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Inderes launches expansion into Denmark and Norway

Inderes launches expansion into Denmark and Norway through a strategic partnership and minority investment

Inderes Oyj, 8.4.2022

Inderes has today signed a letter of intent for a strategic partnership with HC Andersen Capital (“HCA”), a Danish provider of investor communications services and equity research. With the letter of intent, Inderes and HCA will start building local investor services and communities in Denmark and Norway. In addition, Inderes will acquire a 20% stake in HCA.
HCA, established in 2020, aims to democratize investor communications. The company operates with a similar operating model to Inderes, where listed companies pay for the produced content and services. HCA employs 25 people and has gained a leading market position in Denmark in less than two years with more than 70 listed customers. The company has begun expanding to Norway and Sweden.

As part of the collaboration, Inderes will license its entire technology platform to HCA using a revenue-sharing model and launch the and services, where HCA acts as a publisher. In addition, HCA resells Inderes software products and publishes on The local services in each country operate under the Inderes brand and HCA acts as a content provider on the platform under its own brand.

The aim of the strategic cooperation is to gain a foothold for the Inderes platform in Denmark and Norway and to support the expansion in Sweden. As a result of the cooperation, more than 260 listed company customers from four different countries will initially connect to the Inderes platform. In the long term, Inderes' and HCA's customers are expected to benefit from access to a wider Nordic network.

“This collaboration opens up an effective way for us to expand into new markets. HCA's team, vision and efficient operating model impressed us. By offering HCA a ready-made technology platform and our expertise, we will be able to replicate Inderes' operating model and the service concept offered to listed companies in the Danish and Norwegian markets, ”says Mikael Rautanen, CEO of Inderes.

“HCA shares the same values and vision with Inderes of democratizing information in the financial markets. We see Inderes and its community as pioneers who have created their own category in the financial sector. We are excited about the strategic partnership that will enable us to bring this model to new markets,” says Tue Østergaard, CEO and Founder of HCA.

Structure of the cooperation

The parties have today signed letters of intent for both strategic cooperation and a minority share acquisition. Through the strategic partnership, Inderes will license its entire technology portfolio to HCA with the aim of building a comprehensive product offering for HCA's Danish and Norwegian markets for investor relations of listed companies. HCA is responsible for all commercial operations on the Inderes platform in the Danish and Norwegian markets. The partnership is based on a fixed maintenance fee, license income based on HCA's revenue growth, and resale commissions from Inderes' software products. If HCA succeeds in continuing its rapid growth, the collaboration is expected to generate incrementally growing license income for Inderes from the second half of 2022 onwards.

Inderes 'acquisition of a minority stake in HCA will deepen the parties' strategic cooperation. Inderes will acquire a 20% stake in HCA in a share transaction from HCA’s key employees. The purchase price consists of 50,364 Inderes Oyj shares and a cash payment of EUR 0.6 million. The completion of the final agreement and share transaction is conditional on the normal due diligence process and is expected to be completed during the second quarter of 2022. If implemented, the agreement is not expected to have an impact on Inderes' 2022 guidance.

HC Andersen Capital in brief

Founded in 2020, HC Andersen Capital 2 ApS is the Danish market leader in digital investor communications services. HCA's services include digital investor events, equity research and investor communications advisory. The company's customers include more than 70 listed companies in Denmark, Norway and Sweden, including companies listed on the First North marketplace as well as the largest listed companies in Denmark, such as DSV and Boozt. In its first full year of operation, 2021, HCA’s revenue amounted to some EUR 1.04 million and operating profit to approximately EUR 0.35 million. HCA's business model is based on as-a-service delivery model. The current annual recurring revenue (ARR) is approximately EUR 1.7 million.

More information:
Mikael Rautanen
CEO, Inderes Oyj
+358 50 346 0321

Tue Østergaard
CEO, HC Andersen Capital
+45 31 34 3964