MAPSPEOPLE A/S
MAPSPEOPLE A/S is a Danish software company built around the MapsIndoors platform, which provides indoor mapping and wayfinding software for buildings and campuses. The company develops and licenses software that helps users navigate complex indoor environments and gives customers tools to manage maps, location data, and related digital experiences.
Fiscal year 2024 · change from previous year
Development 2019–2024
Business
Share of revenueCore indoor mapping software used to create and manage digital maps and spatial experiences.
Recurring access to the software platform over multi-year contract terms.
Acquired map-related customer assets and custom implementations tied to deployments.
Customers
MapsPeople sells mainly to organizations that need indoor navigation and location-aware software for buildings, campuses, and other complex spaces. Its customers typically buy the platform to improve user experience, support visitors and employees, and connect indoor maps to digital workplace, venue, or property systems.
Organizations that embed MapsIndoors into building and workplace solutions to add indoor wayfinding and location services.
Owners and operators of offices, campuses, and other large sites that need digital indoor maps for visitors and staff.
Companies using the platform to improve navigation, space access, and user experience across large facilities.
Customers associated with map assets and implementation work acquired from third parties or delivered through partners.
Strategy
MapsPeople’s strategy centers on improving the MapsIndoors product, strengthening its partner-led go-to-market model, and deepening customer retention through ongoing platform development. The company also emphasizes better alignment between product, technology, and commercial functions so it can convert product capabilities into more repeatable sales and renewals.
The business depends on continuous product improvement to keep the platform relevant and renew contracts.
Partners help scale distribution in the smart-building ecosystem without relying solely on direct sales.
Multi-year subscriptions and renewals are central to the recurring revenue model.
Geography
MapsPeople is headquartered in Denmark and operates from Danish offices, with an additional office presence in Austin, Texas. The business therefore has a Nordic base but also serves international customers and partners, which creates exposure to multiple currencies and market conditions.
Risks
MapsPeople is exposed to execution risk in product development, contract renewal risk, and dependence on a relatively specialized market for indoor mapping software. It also faces typical software-company risks around credit losses, foreign exchange exposure, capital intensity in R&D, and judgment-heavy accounting for development costs, impairments, and tax credits.
- Customer renewal and churn riskImpact: HighLikelihood: Medium
Revenue depends on customers renewing multi-year software contracts and continuing platform use.
Exposure: Subscription and license revenue
- Development project impairmentImpact: HighLikelihood: Medium
Capitalized software projects can lose value if they no longer support future revenue or product needs.
Exposure: MapsIndoors development costs
- Foreign exchange volatilityImpact: MediumLikelihood: High
The company reports meaningful exposure to foreign currencies, especially USD and EUR, which can affect cash flows and earnings.
Exposure: Non-DKK commercial relationships
- Credit loss on receivablesImpact: MediumLikelihood: Medium
The company invoices customers in advance and still carries trade receivables subject to expected credit loss provisioning.
Exposure: Trade receivables and contract assets
- Tax credit eligibility riskImpact: MediumLikelihood: Low
The company recognizes a Danish R&D tax credit receivable, but tax authorities could disagree on eligibility.
Exposure: Section 8X tax credit receivable
Accounting
Judgemental itemsCustomer contracts typically run 1-5 years and are invoiced before the subscription starts, so revenue is recognized over time rather than upfront.
Impact: Affects deferred revenue and timing of reported sales
Software development costs for MapsIndoors are capitalized when they qualify and amortized over about five years.
Impact: Affects EBIT, intangible assets, and future amortization
Projects are reviewed regularly and written off if they no longer have useful value.
Impact: Can create one-off charges and reduce intangible assets
Warrants issued to employees and EIFO require fair-value measurement and equity recognition.
Impact: Affects staff costs and equity
Office leases in Denmark and Texas require right-of-use assets and lease liabilities under IFRS 16.
Impact: Affects balance sheet leverage and depreciation/interest split
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Last updated: 24/10/2026