• Magnus Svenningson will take the helm on 1 Aug
• Software experience: both from public and private sector
• We expect focus to remain on Private

New CEO appointed...

Formpipe has announced its new CEO, Magnus Svenningson, who will replace Christian Sundin after 16 years at the helm. Mr. Svenningson has experience from the software industry; both from the private and the public sector. Given Formpipe's current structure, where Private accounts for 38% of r12m sales while the corresponding metric for Public is 62%, we assess that his experience seems well-suited.

...with most recent experience from rapidly growing PrimeKey

Most recently, he comes from the role of CEO of PrimeKey (an international software company within Public Key Infrastructure (PKI) and Digital Signatures) where he has been employed for the past 7 years. Interestingly, according to data from Allabolag.se, PrimeKey has grown sales to SEK 230m in 2021, up from SEK 75m in 2016 (25% CAGR), coupled with an EBIT margin of 2% in '21. Before that, Mr. Svenningson holds experience from e.g. Icomera (platform and solution for mobile internet connections), Speed Identity (active in biometric data capture), and Ericsson.

What to expect?

We are eager to hear more about Mr Svenningson's thoughts about the business and his strategy going forward. As of today, we expect a continued focus on growing Private sales, while also improving group margins after a period of poor profitability in 2022. To conclude, the news reduces an element of uncertainty, and allows investors to now put more emphasis on operations and the future trajectory of the business.