Upsales AB Due Diligence
Run due diligence on Upsales AB: check compliance and get alerts when suppliers change.
Sweden · www.upsales.com · 17 vendors
Upsales Technology AB is a Swedish software company that provides an AI-powered B2B revenue platform. It offers cloud-based solutions for CRM, marketing automation, sales analytics, and subscription billing. The platform helps businesses find new leads, win more deals, and grow existing customer accounts.
Resilience scores
- Digital Sovereignty: 18
- Digital Resilience: 5
- Financial Resilience: 8
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Services catalogue
3 services in catalogue across 2 categories; runs on 17 sub-vendors.
- CRM
- Customer Domain Verification
- Upsales
Insights
Last updated 2026-07-23 · revision 12
17 direct vendors, 236 subvendors
Direct vendors by controlling owner country (sample)
- Denmark: 1
- Australia: 2
- Luxembourg: 1
Subvendors by controlling owner country (sample)
- Germany: 5
- Switzerland: 2
- Italy: 1
Compliance
8 in-scope frameworks identified; showing 3.
NIS2 (source) — No public evidence
Evidence: https://www.upsales.com/about-upsales/, https://www.upsales.com, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022L2555, https://www.msb.se/en/subjects/information-and-cyber-security/nis2/
Swedish Bookkeeping Act — Evidence found
Evidence: https://www.upsales.com/legal/privacy-policy/, https://www.upsales.com/investor-relations/financial-reports-presentations/
GDPR (source) — Evidence found
Evidence: https://www.upsales.com/legal/privacy-policy/, https://www.upsales.com/legal/product-privacy-policy/, https://www.upsales.com/legal/cookie-policy/, https://www.imy.se/en/, https://commission.europa.eu/system/files/2023-07/Adequacy%20decision%20EU-US%20Data%20Privacy%20Framework_en.pdf, https://commission.europa.eu/publications/standard-contractual-clauses-international-transfers_en
Financials
Three-year financials
- 2025: revenue SEK 152.0M, EBIT SEK 28.2M, equity SEK 18.3M
- 2024: revenue SEK 144.8M, EBIT SEK 22.9M, equity SEK 21.9M
- 2023: revenue SEK 145.2M, EBIT SEK 34.4M
Financial Resilience Score: 8/10
Upsales Technology AB exhibits a high-quality financial profile for a small-cap SaaS company. The business is characterized by ~95% recurring subscription revenue, mostly billed annually in advance, providing strong cash-flow visibility and favorable working capital dynamics (MSEK 76.4 in accrued/prepaid income at year-end 2025). The company has no interest-bearing debt (only a small lease liability of MSEK 2.78) and holds MSEK 37 in net cash. Operating cash flow has been consistently strong at MSEK 30-35 across the last three years, comfortably exceeding capex and capitalised development costs. Management reports 22 consecutive years of profitability, and the company was bootstrapped without VC funding. However, the equity base is small (MSEK 18.3 at year-end 2025) and has been shrinking due to aggressive dividend payouts (~MSEK 25/year) that exceeded net income. The Board has now reduced the 2025 dividend proposal to SEK 0.75/share to prioritize growth investment. The 2023 ARR contraction (-3.7%) demonstrated that sales-execution missteps can materially damage a small SaaS despite sticky subscriptions, and the company has undergone recent leadership changes (new CEO May 2026, new CFO December 2025) and a December 2025 restructuring removing ~14 product positions. Concentration risk is meaningful given the small headcount (67), narrow Nordic/Swedish mid-market focus, and competitive pressure from Salesforce, HubSpot, and Microsoft Dynamics. Balance sheet resilience is high; operating resilience is moderate.
Key strengths: ~95% recurring subscription revenue with annual prepayment, Zero interest-bearing debt; MSEK 37 net cash position, 22 consecutive years of profitability, Consistent operating cash flow of MSEK 30-35 per year, Founder-led with ~44-45% insider ownership, Bootstrapped, never raised VC funding, ARR growth reaccelerated to +7.8% in 2025, High EBITDA margin (25.4% in 2025)
Risk factors: Small absolute equity base (MSEK 18.3) eroded by dividends exceeding net income, Small headcount (67) creating key-person and execution concentration, Recent CEO and CFO transitions plus December 2025 restructuring, Rising capitalised R&D (MSEK 17.1 vs 7.1) inflates reported EBITDA vs cash, Narrow geographic concentration in Sweden/Nordics, Competitive pressure from Salesforce, HubSpot, Microsoft Dynamics, Thin trading liquidity on First North Growth Market, Aira spin-off in 2026 introduces execution risk and changes reporting perimeter, 2023 ARR contraction demonstrated vulnerability to sales-execution missteps
Revenue by geography
- Sweden (and other Nordics/Europe, undisclosed split): 100%
Revenue by product/service
- Subscription (SaaS platform): 95%
- Professional Services: 5%
Workforce by country
- Sweden: 67
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