Nordic SaaS: Declines in The Big SaaS Names - W40

NORDIC SaaS

Declines in the big SaaS names

The average SaaS company's share price increased by 1% during the past week, bringing its YTD performance to 18%. Most notably, larger companies like Sinch, Vitec, and Fortnox saw declines of 12%, 5%, and 4%, respectively. This means that even though the average company saw an increase, the aggregated value declined. Grather Than saw the most significant spike in share price, likely fueled by the direct share issue that secured SEK 45m in operating capital for the company that was conducted two weeks ago. Sinch showed the most significant decline, triggered by the CFO's departure.

News highlights from the week

Physitrack Q2 Report Reveals Robust Growth Despite Challenges

In H1 2024, Physitrack's revenue rose by 8% to generate total sales of €8.1M, with subscription revenue making up 81% of total group revenue - a significant increase from the previous year. The company also saw success with new innovations, including the AI-enhanced mobile app Physitrack Assistant and the AI-driven tool Nexa in the Wellness division. Additionally, the company expanded its Project Inclusion into Kenya and Uganda.

Aleris Invests in Physitrack's Health Tech for Enhanced Patient Care

Aleris, the top private hospital provider in the Nordics, has strategically invested in Physitrack's digital health technology. This partnership aims to integrate Physitrack's home exercise prescription and patient journey personalisation solutions across Aleris's healthcare network, enhancing rehabilitation and long-term health management.

Sinch CFO Roshan Saldanha to Exit, Triggering Search for Successor

Sinch AB's CFO Roshan Saldanha has announced his departure from the communications pioneer to take a similar position in another sector. Serving since March 2019, Saldanha has greatly contributed to the near tenfold increase in Sinch's gross profit since 2018. The search for his replacement is set to begin immediately.

Upsales Reports Modest ARR Growth of 0.8MSEK in Q3 2024

Upsales reported an annual recurring revenue (ARR) of 138.4 MSEK at the end of Q3 2024, marking a slight decrease of 2.0% over the last 12 months. The ARR increased by 0.8 MSEK during the quarter despite it being typically slow due to summer months.

Omda Amplifies Nordic Presence, Acquires Emergency Software Provider Predicare

Omda AS, a provider of specialised software for healthcare and emergency response, is acquiring Predicare AB, a supplier of decision support software for emergency care. This move, expected to boost Omda's position in the Nordic emergency software market, includes Predicare's RETTS system, used extensively in Swedish and Norwegian hospitals to improve efficiency. The acquisition broadens Omda's offering to the emergency community and could result in expansion to new markets.

Sophie Reinius Joins Formpipe as CFO, Bolsters Tech Firm's Future Growth

Sophie Reinius, boasting over two decades of experience in senior roles at global tech companies, has been appointed as the new CFO of Formpipe, effective from October 21. She previously served as the CFO at Arelion, Coromatic, and Net4Mobility and held controller roles at Microsoft, Philips Home Healthcare, and Schneider Electric. She will succeed former CFO Joakim Alfredson.

Oneflow's Annual Recurring Revenue Rises to MSEK 156.2 in September 2024

In September 2024, Oneflow noted a monthly ARR (Annual Recurring Revenue) of MSEK 156.2, showing an increase from MSEK 153.9 in August 2024.