Company Announcement No. 7-2020
Copenhagen, September 28, 2020

Niels Henrik
Rasmussen has resigned as CEO of Penneo due to his daughter’s back
surgery and
rehabilitation, and to focus on his family going forward. The Board
of
Directors has initiated a recruitment process to appoint a new CEO who
will
work closely with the strong Penneo organisation to continue the
company’s
expansion strategy and further unfold Penneo’s full potential.
Morten
Elk, Chairman of the Penneo Board of Directors, comments: “Penneo has
become
the de facto standard in the Nordic market for automated processes
pertaining
to identity, signing and workflows in the auditing sector and
other
document-heavy industries. Niels Henrik Rasmussen has been an important
part of
this journey, playing an instrumental role in Penneo’s successful IPO
on Nasdaq
First Nordic in 2020. I and the rest of the Board would like to thank
Niels
Henrik very much for his contribution to this remarkable stage of
Penneo’s
journey. The Board has a well-defined and focused expansion strategy
and is now
looking for the right CEO to lead Penneo into its next growth
period.”

Elk adds: “Penneo’s expansion strategy is a straightforward
two-pronged
approach. First, we will continue and strengthen the vertical
ownership, notably
in the auditing segment, by developing products for further
integration in
identity-oriented workflows, thus providing even more value to
our customers.
Second, we will expand Penneo’s offerings and leadership
position throughout
Europe. This expansion is facilitated by strong and
established relationships
with our existing international top accountant
customers and by the growing
maturity and regulations driving digitization of
identity solutions throughout
Europe. We expect the new CEO to bring to Penneo
the necessary global experience
to execute the announced strategy as well as to
further internationalize our
business.”

The departing CEO, Rasmussen, adds: “I
have enjoyed an incredible five years
with Penneo. First as an investor and
chairman (2015-2018) and then as CEO from
2018. Penneo is a remarkable,
customer-driven organisation with an extraordinary
willingness to go above and
beyond. It has been a privilege to lead a company
with such brilliant people
and such an incredibly innovative culture. We have
grown to be the Nordic
leader for auditors, with 60% of all annual reports filed
with the Danish
Business Authority in 2019 signed and facilitated by Penneo. We
have also
successfully secured the financial basis for Penneo’s expansion
strategy in
connection with the IPO.”

The Board has a short list of CEO candidates and has
also brought in Heidrick &
Struggles to assist with the recruitment
process.

Until a new CEO has been recruited, the Board has appointed Nicolaj
Højer
Nielsen as Interim CEO. He is co-founder of Penneo as well as a member of
the
Board. He will temporarily step down as Board member in Penneo until the
new CEO
is in place. Højer Nielsen is a strong match in this interim role. He
holds a
BSc in business economics from Aalborg University, an MSc in
business
administration and marketing from Copenhagen Business School, and a
full-time
MBA from Insead. Moreover, Nicolaj is generally recognised as one of
the most
reputable experts on the execution of the Software-as-a-Service
business model,
the very business model pursued by Penneo.

Please direct any
enquiries to:
Morten Elk, Chairman of the Board, +45 20 29 75 05
Nicolaj Højer
Nielsen, Interim CEO, +45 25 46 25 80

Certified Advisor
Grant Thornton, Jesper
Skaarup Vestergaard, +45 31 79 90 00

About Penneo
Penneo is a
Software-as-a-Service (SaaS) provider originally established to help
companies
with digital document signatures. Penneo was founded by six
Danish
entrepreneurs, who joined forces with a shared ambition to reduce the
“hassle of
getting documents signed” by replacing pen and paper with a digital
alternative.
This new digital “pen” (Pen-neo) was launched in 2014. Today,
Penneo has evolved
into an eco-system of automation solutions that digitize
company workflows in
connection with onboarding of customers (KYC) and secure
and easy signing and
management of documents. The company offers a RegTech
solution that gives
companies an efficient and inexpensive tool for complying
with regulatory
requirements . Penneo holds a strong position in the Nordic
countries. In
Denmark alone, more than 550,000 people signed documents
electronically with
Penneo in 2019. For more information about Penneo, please
visit:
https://penneo.com/investors/