and password processes. In addition to the main business, identity management projects, pre-studies, and training are offered in the work area. The customers are small- and medium-sized companies, providing major productivity improvements and protection of employees’ passwords. Company page on Inderes site is available here (in English).

Heeros develops cloud-based business software. Their software is used mainly for financial management by Finnish SMEs and accounting companies, but also covers ERP and HR solutions as well as a self-serve solution for small businesses. Inderes research is available here (latest research in Finnish) and here (Extensive research report available in English).

Hypefactors is a software company, that provides a public relation (PR) automation and media intelligence software platform. Its solution enables monitoring brand mentions, calculating the financial value, measuring and reporting performance, managing relations, and creating and distributing content. Hypefactors combine data and analytics to provide a unified and easy-to-use experience. Company page on Inderes site is available here (in English).

Impero is a software company providing a compliance management platform. The platform enables companies to easily manage compliance through the automation of risk and control management, documentation, and reporting. Impero empowers to future-proof their compliance management in a scalable, digital, intuitive, and easy way. HC Andersen Capital content is available on Inderes here (in English).

Konsolidator develops a cloud-based software solution that automates financial consolidation. The company enables group finance in small- and medium-sized companies worldwide to leave complex and time-consuming calculations to the software. Hereby, gain fast and actionable insights based on key performance data to become a vital part of strategic decision-making. Company page on Inderes site is available here (in English).

LeadDesk develops cloud-based software for high volume customer communication (CCaaS, Call Center as a Service). Their software is used to run outbound sales operations and multi-channel customer support for companies’ and public organizations mainly in Europe. Inderes research is available here (latest research in Finnish) and here (Extensive research report available in English).

LemonSoft develops cloud-based ERP software solutions. Their modular software is used by Finnish SMEs in industrial, wholesale, specialized retail, professional services, services, construction, and accounting sectors. Inderes research is available here (in Finnish).

MapsPeople is an indoor mapping software company and a Google Premier Partner, focusing on digital mapping for indoor navigation. The company’s primary business segment is MapsIndoors, which is the in-house developed indoor mapping solution, used by many well-known global brands, especially for corporate offices and sports venues. HC Andersen Capital content is available on Inderes here (in English).

Nexcom is an enterprise software company that designs and delivers data-driven AI-powered software platforms, primarily for B2C companies with larger customer service functions. Nexcom's software solutions allow companies to strengthen their customer service, increase customer lifetime value and reduce the cost of service. Company page on Inderes site is available here (in English).

OrderYOYO is a software company providing a white-label online ordering, payment, and marketing software solution as well as POS systems for restaurants. The solution enables smaller takeaway restaurants, which already have their own delivery service, to build their own-branded online presence from their OrderYOYO-powered website or app. As a result, restaurants get insights into their own customers’ behavior and avoid paying large commissions to food portals. HC Andersen Capital content is available here (in English).

Penneo is a software company that automates and digitalizes workflows with the offering of two main solutions within digital signing and onboarding of clients (Know-Your-Customer). It has specialized in accounting and financial firms' client-faced workflows to increase their efficiency, lower their operational costs, strengthen their level of compliance, and provide a digital user experience for their clients. HC Andersen Capital content is available on Inderes here (in English).

QPR Software develops software products focused on process mining and modelling, and operational excellence. QPR’s products and services are used by large companies and public organizations to develop and improve their operations. Inderes research is available here (in Finnish).

Relesys develops customized communication and performance software platforms, especially for larger companies and organizations. Its software engages and develops employees’ personal growth and aspires them to achieve more. Company page on Inderes site is available here (in English).

Risk Intelligence offers risk assessment and planning, specializing in threat analysis at sea, in port, and on land. The company offers comprehensive support with an end-to-end risk management system and a 24-hour watch team of highly experienced analysts. Company page on Inderes site is available here (in English).

RISMA is a software company that offers an all-in-one software platform for all governance, risk, and compliance (GRC) initiatives for companies and organizations. This means that RISMA’s suite includes different modules such as GPDR and ESG. Company page on Inderes site is available here (in English).

SameSystem develops a cloud-based workforce management solution, tailored for retailers and food service businesses. The solution helps increase sales and minimize expenses with accurate and effortless planning, using forecasting and other technologies to secure the right amount of staffing on an hourly basis. Company page on Inderes site is available here (in English).

SimCorp develops a customizable solution to support the investment management process within the financial industry. The company’s services include business consulting, automated workflows, risk and performance analytics, and data reporting. Company page on Inderes site is available here (in English).

Valuer develops a data-driven platform powered by advanced AI algorithms that helps corporations with the discovery of relevant innovative technology, identifying new market opportunities, and prioritizing strategic initiatives to fuel their business development. Company page on Inderes site is available here (in English).

Inderes’ and HC Anderesen Capital’s up to date disclaimers concerning some of the mentioned companies can be found here.

Antti Luiro & Kasper Lihn