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Konsolidator continues strong growth

Company announcement no 15-2021

Søborg, October 27, 2021

Financial report for the period January 1 to September 30, 2021


Annual Recurring Revenue (ARR) amounts to DKK 12m on September 30, 2021, an increase of 74% (YoY) compared to September 30, 2020 which is in line with our expectations of an increase of 70-90 % at year-end (13.5-15 million).

  • Revenue for the first nine months in 2021 amounted to DKK 8.6m compared to DKK 4.8m the same period in 2020. An increase in revenue of 80%.
  • EBITDA for the first nine months amounted to DKK –16.7m compared to DKK -10.2m for the same period as last year.
  • The total equity amounted to DKK 11.6m on September 30, 2021 compared to DKK 26.3m at December 31, 2020
  • On September 1, Konsolidator received proceeds from a convertible loan agreement of net DKK 23.6m to support future growth (see company announcement no 13). The total cash and cash equivalents amounted to DKK 24.8m on September 30, 2021 compared to DKK 18.7m on December 31, 2020.


  • Konsolidator signed 25 new customers in Q3 2021 compared to 15 new customers for Q3 2020.
  • Konsolidator continues focusing on the three main markets: Nordics, UKI (UK & Ireland) and DACH (Germany, Austria, and Switzerland).
  • Nordics: Growth remains strong in the Nordics where Konsolidator has signed 15 customers in Q3 2021. Total ARR in the Nordics on September 30, 2021, amounted to DKK 9.4m compared to DKK 5.8m in 2020 (growth of 62%).
  • UKI: Konsolidator’s main focus for UKI (UK & Ireland) is still to continue to build a strong sales pipeline. Konsolidator has signed 3 customers in Q3 2021, and total ARR in UKI on September 30 is DKK 1m compared to DKK 0.6m last year (growth of 67%).
  • DACH: Konsolidator has entered an agreement with a sales rep- resentative in Q3 focusing on growing the sales pipeline. In Q3 2021 Konsolidator signed 4 customers in DACH, and as per September 30, the total ARR in DACH amounted to DKK 0.7m compared to DKK 0.2m in 2020 (growth of 250%).
  • Rest of world: Konsolidator has signed 3 new customers totaling an ARR of DKK 0.9m on September 30, 2021, compared to DKK 0.3m last year (growth of 200%).
  • Konsolidator has 202 customers on September 30, 2021, in 17 different countries.


  • Konsolidator has 37 employees as per September 30, 2021 compared to 26 employees the year before.
  • During Q3 2021, Konsolidator has engaged three Polish software developers.


  • The direct sales model is performing as expected and we expect that the direct sales in Nordics, UKI and DACH will remain strong for the rest of the year.
  • Konsolidator continues to see an interest for Konsolidator Audit® especially from the UK market. Two pilot projects have been initiated in Q3 2021 but no audit firms have been signed yet. Konsolidator is looking for a sales representative for Konsolidator Audit® based in London.

About Konsolidator
Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making.

CEO: Claus Finderup Grove, mobile +45 2095 2988,
CFO: Jack Skov, mobile, +45 2282 8845,

Konsolidator A/S
Vandtårnsvej 38A
2860 Søborg

Certified Adviser
Grant Thornton
Stockholmsgade 45
2100 Copenhagen


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