JN Data A/S Due Diligence

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

Denmark · owned by Independent (Denmark) · jndata.dk · 9 vendors

JN Data is a Danish IT operations and infrastructure company that provides critical IT services to the Danish financial sector, including mobile banking and payment processing. Founded in 2002 as a joint venture between Jyske Bank and Nykredit, it now serves six financial-sector customers with 24/7 IT operations and datacenter services. The company is jointly owned by the two bank IT cooperatives BEC and Bankdata, as well as Jyske Bank and Nykredit.

Resilience scores

Digital Sovereignty: 11
Digital Resilience: 7
Financial Resilience: 8

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Services catalogue

35 services in catalogue across 8 categories; runs on 9 sub-vendors.

Agency Data Creative
Phone & Street Address Verification
Personal Data Processing

Insights

Last updated 2026-09-13 · revision 8

9 direct vendors, 150 subvendors

Direct vendors by controlling owner country (sample)

United States: 6
Japan: 2
Luxembourg: 1

Subvendors by controlling owner country (sample)

Japan: 2
Canada: 3
United Kingdom: 5

Compliance

8 in-scope frameworks identified; showing 3.

Financials

Three-year financials

2025: revenue DKK 2.55B, EBIT DKK 10.9M, equity DKK 389M
2024: revenue DKK 2.53B, EBIT DKK 14.8M, equity DKK 381M
2023: revenue DKK 2.26B, EBIT DKK 12.3M, equity DKK 366M

Financial Resilience Score: 8/10

JN Data A/S demonstrates strong financial resilience underpinned by its unique cost-plus business model and ownership structure. As a jointly-owned IT operations company serving Jyske Bank, Nykredit, Bankdata, BEC, SDC, and EG A/S, revenue is highly predictable and has grown every year since 2020, reaching DKK 2.53B in 2024 (+12.3% YoY). The equity base has grown consistently from DKK 329.7M in 2019 to DKK 380.9M in 2024, with solvency ratio improving to 44.1% (from 31.4% in 2020), reflecting a strong balance sheet. Cash generation is robust — operating cash flow was DKK 237.8M in 2024 and DKK 253.4M in 2023 — comfortably funding capex of ~DKK 175-180M annually. Profitability is deliberately thin (net margin ~0.4%) due to the cost-plus pricing model, but this is by design rather than a sign of financial weakness. All five prior Finanstilsyn (Danish FSA) orders have been closed, and the company received Deloitte's Best Managed Companies award in 2024. Key risks include extreme customer concentration (six customers = 100% of revenue), structurally thin margins with little cushion for cost overruns, and cyber/operational resilience risk as a critical financial infrastructure provider. Contractual obligations of at least DKK 860M and lease obligations of DKK 67M represent a sizable fixed-cost base. Overall, the ownership-customer alignment substantially mitigates the concentration risk, supporting a strong resilience score.

Key strengths: Locked-in owner-customer base ensures highly predictable revenue, Consecutive years of revenue growth (6-year CAGR ~4.4%), Strong and improving solvency ratio (44.1% in 2024), Robust operating cash flow (DKK 237.8M in 2024), Consistent positive net income (DKK 8.6-10.3M annually), All Finanstilsyn regulatory orders closed by 2023, Cost-plus pricing structurally protects against demand risk

Risk factors: Extreme customer concentration — 6 customers generate 100% of revenue, Structurally thin net margin (~0.4%) with limited cushion for cost overruns, Cybersecurity and operational resilience risk as critical financial infrastructure, Large fixed contractual obligations (at least DKK 860M), Lease obligations of DKK 67M, FX exposure (USD, PLN) managed via hedging, Geopolitical exposure via Warsaw, Poland branch

Revenue by geography

Denmark: 99.93%
Foreign: 0.07%

Revenue by product/service

IT operations, technology, infrastructure and procurement community services: 100%

Workforce by country

Denmark: 700
Poland: 225

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