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Sisua Digital Oy

Growth company

Automate everything

Legal warning: The acquisition of this financial instrument is associated with considerable risks and may lead to the complete loss of the invested assets. The prospective return is not guaranteed and may also be lower.

first name last name, position of company name

„Sisua Digital is a leading provider of intelligent automation services for enterprises. Companies around the world are running their invoicing, logistics and other business critical processes on our 24/7 managed automation service. These automations provide them with higher productivity, quality and efficiency in laborious offices tasks. Innovated in Finland and provided by our local teams in Chile and Vietnam Sisua has grown rapidly in Latin America and South-East Asia. We want to strike while the iron is hot on the growth markets. Raising funds will allow us to grow our market presence in Americas and accelerate sales to North American and Japanese high value customers. The ultimate value in our business is generated through recurring revenues provided by long-term managed services deals. "

Tomi Torri, Group CEO, Co-Founder

Key investment highlights

High growth in an attractive industry – Sisua Digital is a well-positioned pioneer and grows strongly in enterprise automation using the latest technology including AI.

Operative EBITDA profitability reached – Sisua Digital reached operative EBITDA profitability in Q4, 2021 with EBITDA profitability expected for 2024.  

Business in high growth markets – 70% of Sisua Digital’s business comes from high-growing non-EU markets.  

Competitive edge through geo-arbitrage – Sisua Digital achieves group level synergies through service centres in low-cost countries, innovation in Finland and a global delivery model that enables 24/7 follow-the-sun maintenance. 

Managed services business model is viable – growing ARR with managed service brings steady cashflows, good EBITDA and high valuation multiples.  

Investment information

Equity offering
Invested so far:
Equity offered:
6.84 – 19.45 %
Price per share:
min investment 200 shares
Number of existing shares:
Fully diluted shares:
Pre-money valuation:
Offered units:
Funding purpose:
Offered in:
Invesdor Oy


Short profile

Sisua Digital Group, including Sisua Digital Oy, is a business process automation services provider for enterprises. Hereinafter “Sisua Digital” or “Sisua” is used when referring to the Sisua Digital Group.

Sisua Digital provides scalable advisory, automation development and managed services for enterprises in multiple industries, including banking, finance, services, manufacturing, retail, logistics, energy and the public sector.

Sisua Digital is serving customers locally in Latin America, South-East Asia and Finland, and remotely in North America and Japan.

Sisua Digital’s intelligent automation services provide customers with productivity, quality, and efficiency improvements, as well as improved customer and employee satisfaction.

Company history

company history

Pioneer in Intelligent Automation

The idea of Sisua Digital emerged as the founders were working in advisory and consulting and were often approached by customers in Finland with the need to improve business productivity and process quality. The team studied technological solutions and came across robotic process automation (RPA) in 2014. Shortly thereafter the first customer automations were implemented with Sisua Digital’s support. The methodology developed through successful projects with highly demanding large Finnish customers.

The founders realised that the approach to combine technology with business process understanding to achieve business goals would be a game changer in process automation and digital transformation. As the ambition level was high, the company went to overseas markets in Chile and Vietnam where low productivity was a real issue and where the growth was yet to come, and which were ideally located as hubs for regional go-to-market.  

Sisua Digital Group was incorporated in 2019 following a Management Buy-Out (MBO). This dream became real when the founders raised 2,0M€ in equity in Finland and Chile, and consolidated the existing businesses and assets in Finland, Chile, and Vietnam. In parallel the business model was transformed from advisory to a scalable model of managed services. The objective was set to focus on growth and recurring revenue (ARR, as-a-Service) in growth markets based on innovations made in Finland.

Over the years Sisua has helped dozens of companies in industries such as banking, insurance, retail, manufacturing, energy, and services, including the public sector to achieve valuable results in their automation journey and in digital transformation. In addition to valuable growth in the customer base in Finland, Chile, and Vietnam, Sisua has made significant wins with Latin American, North American, and Japanese large enterprises. Importantly, the retention has proven to be strong while recurring revenue (ARR) has been growing steadily without substantial increase of headcount.

Today Sisua Digital is a global business with presence on three continents providing intelligent automation as-a-Service to enterprise customers. Sisua Digital’s strategy is to apply geo-arbitrage between these three service centres to have access to cost-effictive resources, to be close to customers in growth markets, nearshoring to high-value markets, and capability to provide 24/7 follow-the-sun maintenance.

The services

Sisua Digital is a business process automation company that offers services and expertise in making routine work a thing of the past. Automation aims to fundamentally streamline processes, increase human productivity, and cost efficiency. Sisua Digital’s approach is to become a trusted partner and service provider to customers that are on their digital transformation journey starting from the first steps to the hyper automation scale.

Sisua Digital’s offering consists of 24/7 operation & maintenance service powered by the Sisua cloud platform and a certified team across three competence centres in Vietnam, Finland, and Chile for local professional services as well as offshoring.

Professional services help Sisua’s customers discover their automation potential with use case and ROI analysis, operational model consultancy and citizen developer training. The team of Sisua developers in Robitic Process Automation (RPA), Artificial Intellicence (AI) and low-code utilise industry leading technologies by partners such as UiPath and Microsoft. These technologies are packaged into microservices and reusable components on the Sisua proprietary platform for quick-to-deploy service delivery at scale to Sisua’s customers worldwide.

How it works


Icon 1

The continuous services are powered by the Sisua cloud platform and delivered from three service centres located in follow-the-sun time zones in Vietnam, Finland and Chile. Read more about packaged service offering and tech stack.

Icon 2

The Sisua platform microservice architecture packages solutions to common business challenges into reusable and ready-made components using fit-for-purpose technologies for each customer use case and business context. While the customer interface and first line support are local in all countries, the shared platform and the operations and maintenance (O&M) procedures across service centres are the foundation for unified automation development and 24/7 maintenance service.

Icon 3

An example how the Sisua service comes to life is for a Chilean power grid operator, in the energy sector, where various asset management and reconciliation processes are automated by a virtual team from Sisua Vietnam that double the capacity of the local account team in Chile. More customer stories.

business model

The business model

as-a-Service business

Sisua’s as-a-Service business model with continuous services, multi-year support and maintenance agreements lay the foundation for recurring revenue (ARR), higher margins and predictable growth. The recurring revenue consists of software license sales and monthly maintenance fees (aaS) that in essence decouple Sisua’s revenue generation from a linear need to grow headcount. This allows Sisua to grow faster and more profitably.

This service model with monthly fees, as opposed to upfront license and service cost, is preferred by customers as their investment in digitalization becomes OpEx (costs accrue over time in tandem with automation benefits) instead of CapEx. A continuous service model also has a customer retention effect, as Sisua experienced during the COVID-19 pandemic causing many companies to drop consultants but not critical service partners. 

Packaged service offering and tech stack to enable ambitious growth

The Sisua cloud platform facilitates their service delivery and proprietary service packaging enabling 24/7 follow-the-sun operation and maintenance across the three service centres, and an effective way to share and apply knowledge, methods, and unified service products group-wide. For example, a solution first developed for a customer in Chile (e.g. invoice processing automation) is packaged as a standard product and becomes available as-a-Service to Sisua customers in all geographies with short time-to-market and a healthy margin.

To enable economies of scale and support aggressive go-to-market, Sisua’s service offering is packaged on reusable components (microservices, libraries and automation templates) that deliver ready-made solutions to common business problems. This intuitive approach means that Sisua customers get an easy way to discover and buy a solution as-a-service to a business challenge, rather than acquire technology and experts separately.

Driven by customer demand, Sisua’s experience and specialization has led to a focus in service products in vertical industry specific solutions, such as banking and financial services, manufacturing, commerce and energy, and horisontal function specific solutions for finance & accounting, payroll and HR, sales, procurement and customer service. In these areas adoption of digital services is expected to grow globally (IDC Automating the enterprise report, UiPath Automation trends report).



Sisua capitalizes their pioneer service model in RPA and intelligent automation, developed in the Nordics since 2014, to gain an unfair advantage in selected new markets as the demand and growth is picking up. A cornerstone of Sisua strategy is to exploit geo-arbitrage, and it is described further in the Market section.

Category leading partnerships

Sisua has invested in world leading technology partnerships in intelligent automation with UiPath and Microsoft. Both are recognized as leaders by Gartner (Magic quadrant, July 2022). Sisua as a service company has selected the best available technologies that meet the market demand in terms of competitive features and cost/performance. The partnership works both ways; for example, Sisua’s professional services is a necessary part of UiPath’s (license) business and in return Sisua receives support in establishing new markets, co-marketing and in customer acquisition.



Sisua Digital’s vision is to bring intelligent process automation available globally for greater benefit of society. Sisua’s digital automation services increase productivity in enterprises so that they can produce more added value with same or less resource consumption. Productivity gains help reducing wastage by optimising the processes and by removing the bottlenecks. Removal of manual repetitive tasks frees up time for more meaningful work and thus improve working conditions. Adding controls through automation improves the transparency of processes making them more controllable and traceable to monitor their sustainability. 

An example of how Sisua has enabled productivity improvement in the environmental services sector.


The management


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Tomi Torri

Co-Founder and Group CEO

Tomi Torri is a pioneer in intelligent automation since 2014. He started this business while being a partner of EERA in 2014 and he was a one of the founders in the Management Buy-Out which formed Sisua Digital in 2019. He has master’s degrees in both industrial engineering and business administration (EMBA) at Aalto University, Finland. Prior to entrepreneurship he had 25 years of corporate career an international business in UK, Germany, Spain, Sweden, the US and Finland. He has been in executive roles in both large enterprises and Silicon Valley start-ups in charge of sales, marketing, operations, business development and strategy in ICT/digitalisation, media and business consultancy. Tomi’s experience in doing business in 70+ countries plays an important role in Sisua’s global go-to-market and achieving goals in new market areas in the next phase.


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Jarno Toivonen

Co-Founder and Director Business Development

Jarno Toivonen is a product management professional and lean start-up entrepreneur with 23 years of experience in technology, marketing and sales in international business. During his “first” career in ICT Jarno was based in Israel and USA managing projects and operations for Telco operators. As the start-up community in Finland emerged in 2009, he joined as product lead for the early mobile-first start-ups like Blyk, Rovio and Kiosked. Since starting his entrepreneurial journey in 2015 Jarno has been a consultant in adtech, digital marketing and process automation. At Sisua he leads service product management and business development. Jarno holds a M.Sc. degree in Engineering, Helsinki University of Technology (Aalto).


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Ilari Immonen

Co-Founder and Director Operations

Ilari Immonen is an experienced executive working in the field of intelligent automation and operations since 2016. With a M.Sc. in Information Networks from Aalto University, hands-on experience and a proven track record of success working with large customers, he has a deep understanding of the industry and a talent for delivering results. Ilari has strong leadership skills and a passion for customer success. With a focus on delivering value to large customers, he has a proven ability to drive results and lead teams to success. Currently, he is responsible for Sisuas Finland operations, offshoring business, and group financial operations. Ilari is committed to continuous learning and improvement to provide the best possible service to clients and colleagues.


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Alan Berstein

General Manager, Chile and Americas

Alan Berstein is a seasoned C-Level executive always involved in innovative, disruptive, and high-tech businesses with global scale and local feel. He has vast 25 years of experience in physical and logical robotics and automation for large tier one companies some of which are fortune 500 in the North America as well as top 50 companies in Latin American Markets. Alan has held positions as CEO, CTO, CIO, CRO, Consultant, Director, and Founder. He has led teams and companies of different sizes. Alan is well-known for his track record of international business and creating high performance teams with robust financials and strategy that enable quick scaling. He joined the Sisua Group in December 2019 as General Manager for Chile. Alan Holds an AMBA (Advanced MBA) from Universidad Adolfo Ibanez, one of the top universities in Latin America.


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Thanh Hoang

Head of Operations, Vietnam

Thanh Hoang has gained experience as a CIO, COO and CTO in software services industry in Vietnam. Thanh has 20 years of experience starting as developer and architect at FPT software and later on in technical leadership positions in Quant Edge and CIS. Thanh has successfully managed large teams of developers and operations engineers. At Sisua Thanh is running operations of both offshoring and local customer service centres.

The Board of Directors

Peter Barkman, Chairman of the Board

Peter Barkman is a growth and scale-up executive, M&A professional, business model innovator and data-based value creation specialist. Currently he is the Executive Vice President of International Expansion at Solita, a next generation digital development consultancy firm in, Helsinki, Finland. Peter is also Chairman of the Board of Yellow Film&TV, Scandinavia’s largest independent TV&Film production company in addition to being Chairman of Sisua Digital Group. Previously he has held positions as CEO of PALMU Inc., COO of TBWA group Finland and various positions within Arthur Andersen & Company. He has a M.Sc. in Economy & Business administration from Helsinki Swedish School of Economics (Hanken) and Erasmus scholar at University of Sheffield UK. He was a visiting scholar, University of Connecticut and a guest lecturer, Aalto University, Finland.

Martti Malmivirta, Board member

Martti Malmivirta is known as an experienced business consultant and industry developer with strong international experience. He is well networked in the Finnish and European industry and has also good connections in China and South-East Asia as well as in the GCC area. Martti is a trusted advisor of the Finnish government and several blue-chip companies. He is Co-Founder and Board Member of the renewable energy company Korkia. Martti has established several start-up companies introducing disruptive innovations in their industries. He had a key role in establishing both Sisua Digital and Digital Workforce. Martti has participated in over 50 M&A processes on both the sell and buy side as an investor, consultant and corporate executive. Martti has a Master of Business Administration (with Honours); IMD, University of Lausanne. Martti is also Honorary Consul of the Sultanate of Oman in Finland.

Ivan Diaz Molina, Board member

Ivan Díaz-Molina is Professor of Strategy and Innovation, Director of the Center for Innovation and Entrepreneurship at the ESE Business School in Santiago, Chile. He is the Chairman of the Board of Grupo Saesa, a Chilean energy group. He also sits at various Boards in the areas of energy and high tech. Before joining ESE, Mr. Díaz-Molina was Vice President for Latin America of PPL (Pennsylvania Power and Light) with operations in Central America, Peru, Brazil, Bolivia and Chile. Responsible for the operations and investments in the Latin American Region, with assets valued at approximately USD 1.5 bn. Mr. Diaz Molina was instrumental in the acquisition of energy and telecom assets in Brazil, Central America, Peru and Chile. Mr. Díaz-Molina holds a DBA from Temple University, a MSc degree from Carnegie-Mellon University and a Civil Engineering Degree from National University of Córdoba, Argentina.

Hoang Ngyuyen, Board member

Hoang's background lies in Sales & Marketing and has expertise in Operations Management. Hoang co-founded Amigo Technologies in 2005 together with 3 high school mates, with initial focus on delivering system integration services to business-critical customers like financial institutions and telco providers. Amigo has expanded its domain knowledge to end-to-end managed services in payment processing and trading platform via its subsidiaries in Vinatti and Novus Fintech. Its Vinatti, a 3rd-party payment license-holder, is processing more than 10 million payment transactions monthly across Vietnam. Novus Fintech’s trading-platform solution has three top-5 banks in Vietnam as well as some top brokerage firms in Australia. Hoang holds a BA from Hanoi University of Foreign Studies and an MBA from Webster University.

Company structure

Sisua Digital Oy is the mother company of Sisua Digital Group having control of all companies in the group. 

Sisua Digital consists of Sisua Digital Oy which is the Group’s parent company, and three subsidiaries, Sisua Process Automation Group Oy, Sisua Digital SpA and Sisua Digital Vietnam JSC.

Sisua Process Automation Group Oy is a holding company registered in Finland, 100% owned by Sisua Digital Oy. It is a legacy of a MBO arrangement and has no personnel and no revenue.

Sisua Digital SpA is registered in Chile and has two business units: Business unit Chile and Business unit Latin America, with business operations also focusing on nearshoring to North America. 50% of Sisua Digital SpA is owned by Sisua Digital Oy and 50% by Sisua Process Automation Group Oy, meaning that Sisua Digital Oy effectively fully owns the subsidiary company in Chile.

Sisua Digital Vietnam JSC is registered in Vietnam where the focus area is Vietnam, offshoring to other Sisua companies and nearshoring to Japan and South-Korea. Sisua Digital Oy has control whereas 99% is owned by Sisua Digital Oy and 1% is owned by the founders Tomi Torri (0,5%) and Ilari Immonen (0,5%).

Sisua Digital Oy is the Group’s parent company, and the financing round offers investors the opportunity to invest in Sisua Digital Oy. 

Distribution of the company shares

Sisua Digital Oy has 18 shareholders. The nine largest shareholders in the company are listed in the table below. *




1 Wallstreet Kasvuyhtiö Oy 2.649.700 50,98%
2 Sisua Digital Ky 676.700 13,02%
3 Torri Oy 459.700 8,84%
4 Jarno Toivonen 226.600 4,36%
5 Inversiones Nemesio Limitada 209.100 4,02%
6 Asesorias e Inversiones Puerto Varas Limitada 209.100 4,02%
7 Tomi Torri 168.700 3,25%
8 Ilari Immonen 162.000 3,12%
9 Peter Barkman 100.000 1,92%
Other shareholders 335.900 6,46%
TOTAL 5.197.500 100%

*Update 9.3.2023

The shares converted from the company's convertible bond on 31.12.2022 have now been registered in the Trade Register. The company has now 5,312,759 registered shares. The registration of the new shares lead to changes in the company's shareholder register. The list of shareholders can be made available by the company upon request.

Use of funds

Scenario I – Minimum of 570k€ funding collected in the financing round

Sisua is in the process of expanding from Chile to other Latin American markets. Sisua has provided services to large regional customers, who are requesting local teams in other countries to support them, for many years. The demand in the Latin American region is growing and there is a need for a high-quality managed services provider such as Sisua. The objective with this funding is to boost the sales in the region and to start a local Sisua company in one additional mid-size market in Latin America.

In addition, Sisua is introducing as-a-Service offering packages for special purpose needs to address the small and medium size market segments in order to increase recurring revenue. Another investment area is development of the systems and processes in the Global Service Center model to improve productivity and to expand the 24/7 follow-the-sun maintenance.

Scenario II – 950k€ funding collected in the financing round

Large North American enterprises tend to source their services from Latin America due to lower costs and better availability of talent. These efforts in nearshoring from Chile to North America have provided good results and the plan is to invest more resources in sales and marketing to win more market share. North America represents approximately 50% of world market in intelligent automation. The same pattern of nearshoring exists in Asia where large enterprises from Japan and South-Korea tend to source their services from Vietnam. Sisua has already won one Japanese large enterprise customer and the goal is invest more resources in sales and marketing of nearshoring services to highest GDP markets in Asia.

Scenario III – 1,35M€ funding collected in the financing round

Mexico is the largest economy in Hispanic America and a gateway to North American markets. Sisua has made plans and go-to-market preparations the to launch Sisuas business in Mexico. Therefore, Sisua Digital Oy plans to use 100% of the additional funds to capitalise a new group company in Mexico to serve both North and Hispanic American customers.

Minimum Scenario

Minimum of 570k€ funding collected in the financing round 

Sisua Digital Oy plans to use;

  • 50% of the funding to capitalize a local company and boost sales in the Latin American region; 
  • 25% of the funding would be used to execute offering and tech stack development described above;
  • 25% of the funding would be used to support the growth of operational businesses with key recruitments in e.g. talent management, business control, and technology team.

Medium Scenario

Up to 950k€ funding collected in the financing round

Sisua Digital Oy plans to use the additional funds to capitalise group companies as follows;

  • 80% to boost sales in North America with key recruitments and marketing activities;
  • 20% to boost sales in Japan & South Korea with key recruitments and marketing activities

Maximum Scenario

Up to 1,35M€ funding collected in the financing round

Sisua Digital Oy plans to use;

  • 100% of the additional funds to capitalise a new group company in Mexico to serve both North and Hispanic American customers.

Read more about the use of funds Scenario VI - €1,875,000 funding collected in the financing round in the update section.


Sisua Digital's market positioning


Sisua Digital has created their offering and service model in the highly competitive markets of Robotic Process Automation (RPA) and Artificial Intelligence (AI) in the Nordics.

Sisua Digital has discovered a market maturity pattern, where selected developing markets in South-East Asia and South America are on their own waves of maturity behind the Nordics in terms of sophistication and demand by enterprises for automation technology and services.

Sisua Digital has successfully taken advantage of this market dynamic, so called geo-arbitrage, by utilizing Sisua’s experience in the Nordics to anticipate emerging market needs with the right timing to capture a relevant position and establish Sisua’s brand on the local market. Today more than 70% of Sisua’s business comes from these growth markets - and the share of non-EU revenue is expected to grow further.


Sisua Digital's offering and service model

Offshoring and nearshoring

Cost efficient service delivery from Vietnam to both Chile and the Americas, as well as to the Nordics is another dimension of the geo-arbitrage strategy. This type of business optimization is generally called offshoring. In the same manner the Chile operation acts as a hub for Sisua’s expansion into neighbouring Latin American countries and nearshoring to North America.

Market positioning in comparison to competitors

Sisua Digital has competition both globally and regionally. Regional competitors include both generalist ICT-services providers as well as specialised intelligent automation providers. Among the specialised providers there some that focus on project business and others who focus on managed services business to provide as-a-Service and generate ARR. In general, there is more competition in the developed markets such as Finland and less competition in growth markets such as Latin America and South-East Asia.

Global competitors include large international providers such as Accenture, TCS, Capgemini, Cognizant, and Infosys. These competitors operate world-wide in all Sisua’s markets and offer a broad range of services for digital transformation. Their focus is on the large enterprise segment and as a result seldomly compete directly with Sisua Digital.

Regional competitors include mid-sized providers in each region. These competitors provide a range of ICT and automation services. The main competitors are among others CGI and Atea in Finland, Practia and Beeckerco in Latin America, and KDDI and FPT in South-East Asia.

Specialised intelligent automation competition consists of small providers that are dedicated to intelligent automation. Some of these are pure developers that do not focus on managed services. Relevant competitors with similar business models as Sisua Digital includesinclude Digital Workforce in Finland. Significant players have not been ientified in Latin America and South-East Asia.

Competitive advantages

In Finland

Sisua is addressing the competition in Finland by specialising in intelligent automation, Sisuas as-a-Service offering, 24/7 follow-the-sun maintenance, packaged service offering and with a competitive cost structure.

In growth markets

There are few competitors in the growth markets where Sisua Digital is active. Sisua Digital is benefiting from the first mover advantage, vast experience from other markets, innovations made in Finland and from Sisua’s global delivery process in growth markets as competitors emerge. Once the market matures Sisua will benefit from the as-a-Service offering, 24/7 follow-the-sun maintenance and packaged service offering.

In nearshoring markets

Sisua has a unique position in nearshoring markets as a specialised provider with good global references, battle-tested offering in the highly competitive Nordic markets, high level certifications, presence in favourable time-zones and an optimized cost structure. North American enterprises are used to buy nearshoring services from Hispanic America and Japanese customers from Vietnam.

Financial figures & Growth

Key figures (actual and forecast)
All figures are rounded to the nearest thousand and presented in thousands of euros.

2020 2021 2022 2023 2024 2025 2026
Revenue 1322 1808 2601 4895 10138 17421 30338
Inventory change - - - - - - -
Other income 10 9 - - - - -
Total output 1332 1818 2601 4895 10138 17421 30338
Costs of materials + external services [COGS] -151 -224 -488 -600 -900 -950 -1000
Gross margin  1181  1594   2113   4295   9238   16471   29338 
Personnel expenses/staff costs -1220 -1387  -1672 -3693 -6997 -11324 -19113
Other operating expenses -488 -389 -573 -700 -750 -711 -900
EBITDA -527 -184 -132 -98 1491 4436 9325
Depreciation -671 -672 -289 -250 -250 -250 -250
Operating result [EBIT] -1197 -855 -421 -348 1241 4186 9075
Interest income/interest result -90 -49 -138 -120 -125 - -
Taxes - - - - - - -
Net income after taxes (NIAT) -1288 -904 -560 -468 1116 4186 9075
Number of employees 30 45 60 100 180 300 500

Explanations to the financial figures

The financial figures for 2019-2021 in the table above are based on audited figures and rounded to the nearest thousand euros. The figures for 2022 are based on actual, unaudited figures. As the financial statement for 2022 is being prepared the figures for 2022 are open in the accounts and have not been consolidated. Sisua Digital’s financial period is 12 months from January to December. The financial figures for 2019 are from the period May to December and are non-consolidated as the Sisua Digital Oy was incorporated in May 2019, following the Management Buy-Out, and Sisua Digitals subsidiaries were founded in 2020.

Sisua Digital’s revenue has been growing steadily since its incorporation in May 2019. In addition to Sisua Digital Oy’s revenue, Group revenue consists of revenue from Sisua Digital Oy’s subsidiaries in Chile and Vietnam. These subsidiaries are fully owned by Sisua Digital Oy. At end of the year 2022, 70% of the revenue came from the growing markets outside EU.

In 2020 Sisua Digital’s revenue was 1,3 million euros (+134,7 %) with a gross margin of 1,18 million and EBITDA of -526 thousand euros. Sisua Digital Oy, the parent company of Sisua Digital Group, received nine thousand euros in financial subsidies related to the COVID-19 pandemic. Sisua Digital Group’s revenue grew strongly throughout 2021 and 2022 despite the ongoing global COVID-19 pandemic.In 2021, Sisua Digital's revenue grew by 36.7% and in 2022, comparable revenue growth was 45.0%. Annual recurring revenue (ARR) increased by 67.04% in 2021 and 80.04% in 2022.

Sisua Digital’s revenue reached 1,82 million euros (0,61 million ARR) in 2021 with a gross margin of 1,59 million and EBITDA of -183 thousand euros. In 2022 the revenue of Sisua Digital Group reached 2,60 million euros (1,10 million ARR) with a gross margin of 2,113 million and EBITDA of -120 thousand euros. The figures for 2022 are non-audited. With the Q4 run rate for 2022 total revenue is estimated to reach 3,1 million euros.

Sisua Digital’s revenue growth is a result of focusing on high growth markets, the as-a-Service business model and winning large customers. Sisua Digital has strategic focus on high growing markets where demand is high. As a result, more than 70% of Sisua Digital’s revenue towards the end of 2022 came from growing markets. Sisua Digital’s as-a-Service model gives Sisua Digital the ability to secure long-lasting clients with high retention and steady cashflow. This results in high ARR (annual recurring revenue) growth and ultimately better predictability. Due to its unique market positioning and state-of-the-art solutions Sisua Digital has been increasingly able to win large clients with high customer value ever since the incorporation of Sisua Digital. In 2020 Sisua Digital secured a deal with a top 25 company in Vietnam and in 2021 with a top 100 company in Canada. In 2022 Sisua Digital closed a deal with a top 30 Latin American company and with a Nikkei 25 car manufacturer. Sisua Digital expects this trend to continue and gain momentum as Sisua Digital expands into new locations. In January 2023 Sisua Digital signed a deal with a Fortune 50 insurance company with a deal value and order backlog exceeding 500 thousand euros.

Sisua Digital’s profitability increased substantially in both 2021 and 2022 despite the global COVID-19 pandemic and go-to-market investments in Chile and Vietnam which had an impact on short-term profitability. Since 2021 EBITDA has improved each quarter with EBITDA profitability achieved in Q4, 2021. The EBITDA margin for the full financial year 2022 was -4,7% (non-audited, non-consolidated), compared to -10,2% in 2021, as the operative business turned profitable. Sisua Digital Group’s profitability was affected by growth investments in Q4 and by preparations for the funding round. Sisua Digital has not made activations in the balance sheet.

Sisua Digital’s strategic focus is on profitable growth, cost efficiency and on managed services. This strategic focus means that Sisua Digital focuses on high revenue growth markets, on cost consistency in growth investments and on increasing sales of managed services. Sisua Digital optimizes cost efficiency by nearshoring to developed markets in North America, Japan and Korea from Latin America and Vietnam, and by offshoring from Vietnam. Focusing on increasing the share of managed services has increased predictability and improved efficiency. These strategic focus points have allowed Sisua Digital to consistently improve EBITDA margins.

2020 2021 2022 2023 2024 2025 2026
Revenue Growth % 135% 37% 45% 88% 107% 72% 74%
EBITDA % -40% -10% -5% -2% 15% 25% 31%
Annual recurring revenue  € 364 608 1096 2105 4461 7839 15800
ARR Growth 988% 67% 80% 92% 112% 76% 102%


Revenue growth

Sisua Digitals Key Performance Indicators (KPI) are revenue, EBITDA and ARR (Annual recurring revenue). Sisua Digital is aiming to invest 1,9 million euros in growth between 2022 and 2024. Driven by the new funding Sisua Digital’s growth plan is to achieve group revenue of 30 million euros, EBITDA of 30% and to increase the proportion of recurring revenue from continuous services to 50% by 2026.

Sisua Digital will invest heavily into growth in the growing high-growth and regional high value markets outside the EU from 2023 onwards. With the new investments Sisua Digital aims to increase organic growth from 40-50% annually to 80-100% annually and additionally to increasingly generate new revenue in new growing markets. Fueled by the growth investments the management expects Sisua Digital’s revenue to grow by 89,6% from 2022 to 2023 and reach 4,89 million euros, with a gross margin of 4,29 million euros and EBITDA of -98 thousand euros. As Sisua Digital expands into new markets the management expects that growth will be driven by setting up a new local company in Latin America to serve local clients even better and by growing together with Sisua’s large customers in growing markets. The management forecasts that EBITDA will be negative in 2023 due to growth investments while operative EBITDA is forecasted to be positive.

The management expects Sisua Digitals revenue to grow further by 107% in 2024 to 10,13 million euros with a gross margin of 9,24 million and EBITDA of 1,49 million euros driven by increased nearshoring revenue from North America and setting up a second local company. As part of the growth plan Sisua Digital’s management evaluates the potential to grow through a merger or acquisition in Latin America or Mexico to serve customers in North America. A potential merger or acquisition target should have revenue of at least 1 million euros. A potential merger could be financed fully or partly with either cash or equity and could include raising additional financing either as equity or as debt. A potential merger could be financed fully or partly with a share exchange between the potential target and Sisua Digital Oy or one of Sisua Digital Oy’s subsidiaries. The finance mix of a potential merger or acquisition will be decided on a deal-per-deal basis depending on the market conditions at the time of the potential merger or acquisition.

Sisua Digital estimates that the revenue will reach 17,42 million euros in 2025, a growth of 71,48%, with a gross profit of 16,47 million and EBITDA of 4,4 million euros as Sisua Digital is able to reach up to 100% growth in emerging markets, by setting up local companies. Sisua Digital’s revenue is estimated to reach 30,34 million euros in 2026 with a gross profit of 29,34 million and EBITDA of 9,33 million driven by expansion in the North American market and by high expected growth in emerging markets served by near shoring from Latin America and by offshoring from Vietnam.


The management forecasts that short term profitability is affected by growth investments while operative EBITDA is expected to be positive. Due to the growth investments, Sisua Digital’s profitability margin (EBITDA) is estimated to be -2% in 2023 but is estimated to turn positive by 2024. The management estimates that the EBITDA margin will reach 14% in 2024 and grow further to reach 25% in 2025 and 30% in 2026 respectively. This increase in profitability is largely driven by better productivity while providing services from the Global Service center and with providing nearshoring services to higher GDP markets in North America and Asia. Sisua Digital has budgeted growth investments of 770 thousand euros in 2023 and 630 thousand in 2024 respectively.

Recurring revenue

The proportion of annual recurring revenue (ARR) has been increasing steadily since the incorporation of Sisua Digital and reached 42% at the end of 2022. The management expects that this trend will continue in the foreseeable future making Sisua Digital’s business more profitable, valuable, and predictable. Since the incorporation of the company, Sisua Digital has focused on long lasting clients with multi-year support and maintenance contracts. Annual recurring revenue (ARR) grew by 67% in 2021 and by 80% in 2022. The figures for 2022 are un-audited, non-consolidated and the figures are still open in the account as the financial statement is being prepared. ARR is expected to grow by 92% in 2023 and by 112 % in 2024. In 2025 the growth percentage is expected to be 76% and 101% in 2026. Sisua Digital’s total ARR revenue is estimated to reach 15,8M € by 2026. Historically, most of Sisua Digital’s ARR revenue has been generated in the highly developed Finnish market. Sisua Digital’s management team expects to win more long-lasting customers also in emerging markets with Sisua’s as-a-Service business model. Sisua Digital’s churn rate has historically been very low in both developed and developing markets.

Growth factors

Sisua Digital’s management team has prepared a growth plan with strategic investments in different growth areas as part of the core strategy to reach the high growth forecasted for the years 2023 to 2026. Sisua Digital’s management team estimates that the planned growth investments will accelerate the organic growth of Sisua Digital above 80% as Sisua Digital expands into new, emerging markets. As a result, most of the strategic investments will focus on go-to-market and sales & marketing activities in these growth markets. These investments include setting up local companies in regions such as South America and Mexico and recruiting key personnel.

Sisua Digital will focus on offering development and improvement of Sisua’s cloud platform and technology stack in order to serve Sisua Digitals international customers even better. Growth investments in this area include both key recruitments, developing the 24/7 follow- the- sun offering, and productization. Sisua Digital is also continuously looking for new technologies and talent to serve its customers even better.

Sisua Digital’s management forecasts that the highest organic growth will occur in Sisua Digitals Chile operations due to the high demand and focus on large companies operating across Latin America. Sisua Digital has budgeted key recruitments in the growth investment plan, such as talent management, finance, and customer support, to ensure the success of Sisua Digitals organic growth.

Historically recurring revenue (ARR) has been growing most in Sisua Digitals operations in Finland where clients are more used to buy services. Sisua Digitals management expects that ARR will keep growing steadily in Finland while other markets are expected to gain momentum. The growth plan includes investment in global contract development and profitability reporting to support ARR growth.

Sisua Digital’s management further forecasts that both EBITDA and ARR will increase as Sisua Digital is able to utilize geo arbitrage better and improve operative efficiency. Sisua Digital plans to set up a global service center in Vietnam to serve customers in Finland, the Americas and Asia. The goal of the global service centre investments is to improve Sisua’s global offshoring operations. This includes recruiting infrastructure talent, and setting up the global support and maintenance operations.

Growth scenarios

Sisua Digital’s focus is on international growth and expansion. If the international growth gains more momentum than anticipated or slows down this might have significant impact on Sisua Digital’s revenue and profitability in the short to medium term.

High growth scenario

High growth scenario If Sisua Digital’s international growth and expansion gains more momentum as a result of the market growing faster than expected or if Sisua is able to win key clients faster than forecasted this might have significant positive impact on Sisua Digital’s revenue and profitability in the short to medium term.

In this scenario Sisua Digital forecasts that one to two mergers or acquisitions are closed which have significant impact on the business. As a result, Sisua Digital forecasts revenue of 11,1 M eur (difference + 1 M eur), EBITDA of 1,6 M eur (difference + 0,2 M EUR) and ARR of 4,9 M eur (difference + 0,44 M eur) in 2024.

For 2025 Sisua Digital forecasts revenue of 19,4 me eur (difference + 2 M eur), EBITDA of 4,9 M eur (difference + 0,5 M eur) and ARR of 8,7 M eur (difference + 0,9 M eur).

For 2026 Sisua Digital forecasts revenue of 34,3 M eur (difference + 1,2 M eur), EBITDA of 10,0 M eur (difference + 1,2 M eur) and ARR 17,9 M eur (difference + 2,1 M eur).

See annex: Financial growth scenarios

Low growth scenario

If Sisua Digital’s international growth and expansion slows down as a result of the market growing slower than expected or as new competitors enter the market this might have significant negative impact on Sisua Digital’s revenue and profitability in the short to medium term. In this scenario Sisua Digital forecasts that Sisua is unable to find merger or acquisition targets and / or financing for such targets and / or organic growth is slower than expected. As a result, Sisua Digital forecasts revenue of 4,7 M eur in 2023 (difference to the baseline growth plan –0,15 M eur), EBITDA of 0,17 M eur (difference +0,27 M eur) and ARR of 2,04 M eur (difference –0,06 M eur).

For 2024 Sisua Digital forecasts revenue of 8,8 M eur (difference –1,33 M eur), EBITDA of 1,06 M eur (difference –0,38 M eur) and ARR of 3,9 M eur (difference –0,58 M eur).

For 2025 Sisua Digital forecasts revenue of 14,8 M eur (difference –2,6 M eur), EBITDA of 3,8 M eur (difference –0,66 M eur) and ARR of 7,1 M eur (difference –0,75 M eur).

For 2026 Sisua Digital forecasts revenue of 25,2 M eur (difference –5,2 M eur), EBITDA of 7,2 M eur (difference –1,6 M eur) and ARR of 12,6 M eur (difference –3,2 M eur).

Based on this scenario the management estimates that Sisua Digital will achieve its revenue goal of 30 million euros in 2027.

See annex: Financial growth scenarios

Loans outstanding

Sisua Digital Oy has a 596 740-euro loan with a 2,8% interest rate (12-month euribor) outstanding to Nordea Bank. This loan is guaranteed by Finnvera. The loan will be paid back in full by January 2025. Over the next 12 months Sisua Digital Oy will pay 310 270 euros to service this loan out of which 284 870 euros is principal and 25 400 euros is interest.

Sisua Digital Oy additionally has a 867 232-euro loan, out of which 144 416 euros is interest, and 722 817 euros is principal outstanding to Wallstreet Kasvuyhtiö Oy. This loan was raised as part of the financing mix for the Management Buy-Out. According to the terms of the loan the board of directors of Sisua Digital Oy has the option to pay the loan back in shares of Sisua Digital Oy at the share price of 1,50 euros. The board of directors decided on January 19th 2023 that the loan will be paid back in shares, the subscription period for the new shares starts on March 1st 2023 and ends on April 1st 2023. The number of shares to be issued and subscribed is 578 154 shares.

Over the next 12 months Sisua Digital Oy will pay a total of 1 177 500 euros to service its loans out of which 1 007 690 euros is principal and 169 820 euros is interest. These payments will partly be made in shares of Sisua Digital Oy which will lower the debt-to-equity ratio of Sisua Digital Oy but will not impact the book value in the balance sheet total. Sisua Digital will pay 867 240 euros of the total sum, out of which 722 817 euros is principal and 144 416 euros is interest, with shares of Sisua Digital Oy. The share price in this repayment is 1,50 euros. Sisua Digital will pay 310 270 euros, out of which 284 870 is principal and 25 400 euros is interest.

Sisua Digital Oy's cash and cash equivalents amounted to approximately €309,000 on 02.02.2023.  

All figures are rounded to the nearest thousand and presented in thousands of euros

Capital Interest Total payable
Total loans outstanding 31.01.2023 1293 176 1469
Of wich repayable within 12 months 1008 170 1178
Of wich repayable within 24 months 285 6 291
Of wich repayable within 36 months 0 0 0
Of wich repayable within 48 months 0 0 0
Of wich repayable within 60 months 0 0 0


The company’s pre-money valuation in this funding round is approximately €7,76M corresponding to a price of €1,50 per share. This valuation reflects the understanding of the Board of Directors and the majority shareholders of Sisua Digital Oy of the fair value in the current market environment and is in line with comparable companies in the market. The current shareholders have made all investments in the company at the same share of price of €1,50 in the previous funding rounds.

The 7,76 MEUR valuation equals a revenue multiple of 2,98 for 2022 while the forward revenue multiple for 2023 is 1,59 based on financial estimates. These revenue multiples are in line with established companies in the industry. Sisua Digital has a forward revenue multiple of 0,77 for 2024 and a forward EBITDA multiple of 5,39. In 2025 these multiples are projected to be 0,45 for revenue multiple and 1,75 for EBITDA multiple. Based on the financial estimates for 2026 the respective forward multiples are 0,26 for revenue and 0,83 for EBITDA.

A breakdown of revenue into recurring and non-recurring revenue indicates an ARR-multiplier of 5,69 for 2022 and a forward ARR-multiple of 2,36 based on the 2023 revenue forecast assuming a multiple of 1,0 for non-recurring revenue. These revenue multiples are in line with the historical data in the industry. Sisua Digital’s management considers Sisua Digital to be well positioned to overperform its competitors due to several reasons:

Strong expected growth

Sisua Digitals business is expected to grow substantially over the coming years driven by strategic investments in high growth markets and by increasing market demand.

Growing ARR ratio of revenue

Sisua Digital’s proportion of annual revenue (ARR) has been increasing since the Management Buy-Out of Sisua Digital with average annual ARR growth of 378% from 2019 to 2022. The proportion of ARR is expected to continue growing at an average annual rate of 95% over the next four years. A higher proportion of ARR increases predictability, profitability, and company value.

Globally portfolio and synergies

Sisua Digital was born globally with operations on three continents. Service centers in Finland, Vietnam, and Chile provide a unique mix of strategically placed offices. Sisua Digital can increase group level effectiveness through offshoring in low-cost countries, the ability service its clients 24/7, presence in growth markets, access to nearshoring opportunities and possibility for tax optimization.

On track to profitability

Sisua Digital is on track to profitability with EBITDA profitability achieved in Q4, 2021. Sisua Digitals EBITDA trend has been increasing consistently since the incorporation of Sisua Digital in 2019 following the management buy-out. The management expects that growth investments will impact short-term EBITDA.


Sisua Digital Oy has 1 791 800 granted options out of which 1 599 900 are active options and 691 300 options have vested. In case of an exit the active options have a total value of 1,83 MEUR to Sisua with an average price of 1,15 euros per share.

Exit Scenarios

Sisua Digital Oy's Board of Directors have extensive experience in mergers, acquisitions and exits. Sisua Digital Oy’s chairman of the board Peter Barkman is an M&A professional and has made successful exits of his own businesses. Board member Martti Malmivirta has been involved in over 50 M&A processes both on the sell side and buy side as an investor, consultant, and corporate executive. Ivan Diaz has vast experience in M&A and academic career as a professor of strategy.

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Trade sale to an industrial buyer

Sisua Digital Oy is acquired by an industrial buyer. Large global and mid-sized regional ICT-services providers have a desire to grow in digital transformation services, gain ARR through managed services and expand their presence in Sisua Digitals growth markets. As such an industry buyer could be interested in buying Sisua Digital Oy fully or partly. This could offer an exit opportunity for the shareholders of Sisua Digital Oy. 

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Industry consolidation by a VC

A VC acquires Sisua Digital Oy and merges it with similar service providers in other regions. Large venture capital firms have shown interest in consolidating the fragmented intelligent automation services industry to create a truly global new industry player. As such a venture capital firm could be interested in acquiring Sisua Digital Oy fully or partly. This could offer an exit opportunity for the shareholders of Sisua Digital Oy.

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Sisua Digital Oy is listed on a stock exchange and becomes a publicly traded company. A listing could be executed to the Nasdaq Helsinki First North to obtain additional growth financing or to a main market for a final listing. A public listing as an exit scenario will be explored at the earliest in 2026. A public listing could offer an exit opportunity for the shareholders of Sisua Digital Oy.

Issue Terms

Information on the issue terms

Please familiarise yourself with all information related to the offering.

In this funding round a minimum of 380.00 (€ 570.00) and a maximum of 900.00 (€ 1.350.00) new shares of Sisua Digital Oy (2988076-9) are offered for subscription.

If less than 380.00 shares are subscribed, the company has the right to cancel the issue, in which case paid investments will be refunded to the investors. No interest is paid to the refunded subscriptions.

The Board of Directors reserves the right to raise the maximum amount of the funding round.

The shares entitle their holder to dividend and other shareholders’ rights from the moment the shares have been registered to the trade register and have been added to the shareholder list.

The subscription price per share is € 1.50, and the minimum subscription is 200 shares corresponding to € 300.

The subscription price for the new shares must be paid in full to the customer deposit account appointed by Invesdor in accordance with the instructions given by Invesdor, or in case of external investments to the bank account appointed by the Board of Directors of the company.

The company's General Meeting has decided that investors who subscribe for shares in this share issue in excess of € 100.000 will receive the corresponding right to subscribe for shares in the company's next capital increase round for an amount equal to the amount subscribed for by the subscriber, at a 20 % discounted subscription price. A corresponding right to a 20 % discount has also been granted to investors who invested in the company's convertible bond in 2022. For the sake of clarity, this share issue does not constitute the next capital increase round entitling investors who subscribed for the convertible bond to a discount.

The subscription period starts on 2.2.2023 and ends preliminary on 28.2.2023. The subscription period on Invesdor’s platform starts on 2.2.2023 and ends preliminary on 28.2.2023.

The Board of Directors reserves the right to extend the subscription period.

In case of oversubscription of this share issue, the Board of Directors may decide to suspend the issue. In case of an oversubscription the shares shall be allocated in the order of subscription (“first come, first served”).

The capital gathered in this share issue will be recorded entirely to the reserve for invested unrestricted equity.

The shares will be subscribed by making a subscription commitment on Invesdor’s online platform and by approving Invesdor’s applicable terms and conditions, and adhering to company’s Minority Shareholders’ Agreement, or otherwise as indicated by the company’s Board of Directors. Subscribing via Invesdor’s online platform requires the investor to agree to the terms of use of the platform and the terms and conditions of the funding round and to provide Invesdor with the requested identification data, and paying the subscription as instructed by Invesdor.

The company's Board of Directors decides on the acceptance of subscriptions after the subscription period has ended. Subscriptions may be accepted in whole or in part or rejected.

The company currently has 5.197.500 registered shares. The fully diluted number of shares is 6.912.659 shares. The fully diluted number of shares includes the active options and the company's converted convertible bond.

The company has one (1) series of shares, and thus all of the shares carry equal rights.

The transferability of the company’s shares is restricted by Minority Shareholders’ Agreement’s requirement that the shares cannot be sold, transferred or otherwise disposed to any party who is not a shareholder of the company.

Options: The company has 1.791.800 stock options granted, out of which 1.599.900 are active stock options and 691.300 are vested.

Convertible bonds: The company has no outstanding convertible bonds. The company had a convertible bond which was converted into shares on 31.12.2022. The registration of the shares with the Trade Register has been initiated but the shares have not yet been registered and therefore the converted shares have been included in the fully diluted number of shares. The convertible bond was converted into a total of 115.259 shares.

Management Buy-Out: The company has a loan of € 867,232.34 to Wallstreet Kasvuyhtiö Oy, of which € 144,415.67 is interest and € 722,816.67 is the principal of the loan. The loan is part of the Management Buy-Out arrangement. According to the terms of the loan, the Board of Directors has the option to repay the loan with the company's shares at a price of €1.50 per share. On 19.1.2023, the Board of Directors decided that the loan will be repaid in shares. The subscription period for the new shares starts on 1.3.2023 and ends on 1.4.2023. The number of shares to be issued and subscribed for is 578.154 shares.

Share resolutions: The resolution O005, which appears on the company's Trade Register extract, is in force and no shares have yet been issued under it. Resolutions O002 and O003, which appear in the company's Trade Register extract, are no longer valid.

Authorisations of the Board of Directors to issue shares:

  • The authorisation registered on 25.6.2019 and shown in the company's Trade Register extract is valid and the authorisation allows the issue of 16.994 shares. The company's Shareholders' Meeting will decide on 6.2.2023 that the share split made by the company in 2022 will be taken into account in the number of shares to be issued on the basis of the authorisation, so that the number of shares to be issued under this authorisation will be 1.699.400.
  • The authorisation, registered on 22.12.2022 and shown in the company's Trade Register extract, is valid in its full amount. This authorisation will be used for this share issue.

Anchor investments: The share issue includes anchor investments worth € 570.096 which will not be subscribed directly via the Invesdor platform. For the sake of clarity, anchor investments are made on the same terms as investments made through the Invesdor platform. Part of the share subscription payments for these anchor investments have been paid to the company’s subsidiary’s, Sisua Digital SpA’s, bank account.

When investing, the investor must adhere to the company's Minority Shareholders’ Agreement (dated 29.6.2022), which is attached to the end of this pitch page, unless the investor is already a party to the company’s Majority Shareholders’ Agreement. Adhering to the Minority Shareholders’ Agreement is a mandatory part of the investment process. In the Minority Shareholders’ Agreement, the investor:

  • Agrees not to require any certificates for the shares
  • Undertakes not so sell, transfer or otherwise dispose of any shares to any party who is not a shareholder or to pledge the shares or any rights relating thereto as security
  • In connection with the company’s future financing rounds, as long as all existing shareholders are treated fairly and equally, undertakes to vote and act at the general meetings of shareholders and issue any necessary shareholder consents in accordance with the instructions received from the Board

In addition, the shareholders

  • Have a Drag-Along and Tag-Along right
  • Undertakes to, in connection with an Exit (as defined in the Minority Shareholders’ Agreement), take all necessary and requested actions and support all decisions necessary to consummate the Exit

Please familiarize yourself with the attached Minority Shareholders’ Agreement carefully before investing!

The company’s current shareholders have a separate Shareholders’ Agreement in place. Even though the investors investing in this offering do not join this agreement, some provisions may be of interest to them (terms written with capital letter having the meaning set forth in the Agreement):

  • Shareholders commit to vote in favour of any decisions in the Shareholders’ Meetings relating to amending the Articles of Association, directed Share issuances, other corporate resolutions on financing and any other matters required to complete the fund raising, provided that the Qualified Majority vote for it.
  • The Board shall consist of three (3) to five (5) members and their personal deputy members. Korkia Venture Insight Oy has a right to appoint one (1) Board member, Investors have a right to appoint one (1) Board member, Founders have a right to appoint one (1) Board member, and Shareholders’ Meeting following the Companies Act has a right to appoint remaining two (2) Board members.
  • In addition to any other approval required under the Companies Act and the company’s Articles of Association, some resolutions need a prior written consent of Qualified Majority.
  • Agreement includes limitations to the Share Transfers
  • Right of First Refusal as defined in the Agreement
  • Drag-Along and Tag-Along rights
  • The Shares owned by the Founders are subject to the Right of Redemption in accordance with the Agreement
  • The Agreement includes broader access to the company’s financial information than the Minority Shareholders’ Agreement which is used in this share issue

The crowdfunding broker in this share issue is Invesdor Oy (business ID 2468896-2, address Salomonkatu 17 A, 00100 Helsinki Finland, phone +358 20-735-2590, email

Invesdor Oy is entitled to provide the following investment services and ancillary services under the Investment Services Act (747/2012) in accordance with the decisions of the Finnish Financial Supervisory Authority:

Investment services (Chapter 1, Section 15):

  • receiving and transmitting orders for financial instruments (transmission of orders) (paragraph 1) 
  • giving an individual recommendation to a client for a transaction in a specific financial instrument (investment advice) (paragraph 5)
  • arranging the issue or sale of financial instruments without a subscription or purchase commitment (arranging the issue) (paragraph 7)

Ancillary services (Chapter 2, Section 3(1)): 

  • to provide advice to companies on capital structures, business strategy and other related matters, and advice and services in relation to mergers, acquisitions and other corporate restructuring (paragraph 2) 
  • the provision of services relating to the guarantee of the issuance of financial instruments (paragraph 5) 
  • the provision of custody and administration of financial instruments on behalf of clients, which includes custody and other related services, with the exception of the maintenance of securities accounts at the top tier level as referred to in point 2 of Section A of the Annex to the EU CSD Regulation (paragraph 7).


Various risk factors associated with investing in the company may be significant if realised. Many of the company’s risk factors are part of the nature of its business and are typical for the industry. Each risk may have an essential effect on the company's business, profits, and the potential ability to achieve its financial objectives. The risks presented are not ranked in order of importance nor does the order in which they are presented, reflect the likelihood of their occurrence.

Risks related to the share issue and the company's shares

  • Various risk factors and circumstances may lead to a fall in the market price of a share, which may result in a partial or total loss of the invested capital.
  • There may be no return on the investment at all.
  • The company's shares are not publicly or multilaterally traded on any marketplace, so there is no active or liquid secondary market for the shares. There is a risk that the security may not be sold at the desired time or at all, or that the price offered may be lower than its subscription price or its actual value.
  • The transferability of the shares is limited by the requirement in the Minority Shareholders’ Agreement that the shares may not be sold, transferred or otherwise disposed of to a party that is not a shareholder of the company.
  • As a growth company, the company does not, as a policy, pay dividends.

Macroeconomic risks

  • Part of the company's operations are carried out in countries where political and economic conditions may pose risks. For example, the political risks of target countries in Latin America include changes in monetary and exchange rate policy, export and import regulations, the possibility of political conflicts, and currency risks.

Risks related to the company's business

  • When the company is conducting its business, it is possible that errors or other events that have led to customer dissatisfaction have occurred when offering products and services, as a result of which the customer will no longer buy the products and services offered by the company in the future. The reason for the termination or decrease in the acquisition of the company's services and products may also be a decrease or end of the customer's need or a weakened financial position of the customer.
  • The company plans to grow rapidly in the future. The risks associated with achieving the growth rate include, in particular, delays or failures in recruitments, delays or failures of tasks or planned investments, and investments in new international markets that prove to be insufficient or in the wrong direction. Internationalization also involves the risk that the company will make wrong choices regarding the new markets.
  • The company itself does not have its own technology or equipment. The intelligent automation technologies used by the company are competitive. In addition, the company may use the solutions offered by its partners, for example, in the implementation of cloud services. Despite the reliability of the intelligent automation technologies currently in use, there is no certainty in the future that the selected suppliers will be able to offer equally functional and competitive solutions. In this case, however, it may be easy for the company to switch to another supplier.
  • Competitors may bring more competitive overall solutions to the market that reduce the company's ability to implement theirs. Competing solutions include, for example, platforms offering intelligent automation as a service, machine learning, and other technologies. The global opportunities in intelligent automation business encourage various competitors to compete in the company's business areas with their own business models. Competitors can also bring more cost-effective alternatives to the use of intelligent automation. In this case, the company's efforts and focus on high-quality overall solutions may prove to be insufficient.
  • The company may raise less capital than planned. This may result in the company not being able to successfully implement its business activities due to a lack of funds.

Risks related to management and staff

  • The growth and profitability of the company's operations depend on the management, personnel and partnerships of the company. The company employs personnel implementing projects in Finland, Chile and Vietnam. The result and the implementation of the company's strategy may deteriorate if the company is unable to retain key personnel, recruit new employees or develop partnerships at the demanding speed of the growth plan.

Legal and regulatory risks

  • The future development of the company may be affected by changes in legislation, official practices and other guidelines to be followed, for example in relation to taxation or data protection. Tightening legislation may make the company's operations less profitable if the company has to adapt to the new requirements.
  • The company does not accept corruption in any part of its operations, but the company is aware that it operates in markets where corruption may occur. For example, corruption occurs in the territory of Vietnam, and avoiding it can potentially cause the loss of customer contracts.
  • The company is not a party to any legal proceedings, arbitration or official proceedings at the time of preparation of this share Issue. However, the company is exposed to various legal risks in its operations. It is possible that in the future the company will become involved in either litigation, arbitration or official proceedings. The risks and costs associated with all of the aforementioned processes or procedures may materially adversely affect the company's operations, results of operations and/or financial position.

Financial risks

  • The company may raise loans to accelerate growth, M&A and product development. In such a situation, corporate collateral and shares may have to be pledged on loans. If the growth plan does not materialize as planned and the cash flow is not enough to repay the loans, it may be that they will have to be re-entered into the system. In this case, it is possible that part or all of the company’s assets may be lost to creditors. The company has not applied for a loan for this purpose and is not currently in the plans.
  • The company's financial projections are subject to risks, as forward-looking estimates, targets, and other statements always involve uncertainty, and they are only predictions, not guarantees of the future.

The risks listed above are not the only risk factors affecting operations of the company. Other risks and uncertainty factors that the company currently does not identify or currently considers to be irrelevant may also have an integral effect on the business operations, business result, and financial standing of the company.



Shares converted from the company's convertible bond

The shares converted from the company's convertible bond on 31.12.2022 have now been registered in the Trade Register. The company has now 5,312,759 registered shares. The registration of the new shares lead to changes in the company's shareholder register. The list of shareholders can be made available by the company upon request.


Update about the subscription period and maximum amount

The Board of Directors of the company has decided to increase the maximum amount of the round to €1,875,000 (1 250 000 shares) and to extend the subscription period until 15 March 2023.

In addition to the Board of Director's decision to extend the subscription period and increase the maximum size of the issue, the company's EGM decided to increase the share issue authorisation granted to the Board of Directors (the original authorisation was registered in the Trade Register on 22 December 2022) in a way that a maximum of 1,300,000 shares may be issued under the authorisation.

Scenario IV – €1,875,000 funding collected in the financing round.  

As a part of the go-to-market plan in Latin America Sisua has studied the competition. Some of these companies would have better opportunities for growth and value creation as part of a larger company. To enter negotiations of a potential merger or acquisition Sisua would need to sufficient buffer in financial resources. Sisua Digital Oy plans to use additional funds to capitalise a selected group company in order to pay share acquisition of the target company.


Q&A - Sisua's answers to an investor's questions


"Your materials say: 'Sisua Digital's customer churn has historically been very low in both developed and emerging markets.'" But what has been the churn rate year on year? I could not find this in the materials. The net revenue retention rate would also be of interest for the continuing billing business. The webinar talked about the company's strong cash flow, this apparently referred to future projections, not the current situation. The cash flow statement is also not in the materials so is there anything to support this?"

Answer from Sisua:

"Churn has been moderate as a service business: in 2021 group churn (incl. FI, CL, VN customers) about 7% and in 20222 about 6%. We do not track the Net revenue retention metric separately, as it is better suited to track a pure SaaS business where customers come and go on a monthly basis. Sisua's ongoing B2B services business is relatively predictable for which ARR is better suited: the metric is updated on a monthly basis, which includes annual renewal license sales and recurring monthly service fees (MRR) * 12. In addition to ARR, a variable amount of man-days of work is delivered under service contracts, and in addition to this, project-based consulting.

Sisua's profitability has developed positively from 2019 onwards. The first EBITDA-positive quarter was achieved in 2021, while in 2022 the company's profitability has been burdened by the growth investments launched at the end of the year. However, the operating business, which is not burdened by growth investments in new markets, was already profitable in 2022. The company's profitability is forecast to develop positively in 2023 and 2024, but growth investments will weigh on cash flow in 2023. The operating business, including the existing businesses in Finland, Chile and Vietnam, is forecast to be profitable in 2023 (EBITDA% 15%). This will cover loan repayments that will weigh on the company's cash flow. In addition, growth investments will be managed taking into account working capital needs. From 2024 onwards, the entire business, including growth investments, is estimated to be profitable (2024 EBITDA% 15%) and cash flow positive. A possible acquisition will be financed mainly by own shares and debt."



Webinar VOL 2: Thu 23.2. at 5 pm

The founders of Sisua Digital will talk about the development of the company and the ongoing investment opportunity. See more details and register. Webinar is in Finnish.


Webinar 16.2.2023

Sisua Digital’s webinar can now be seen here below (In Finnish)

The founders of Sisua Digital Oy talk about the company's development and the ongoing investment opportunity.


Questions and answers from the webinar

Question from the crowd:

"When will or must the company seek additional funding?"

Answer from Sisua:

"The company does not plan to raise new equity. Cash flow from operations is positive and growth investments are controlled by working capital needs. The planned acquisition will be financed mainly by own shares and debt."

Question from the crowd:

"The growth forecast looks like a hockey stick. Is it credible?"

Answer from Sisua:

"The conditions for strong growth exist in the growth markets of the Americas and Asia, where demand is strong and the talent availability is limited. Growth investments in the Americas and Asia between 2022 and 2024 will improve the conditions for strong growth. At the end of 2022, customer contracts were signed with order backlog extending to H2/2023 and revenue impact to 2024, which will have time to increase December 2022 revenue to bring the annual run-rate to €4.1M. In the 2024 revenue forecast, the anticipated acquisition is not certain."

Question from the crowd:

"Will 2023-2024 be a tough year for the company?"

Answer from Sisua:

"Yes, there is a lot of work ahead, but so is behind. We have years of experience and a proven track record of launching and growing businesses in new markets. The implementation and integration of the acquisition will probably be the most challenging part."

Question from the crowd:

"What is the S-curve and how does it affect revenue generation?"

Answer from Sisua:

"The S-curve reflects the stages of opening a new market. In the initial phase, investments are needed and there is a delay in revenue generation. Fortunately, we have multinational customers in South America, who allow us to 'wing' local projects without delay."

Question from the crowd:

"Is there a delay in revenue generation for the company?"

Answer from Sisua:

"Yes. Pricing for ongoing service customers is set up so that the majority of revenue generation occurs over the life of the customer relationship (ARR), which allows for a steady cash flow and higher margin compared to the project business."

Question from the crowd:

"Does the difference between gross margin and staff costs justify the improvement in profitability?"

Answer from Sisua:

"Yes. See separate graph in attachement page 4"

Question from the crowd:

"What does the term 'operational profitability' used by Sisua mean?"

Answer from Sisua:

"Operational profitability refers to the profitability of existing businesses that are not burdened by growth investments in new markets. Until 2022, growth investments are mainly focused on launching Vietnam business, from 2023 onwards they are mainly focused on growing South and North American businesses."

Question from the public:

"What is the basis for the planned improvement in profitability between 2023 and 2026?"

Answer from Sisua:

"The improvement in profitability is based on an as-a-service business model, packaged services and geographic arbitrage that will enable Sisua to serve customers in developed markets from emerging, low-cost countries."

Question from the audience:

"Did the company apply for too little capital in the last round of financing?"

Answer from Sisua:

"Yes. The last time equity funding was raised in an MBO was in 2019."

Question from the audience:

"What happens to profitability if growth in the coming years is 'only' 40% per year?"

Answer from Sisua:

"Profitability will develop favourably even if growth is lower than planned due to lower than planned staff costs."

Question from the public:

"Is EV/EBIT a good ratio to estimate the future value of the company?"

Answer from Sisua:

"No it isn't. A more descriptive and more commonly used ratio is EV/EBITDA, which excludes goodwill amortisation according to the plan."

Question from the audience:

"Is the company very leveraged?"

Answer from Sisua:

"No. The MBO loan will be repaid on 31 March 2023, after which the leverage ratio will be low (5%). The Nordea loan is scheduled to be repaid by February 2025, but refinancing is also possible. The debt leverage is being considered for a drawdown in connection with the acquisition."

Q&A from Sisua's webinar on 16.2.2023


Webinar on Thursday 16.2.2023 at 5 pm

In a webinar on Thursday, 16 February, the founding shareholders will present the development of the company and the ongoing investment opportunity. The webinar will be held in Finnish. See more information and register here


Q&A - Sisua's answer to a question from the crowd

Question from the crowd:

"Sisua's business model presentation says "Recurring revenues consist of software license sales and monthly maintenance fees, which effectively separate Sisua's revenue generation from the linear need to increase headcount." When looking at the projected revenue/employee numbers they do not increase 1:1, but the number of employees does increase significantly with revenue. In particular, the forecast already made and the forecast for this year (which is supposed to be fairly accurate) shows that turnover/employee will not increase much. Are you sure that the forecast increase in turnover/employee from about 45 thousand to about 60 thousand euros is possible? In the forecast, this is largely a bounce between 2023 and 2024 and not a steady one.

A follow-up question on staff costs. The projected staff costs per employee seem to stabilise at around €38k for the period 2023-2026. What is the justification for this? I would assume that salaries would increase at least in line with inflation. For example, Vietnam has had a stable annual inflation rate of around 3.5%, Chile more variable but on average at least in the same range."

Answer from Sisua:

”Sisua Digital's turnover per employee in 2022 was around €43,000. In 2023, Sisua Digital's turnover per employee is forecast to grow to €49,000 per year. In 2023, Sisua will invest in growth largely by recruiting new staff for customer projects, sales and marketing, product development and support functions. These investments are expected to create the basis for higher revenue per employee figures from 2024 onwards, with an increasing share of recurring revenue.

Sisua Digital's personnel costs per employee will stabilise at EUR 38,000 as an increasing proportion of Sisua Digital's employees will continue to be from low-cost countries. From 2020 to 2022, the majority of employees will be recruited in high-cost countries such as Finland and Chile, while from 2023 onwards, new employees will be recruited mainly in low-cost countries such as Vietnam. In addition, the forecast assumes that part of the staff costs will be shifted to Material costs and external services."



In this update section you will find, among other things, answers to investor questions that reach us. The answers shown originate from the respective entrepreneur and are therefore marked accordingly. Invesdor does not undertake any separate verification of the information received after the start of the financing phase.

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