HEEROSNasdaq HelsinkiSoftware - InfrastructureIFRS · EUR

Heeros Oyj

Heeros is a Finnish software company that develops SaaS-based business management applications for small and mid-sized enterprises. Its product portfolio covers financial management, human resources, and ERP workflows, delivered through integrated cloud modules under the Business Management Cloud offering. The company operates primarily from Finland and also has a Dutch subsidiary structure.

Revenue11.4m EUR
+0.6 %y/y
Operating profit (EBIT)0.7m EUR
+155.6 %y/y
EBIT margin6.6%
+4.0 ppy/y
Net income0.6m EUR
+249.7 %y/y

Fiscal year 2024 · change from previous year

Development 2022–2024

-2.50.02.55.07.510.012.5m EUR2022: 11 m EUR2022: EBIT -0.23 m EUR20222023: 11 m EUR2023: EBIT 0.29 m EUR20232024: 11 m EUR2024: EBIT 0.75 m EUR2024110.75
RevenueOperating profit (EBIT)

Business

Share of revenue
Financial Cloud40 %

Cloud software for accounting, financial administration, and reporting.

People Cloud25 %

HR software for managing employee data and personnel workflows.

ERP Cloud20 %

ERP tools for invoicing, quotations, time tracking, and expense handling.

Business Management Cloud10 %

Integrated modular SaaS suite combining multiple business applications.

Services and integrations5 %

Implementation, integration, and customer support around the software suite.

Customers

Heeros sells mainly to Finnish SMEs and small businesses that need software for core administrative processes. Its users include finance teams, business owners, and HR users who want modular cloud tools that can be adopted step by step. The company also serves accounting firms and other channel partners that influence software selection for end customers.

SMEs

Buy modular cloud software for finance, HR, and ERP processes to digitize administration.

Small businesses and sole proprietors

Use ERP Cloud for invoicing, quotes, time tracking, and expense management.

Finance and accounting teams

Buy Financial Cloud to manage bookkeeping, reporting, and financial workflows.

HR and people operations users

Use People Cloud to centralize employee data and personnel administration.

Accounting firms and channel partners

Influence adoption and distribution by recommending Heeros to SME clients.

Strategy

Heeros focuses on modular SaaS delivery so customers can adopt finance, HR, and ERP capabilities in stages. Its strategy centers on integrating products into a single Business Management Cloud, improving usability, and keeping the platform relevant for business-critical workflows. The company also relies on product development and partner relationships to support adoption in the SME market.

Expand modular cloud adoptionMedium term

Modular SaaS lowers adoption barriers for SMEs and supports cross-selling across product lines.

Strengthen product integration and usabilityMedium term

A more integrated and easier-to-use suite improves retention and makes the platform more central to customer workflows.

Support SME distribution through partnersShort term

Accounting firms and channel partners can accelerate customer acquisition in a fragmented SME market.

Geography

Heeros is centered in Finland, where it employs most of its staff and serves its core customer base. It also has a Dutch subsidiary structure, giving it a small presence outside Finland. The business is therefore exposed mainly to Finnish SME demand and the health of the domestic accounting and software channel ecosystem.

Risks

Heeros is exposed to the Finnish SME cycle, so weak domestic business conditions can delay software purchases and reduce transaction activity. Its partner-dependent model also creates concentration risk if accounting firms or consolidating channel partners choose competing systems. Like other SaaS providers, it faces cybersecurity, service continuity, and talent-retention risks that can affect customer trust and product delivery.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Weak Finnish SME economic conditions1Accounting firm consolidation2Cybersecurity and service continuity3Talent retention and recruitment4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Weak Finnish SME economic conditionsImpact: HighLikelihood: High

    Customer decision-making and transaction volumes can slow when small businesses face pressure.

    Exposure: Core market demand

  2. Accounting firm consolidationImpact: HighLikelihood: Medium

    If consolidating firms standardize on other platforms, Heeros can lose access to end customers.

    Exposure: Channel and partner sales

  3. Cybersecurity and service continuityImpact: HighLikelihood: Medium

    SaaS customers rely on uninterrupted access to financial and HR data.

    Exposure: Platform operations

  4. Talent retention and recruitmentImpact: MediumLikelihood: Medium

    Software development and customer support depend on skilled employees.

    Exposure: R&D and service delivery

  5. Partner and subcontractor executionImpact: Medium

    Errors by partners can affect product quality, implementation, or reputation.

    Exposure: Ecosystem dependencies

Accounting

Judgemental items
Capitalized development costs

Heeros capitalizes software development, so capitalization policy and amortization periods affect profit and balance sheet values.

Impact: Development assets and amortization expense

Goodwill and intangible impairment

Software businesses often carry acquired intangibles that must be tested if performance weakens.

Impact: Non-cash impairment charges

SaaS revenue recognition

Subscription and service contracts may be recognized over time, affecting timing of revenue and deferred income.

Impact: Quarterly revenue comparability

Provisions and personnel accruals

Employee-related provisions and restructuring-related accruals can materially affect operating expenses.

Impact: Operating cost timing

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026