Systematic A/S Due Diligence

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

Denmark · owned by Michael Holm Holding ApS (Denmark) · systematic.com · 20 vendors

Systematic A/S is a Danish software company headquartered in Aarhus, Denmark, that develops critical software solutions for defence, healthcare, national security, critical infrastructure, and libraries. Its world-leading command-and-control system, SitaWare, forms the digital backbone of NATO land operations. With over 1,200 employees across 18 global offices, the company serves customers in more than 50 countries and is CMMI Maturity Level 5 certified.

Resilience scores

Technology vendors

Services catalogue

12 services in catalogue across 4 categories; runs on 20 sub-vendors.

Insights

Last updated 2026-09-13 · revision 23

20 direct vendors, 269 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

13 in-scope frameworks identified; showing 3.

ISO 27001 (source) — Evidence found

Evidence: https://systematic.com/int/our-company/how-we-work/cyber-security-compliance/, https://systematic.com/int/our-company/how-we-work/cmmi-ml5/

SOC 2 (source) — No public evidence

Evidence: https://systematic.com/int/our-company/how-we-work/cyber-security-compliance/

UK Modern Slavery Act 2015 — Evidence found

Evidence: https://systematic.com/int/contact/modern-slavery-act-statement/

Financials

Three-year financials

Financial Resilience Score: 9/10

Systematic A/S demonstrates exceptional financial resilience for a private technology company. The Group is entirely debt-free with no bank loans or long-term interest-bearing debt, and holds EUR 95.5M in cash — roughly 5 months of revenue and about 2x total short-term liabilities. The solvency ratio of 62.4% reflects an extremely conservative capital structure, and return on equity of 33.6% is exceptional for a large enterprise software business. Profitability has expanded meaningfully over the past three years, with EBIT margin rising from 13.0% in FY21/22 to 20.5% in FY23/24, and net margin climbing from 10.9% to 15.7%. Cash generation is strong (EUR 57.3M from operations in FY23/24), and the company maintains a sizeable recurring revenue tail via EUR 23.0M of deferred service-contract income. Structural tailwinds from increased European defence spending, NATO wins, and CMMI Level 5 certification support the outlook. Key risks include heavy exposure to public/defence procurement cycles (which can be lumpy), deliberate non-disclosure of segment and geographic revenue splits (limiting external transparency), an aggressive dividend policy (EUR 38.5M paid in FY23/24 causing equity to decline despite record profits), cost-base inflation flagged by management, FX exposure across multiple currencies, and residual founder/key-person dependency following the 2023 CEO succession. Nonetheless, PwC issued a clean unqualified audit opinion, and management guides for continued 5–15% revenue and EBIT growth in FY24/25.

Key strengths: Debt-free balance sheet with no bank loans, EUR 95.5M cash reserves (5 months of revenue), Solvency ratio of 62.4%, Return on equity of 33.6%, EBIT margin expansion from 13.0% to 20.5% over 3 years, Strong operating cash flow of EUR 57.3M, 5-year revenue CAGR of ~10.1%, CMMI Level 5 certification since 2005, Clean unqualified PwC audit opinion, Structural tailwind from increased European defence spending

Risk factors: Heavy dependence on public/defence procurement cycles with lumpy large contracts, Deliberate non-disclosure of segment and geographic revenue breakdown, Aggressive dividend policy (EUR 38.5M paid in FY23/24) reducing retained equity, Cost-base inflation flagged by management, FX exposure across CHF, USD, GBP, AUD, DKK, SEK, NOK, RON, Founder/key-person dependency following 2023 CEO succession, Loss-making 50% associate CUBEDIN A/S (immaterial), Narrower FY24/25 guidance (5-15%) than FY23/24 actual performance

Revenue by product/service

Workforce by country

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