MapsPeople

Today, we hosted an event with CEO Morten Brøgger and Chairman Lars H. Brammer, where we, among others, went deeper into the results and achievements of 2022, the capital situation, and the main trends and drivers behind the growth expectations for 2023.

Today, MapsPeople announced its annual report for 2022 with results in line with its previous update in January 2023. This implies that MapsPeople’s cARR grew by 71% YoY to DKK 70.1m by the end of 2022 (MapsIndoors grew by 94%), and 78% of the cARR was from partners. MapsPeople’s CEO Morten Brøgger and Chairman Lars Brammer will present the financial results and expectations for 2023 at a virtual event on Monday at 09:00

On 30 March 2023 from 09:30 – 11:30, we are hosting a virtual Software-as-a-Service (SaaS) deep dive event to shed light on the software outlook for 2023 and get management insights into underlying market drivers from software companies in different markets. We have invited the management from Impero (Compliance), MapsPeople (Digital Indoor Mapping), and Penneo (Digital Signature and KYC), who will present their view on the current market outlook within their markets.

Ahead of the annual report for 2022, which is expected to be published on 24 March 2023, MapsPeople today announces its revenue and EBITDA outlook for 2023, in addition to its previously announced cARR and ARR guidance from January 2023. In 2023, MapsPeople expects revenue in the range of DKK 52-62m and EBITDA between DKK -55m and DKK -45m. As previously announced, cARR is expected in the range of DKK 105-115m (growth between 50% and 64%) and ARR in the range of DKK 77-87m (growth between 129% and 159%) by the end of 2023.

Today, MapsPeople has announced a DKK 10m private placement and directed issue of new shares and a new loan facility of DKK 10m, corresponding to total gross proceeds of DKK 20m. New shares will be issued to BankInvest Select Small Cap Danske Aktier KL and Vækstfonden at a subscription price of DKK 4.09 per new share, which is slightly above yesterday’s closing price of DKK 3.85. The new loan facility of DKK 10m is with Vækstfonden as the lender, and the loan will be paid out in 2 installments based on MapsPeople’s cARR performance. The loan is expected to be fully repaid in 7 years.

The SaaS HCA Index, measured on a simple ARR multiple (median) across 19 listed Danish SaaS companies, increased slightly to 4.3x ARR by the end of January 2023 from 4.2x ARR by the end of December 2022. However, the SaaS companies’ share prices increased by a median return of approx. 14% in the first month of 2023 and thus rebounding from larger declines during 2022. In general, the relatively small increase in the median ARR multiple itself is explained by new higher reported ARR numbers from some of the SaaS companies, which have updated the market with end of 2022 numbers.

Yesterday, MapsPeople announced its Contracted ARR guidance and ARR guidance for 2023. After closing 2022 with a Contracted ARR of DKK 70.1m (71% growth YoY) and ARR of DKK 33.6m, MapsPeople expects a Contracted ARR in the range of DKK 105-115m (expected growth of 50-64%) and ARR guidance in the range of DKK 77-87m (expected growth of 129-159%) by the end of 2023. MapsPeople has changed its way of reporting to the market with more transparency between the company’s definition of Contracted ARR and ARR, respectively.

The SaaS HCA Index, measured on a simple ARR multiple (median) across 19 listed Danish SaaS companies, declined to 4.2x ARR by the end of December 2022 from 4.6x ARR by the end of November 2022. Note the index shows the development over time for the sector, using the latest reported ARR numbers (which differ between the companies), and almost all companies have been tracked for at least a year (the latest SaaS IPO was in December 2021).

HCA Market Close 13.12.22 – SKAKO A/S gains on the announcement of a new order, while MapPeople and Impero adjust their 2022 full-year guidance down.

Today, MapsPeople has downgraded its guidance for the company’s Total Contracted ARR by the end of 2022 to the range of DKK 68-73m (before DKK 75-85m) due to prolonged customer decision-making processes from the macroeconomic uncertainty. The prolonged decision-making processes imply that final decisions from customers are being moved into 2023 according to MapsPeople. The new guidance range corresponds to a total growth rate between approx. 65% and 78%. In the announcement, MapsPeople also comments on the pipeline of potential new contracts, which is still significant and growing.

HC Andersen Capital and Inderes have the pleasure of inviting you to a virtual seminar focusing on the First North and Spotlight listed growth companies in the Nordic region. The macroeconomic environment has been challenging in 2022, and we are now looking into 2023. Get an update on several growth companies and industries before year-end and ask your questions directly to the management.

This Tuesday, MapsPeople reported its Q3 2022 results, showing an increase in ARR of 61% YoY. As expected, growth is primarily driven by the segment MapsIndoors with a growth rate of 89% YoY. MapsPeople maintained its guidance for 2022. Today, we hosted an event with former CEO and new board member Michael Gram, new CEO Morten Brøgger, and Chairman Lars Brammer. Besides the financial results, the focus was also on what made the new CEO take the position with his view of the company. We also discussed the current capital situation and the statement in the report about the financial position, which is better than expected and enabling MapsPeople to continue its growth strategy.

Today, MapsPeople announced its Q3 financial report, reaching a total ARR of DKK 56.8m at the end of the quarter. This corresponds to a growth rate of 61% YoY (the same growth rate as Q2 2022 YoY). As expected, growth is primarily driven by MapsIndoors, which has reached a total ARR of DKK 45.0m, corresponding to a growth of 89% YoY. MapsPeople maintains guidance for 2022. Earlier this morning, MapsPeople also announced that the company has entered into a partnership agreement with US-based Vizsafe to offer indoor mapping in Vizsafe's Incident Management platform.

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.

Earlier in October, we released an investment case on the Danish SaaS company, MapsPeople. Highlights from the report are presented in a short video.

Today, we have published our updated investment case for MapsPeople to shed light on the case, including an overview of the business model, market, competitive situation, risk factors, valuation perspectives as well as the management, board members, and their shareholdings.