SignUp Software Year-End Report January-December 2021

Annual recurring revenue (ARR) grew by 59.2 MSEK (44.4%) during the last twelve months.

October - December 2021

  • Annual recurring revenue (ARR*) grew by 18.8 MSEK (10.8%) from the end of Q3 2021. At the end of the Q4 ARR amounted to 192.4 MSEK (133.2 MSEK). 
  • Net sales amounted to 52.6 MSEK (41.7 MSEK) which corresponds to a growth of 26.1% compared to Q4 2020. 
  • EBITA margin 11.6 % (18.7%). 
  • Earnings per share 0.1 SEK/share

January – December 2021

  • Annual recurring revenue (ARR) grew by 59.2 MSEK (44.4%) during the last twelve months. At the end of the year ARR amounted to 192.4 MSEK (133.2 MSEK). 
  • Net sales amounted to 186.5 MSEK (150.0 MSEK) which corresponds to a growth of 24.3% compared to 2020.
  • EBITA margin 17.5% (21.4%). 
  • The Board proposes no dividend to be paid for the 2021 financial year. The proceeds will be reinvested in growth.
  • Earnings per share 0.8 SEK/share

* Annual Recurring Revenue (ARR) – total value of contracted annual recurring fees at a given time

CEO’s comments

2021 was a fantastic year for SignUp Software with an accelerated ARR growth throughout 2021 and a strong finish in Q4 primarily driven by new logos. Annual Recurring Revenue (ARR) grew with 11% corresponding to 18.8 MSEK in added ARR during Q4'21 and growth for full year 2021 amounts to 44% corresponding to 59.2 MSEK. This is significantly above 2020 level of 7.8 MSEK in added ARR in Q4'20 and 24.7 MSEK for the full year 2020.

The demand for digitalization and automation remains high. This in combination with Microsoft´s success in selling Microsoft Dynamics ERP creates a great demand for SignUp Software’s AP Automation solution ExFlow globally. When we compare SignUp´s ARR portfolio of Q4´20 to Q4´21 North America has grown from 16% to 18% and APAC from 9% to 14% of the total ARR.

During Q4 three major milestones for SignUp took place. On the 24th of November 2021 the bell at Nasdaq First North Growth Market rang for SignUp Software. On the 25th of November 2021 SignUp moved in to a new main office in Mall of Scandinavia to welcome partners and customers and to be able to host both current and new employees at a great office. December 2021 was the best month ever in SignUp´s over twenty-year history in terms of closing new contracts and adding ARR.

According to plan major investments in growth have been done, primarly in the US and BeNeLux. SignUp also continues to invest heavily in product development. ExFlow´s capabilities using AI/ML were extended during Q4 with the capabilities of suggesting approvers based on the history of code lines. Many of SignUp´s multinational customers require local functionality for the countries they roll out ExFlow to and during Q4 a major release for Indian Sales Tax was released along with functionality for many other countries.

Net sales for Q4 grew from 41.7 MSEK to 52.6 MSEK (26%) and EBITA for Q4 fell from 7.8 MSEK to 6.1 MSEK (-22%).
Net sales for 2021 grew from 150 MSEK to 186.5 MSEK (24%) and EBITA for 2021 grew from 32 MSEK to 32.7 MSEK (2%).

The organization has been strengthend in many aspects to enable future growth and during Q4 we grew with 6 employees to a total of 94 employees which is a growth of 40% for 2021 with an emphasis on strengthening the organization in growth markets to cater customer demand.

Finally, I would like to thank customers, partners, employees and shareholders for your support during 2021.

Source: MFN

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