Initial public offering of
Digital Workforce Oyj

on First North Finland


Danske Bank is acting as the Sole Global Coordinator in Digital Workforce Oyj’s (”Digital Workforce”) initial public offering and listing of shares on Nasdaq First North Growth Market Finland. 

Below is an overview of key dates in connection with the initial public offering and listing of shares as well as links to prospectus, marketing brochure, web subscription and eBanking services (only for Danske Bank’s customers). 

Key dates

    • Prospectus available 19 November 2021
    •  Subscription period for the offering begins 22 November 2021
    • Offering may be discontinued no earlier than 29 November 2021
    • Subscription period for the public offering ends 30 November 2021 (estimate)
    • Subscription period for the institutional offering ends 2 December 2021 (estimate)
    • Final results of the offering announced 2 December 2021 (estimate)
    • New shares subscribed for in the public offering registered in the investors’ book-entry accounts on 3 December 2021 (estimate)
    • First day of trading on Nasdaq First North Growth Market Finland 3 December 2021 (estimate)

    Digital Workforce in brief

    Digital Workforce is a Finnish Intelligent Automation (IA) and Robotic Process Automation (RPA) services provider. According to the Management, based on a competitive environment survey carried out by the Company, and research company Forrester[1], Digital Workforce is one of the leading service providers specialising in RPA and IA on an industrial scale in terms of revenue, service offering, customer referenced and head count. Digital Workforce helps its customers to automate knowledge work tasks and business processes with IA through its digital workers. Digital Workers are software robots that are in essence automated team members that execute business processes precisely, tirelessly and with fewer mistakes than human workers – with no significant changes to the customer’s existing systems. Digital workers have super powers based on RPA, Artificial intelligence and cloud services, which make them fast, efficient and able to cut costs significantly and offer new and unseen business opportunities for customers.

    The Company’s service offering covers the entire lifecycle of IA: design and consultancy, development and implementation, cloud-based platform, support and maintenance as well as further development. The Company’s business model is divided into two main areas: Professional Services and Continuous Services. Professional Services are mainly billed on time-and-material or project basis. Continuous Services in turn generate recurring revenues as the operation and management of customers’ automation is continuous and billed based on use (e.g. pay-per-minute). The purpose of the Company’s business model is to increase the absolute revenue and relative proportion of the higher margin Continuous Services business. Digital Workforce operates globally and its customer base consists of more than 200 mostly large global organisations. The Company offers its services and solutions to a wide customer base in different industry verticals including e.g. banking and insurance services, health and social care, manufacturing and logistics, and different public sector organisations.

    Historically, Digital Workforce has been able to grow rapidly while simultaneously increasing its share of recurring revenues. The company’s average annual revenue growth rate (CAGR) was 27.6 percent between the accounting periods ending in 31 December 2018 and 31 December 2020. Simultaneously, the Company’s share of recurring revenue increased from 29.7 percent to 47.2 percent between the accounting periods ending in 31 December 2018 and 31 December 2020. In the accounting period ending in 31 December 2020, the Company’s revenue was 19.1 million euros. In the first nine months of 2021 the Company’s revenue increased by 19.3 percent compared to the first nine months of 2020, and in the first nine months of 2021 the Company’s share of recurring revenue was 52.7 percent.

    The Digital Workforce Group consists of the parent company Digital Workforce Services Plc. and its fully-owned subsidiaries Digital Workforce Svenska AB, Digital Workforce Sp. z o.o., Digital Workforce AS, Digital Workforce A/S, Digital Workforce Services Ltd., Digital Workforce Services Inc. and DWF Digital Workforce Services GmbH. The company offers its services globally through eight offices located in Finland, Sweden, Norway, Denmark, Germany, Poland, The United Kingdom and The United States. In the nine month period ending in 30 September 2021 the Company’s average number of personnel was 194.


    [1] Source: The Forrester Wave Robotic Process Automation Q1 2021, Forrester 2021; from public sources.

    General terms and conditions of web subscription and investor announcement

    Verkkomerkinnän yleiset ehdot

    Investor notification

    IPO material as well as Digital Workforce investor website

    Prospectus

    Marketing brochure (in Finnish)

    www.digitalworkforce.com/ipo