Comendo A/S

Denmark · owned by Zscaler (via acquisition of Censornet, or independently — note: Comendo was acquired by Censornet) (United Kingdom) · comendo.dk · 22 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

Disruption prediction

Comendo A/S has an estimated 27% probability of disruption in the next 6 months.

11 of Comendo A/S's 22 vendors monitored for disruptions.

Technology vendors

Services catalogue

6 services in catalogue across 4 categories; runs on 22 sub-vendors.

Insights

Last updated 2026-09-13 · revision 21

22 direct vendors, 258 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 5/10

Assessed by AI based on technology stack characteristics (cloud-native vs legacy, containerization, microservices), regulatory environment, data residency requirements, financial stability, and vendor lock-in risks. The score ranges from 0-10, where higher scores indicate better readiness for technology migration.

Comendo A/S exhibits a moderate level of migration readiness, scoring 45 out of 100. The primary challenge stems from the significant lack of information regarding its internal tech stack. Without details on whether the architecture is cloud-native, containerized, microservices-based, or legacy/monolithic, it's difficult to assess the technical complexity and effort required for migration. The regulatory environment presents considerable complexity for migration. The 'Assessment Required' status for GDPR and NIS2, coupled with strict EU data residency requirements, means that any migration strategy must meticulously address data handling, transfer mechanisms, and storage locations to ensure continuous compliance. This adds significant planning and execution overhead. Vendor lock-in risk is another major unknown. While vendor geographic diversity is present, the conflicting 'Total Vendors: 0' data point makes it impossible to determine the actual number of vendors for its 'Total Services: 53'. If Comendo relies heavily on a few key providers for these services, migration could be complex, costly, and time-consuming due to potential vendor lock-in. On the positive side, Comendo's consistent revenue growth suggests financial stability, providing the necessary resources to fund migration initiatives. Furthermore, the nature of its products, such as 'Cloud-based Email Security', indicates some existing familiarity with cloud environments, which could be an advantage for further cloud adoption. However, these positives are largely overshadowed by the critical unknowns regarding the technical architecture and vendor dependencies, which are fundamental to migration readiness.

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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