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

Yesterday, Agillic released its Q3 2024 results and maintained its guidance for 2024 as the company expects growth from existing and new clients in Q4 2024. Total ARR came out at DKK 63.1m by the end of Q3 2024, corresponding to -8% YoY, yet a 2% QoQ increase as the decline is mainly explained by churn from technology consolidations and M&A-driven changes across its customer portfolio in the first part of 2024. EBITDA YTD (first 9 months of 2024) is positive at DKK 1.8m after the cost level has been adjusted to the current activity level. Following the recent results, we have updated our investment case one-pager with the recent news.

This morning, Agillic released its Q3 2024 results. This was followed by a management presentation by Agillic’s CEO Emre Gürsoy and CFO Claus Boysen, who presented the results and answered questions from the audience in an online live event. In addition to the YTD results in 2024, the management also addressed Agillic’s growth expectations for Q4 2024 and several questions from the audience.

Agillic expects to report its Q3 2024 results and Half-year report on 22 October 2024. The same day at 10:00, Agillic’s CEO Emre Gürsoy and CFO Claus Boysen will present the results and latest main achievements in an online live event.

Today, Agillic's Q3 2024 report has been released. Total ARR decreased by -8% YoY (yet an increase of 2% QoQ), and EBITDA was DKK 1.2m (DKK 2.5m in Q3 2023) in the quarter. By the end of Q3 2024, ARR from subscriptions was DKK 52.5m (-8% YoY) and ARR from transactions was DKK 10.6m (-12% YoY). However, cash flow from operations increased to DKK 4.1m in Q3 2024 (DKK -2.8m in Q3 2023). The company's 2024 guidance is maintained.

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

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

Today, Agillic released its H1 2024 financial report. Watch the management presentation with CEO Emre Gürsoy and CFO Claus Boysen here.

Agillic expects to report its Q2 2024 results and Half-year report on 27 August 2024. The same day at 10:00, Agillic’s CEO Emre Gürsoy and CFO Claus Boysen will present the results and latest main achievements in an online live event.

Today, we have sent out the HCA SaaS newsletter for July 2024, providing insights into a very eventful July across the Danish SaaS sector – the Q2 earnings season will take off later in August.

Agillic today announced that they have received approval for 71% of the applied tax credit and thereby concluded the full tax credit scheme review for 2019 – 2022, with substantial positive effect on P&L and cash flow.