Heimdal Security A/S

Denmark · owned by Marlin Equity Partners (United States) · heimdalsecurity.com · 13 vendors

Heimdal Security is a Danish cybersecurity company that provides a unified security platform covering endpoint protection, network security, privileged access management, email security, and extended detection and response (XDR). Founded from a CTF championship-winning DNS security concept, the company serves over 15,000 organizations worldwide with AI-powered threat prevention, patch management, and 24x7 managed SOC services. In 2020, Heimdal was acquired by Marlin Equity Partners, expanding its global reach and distribution network.

Resilience scores

Disruption prediction

Heimdal Security A/S has an estimated 13% probability of disruption in the next 6 months.

9 of Heimdal Security A/S's 13 vendors monitored for disruptions.

Technology vendors

Services catalogue

3 services in catalogue across 3 categories; runs on 13 sub-vendors.

Insights

Last updated 2026-09-13 · revision 9

13 direct vendors, 222 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 8/10

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.

Based on the inferred internal tech stack from job postings, Heimdal Security appears to leverage modern cloud-native technologies. They use Azure and AWS, Kubernetes, Docker, microservices architecture, and CI/CD pipelines. This indicates a highly flexible and scalable infrastructure, characteristic of cloud-native environments. The use of Terraform and Ansible further suggests infrastructure as code practices, which significantly aids migration and infrastructure management. Confidence: Medium (inferred from job postings, not a direct statement of their entire production stack). Sources: LinkedIn job postings for Heimdal Security (e.g., Senior Backend Developer, Cloud Engineer).

Financials

Three-year financials

Financial Resilience Score: 5/10

Heimdal Security A/S presents a mixed financial profile. On the positive side, the company has demonstrated consistent revenue growth for three consecutive years (from DKK 84.9M in 2022 to DKK 137M in 2025, a ~61% cumulative increase), a rapidly improving gross margin (swinging from DKK -25.6M in 2022 to +DKK 13.9M in 2025), and materially narrowing net losses (from DKK -41.8M in 2023 to DKK -8.86M in 2025). The subscription-based SaaS/XDR platform benefits from structural cybersecurity tailwinds and a growing MSP/MSSP channel. However, the standalone A/S entity is technically insolvent on a balance-sheet basis, with deeply negative and worsening equity of DKK -216M in 2025 and eight+ consecutive years of losses. The business is structurally dependent on ongoing funding from its private equity sponsor, Marlin Equity Partners (managing over $6.7B of capital), which acquired Heimdal in March 2020. Losses have been funded via debt/shareholder loans rather than fresh equity injections. Headcount in the Danish entity has contracted from 31 to 24 average employees, suggesting a shift of operations abroad. The wider group's financial resilience depends materially on Marlin's continued backing rather than on the standalone A/S balance sheet. Taken in isolation, the Danish entity would look distressed, but the PE sponsor's deep pockets, the improving unit economics, and the recurring-revenue model provide meaningful support. The score of 5 reflects this balance between concerning balance-sheet metrics and improving operational trends backed by a well-capitalized sponsor.

Key strengths: Consistent revenue growth (+61% cumulative over 3 years), Gross profit swung positive (DKK -25.6M in 2022 to +DKK 13.9M in 2025), Net losses narrowing rapidly (69% reduction in 2025), Backing from Marlin Equity Partners ($6.7B AUM), Recurring-revenue SaaS/XDR model with 15,000+ customers, Growing MSP/MSSP channel and international partnerships

Risk factors: Deeply negative equity (DKK -216M in 2025) and worsening, Eight+ consecutive years of losses, Technically insolvent on balance-sheet basis, Structural dependence on sponsor funding, Danish entity headcount contraction (31 to 24 average), Intense competition from CrowdStrike, SentinelOne, Sophos, Malwarebytes, etc., CEO/strategy transition execution risk (new CEO May 2024), Group-vs-entity distortion complicates financial visibility

Workforce by country

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