Comendo A/S Due Diligence

Run due diligence on Comendo A/S: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Zscaler (via acquisition of Censornet, or independently — note: Comendo was acquired by Censornet) (United Kingdom) · comendo.dk · 18 vendors

Comendo is a Danish provider of cloud-based email security solutions, specializing in spam filtering, virus protection, and email continuity services for businesses. The company offers hosted security services that protect organizations' email infrastructure from threats such as spam, phishing, and malware. Comendo serves a wide range of business customers primarily in the Nordic region.

Resilience scores

Technology vendors

Services catalogue

6 services in catalogue across 4 categories; runs on 18 sub-vendors.

Insights

Last updated 2026-09-13 · revision 21

18 direct vendors, 212 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Financials

Three-year financials

Financial Resilience Score: 6/10

Comadso A/S (the operating entity behind the Comendo brand at Borupvang 3, Ballerup) demonstrates strong balance-sheet resilience but a deteriorating earnings trajectory. Solvency is very high with a solidity ratio of 68.9% in 2025 (up from 67% in 2024), and short-term liquidity is comfortable with a liquidity ratio of 182.7%. The company carries no interest-bearing bank or mortgage debt and held approximately DKK 4.0M in cash at year-end 2025, providing meaningful downside protection for a company of its scale. However, FY2025 marks the first loss-making year in the visible five-year window, with EBIT swinging from +DKK 3.1M in 2023 to -DKK 2.1M in 2025 and return on assets falling to -9.1% (rated 'unsatisfactory'). Rapidly rising amortisation charges (from DKK 4.2M in 2021 to DKK 10.6M in 2025) reflect heavy capitalised development spend, and intangibles now represent ~72% of the balance sheet, creating material impairment risk if revenue growth does not resume. Combined with the small scale (14 FTE, ~DKK 24M total assets), recurring negative other financial items, and the fragmented brand situation (Comendo trade names now sit inside j2 Global Denmark A/S), the company's medium-term resilience is moderate rather than strong.

Key strengths: Solidity ratio of 68.9% in 2025 (rated 'very good'), Liquidity ratio of 182.7% in 2025 (rated 'good'), No interest-bearing bank or mortgage debt in last 5 years, Cash on hand of ~DKK 4.0M at year-end 2025, Equity of DKK 16.4M against DKK 23.8M balance sheet

Risk factors: First loss-making year in FY2025 with EBIT swing of -DKK 4.4M, Return on assets fell to -9.1% in 2025 (unsatisfactory), Amortisation charges rising rapidly (DKK 4.2M in 2021 to DKK 10.6M in 2025), Intangibles represent ~72% of balance sheet, creating impairment risk, Recurring negative other financial items (FX or equity-participation losses), Small scale (14 FTE) limits buffer against customer churn or key-person risk, Brand fragmentation - Comendo names held by j2 Global Denmark A/S, Equity contracting for three consecutive years

Revenue by geography

Workforce by country

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