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Business model

Business model

The core idea of Inderes is to democratize Nordic investor information by connecting investors and listed companies. Inderes' product offering covers all the key solutions required by a listed company for investor communications. The products combine expert work, Inderes’ technology platforms and Inderes’ investor media.

We primarily strive to deliver our services and products with a subscription model and contracts that are valid until further notice. In 2022, 56% of our turnover was turnover based on continuous contracts. The goal of the business model is to produce stable growth, profitability and cash flow over business cycles.

In accordance with the renewed strategy in spring 2023, our business is divided into four main products, targeting the investor communication of a listed company.

Main product areas

Equity research

We offer independent stock analysis for more than a hundred listed companies using an order-based model. Our earning model differs from the more traditional equity research model in that the companies pay for the analysis done on them. Our commissioned research contracts are ongoing contracts. So-called traditional, investor-funded analysis is mainly done by banking firms.

The distribution power that comes with the Inderes platform enables our stock analysis to have excellent reach in the investor target group and thus a strong link between investors and listed companies. Throughout history, customer churn in stock analysis has mainly consisted of delisting or mergers. The stock analysis product area has a strong market position in Finland, in Sweden and Denmark the product area is in the investment phase.


Implementation and software for physical, virtual, or hybrid meetings and the technological solutions required. Our strengths are the customization of our general meeting solution and the comprehensiveness of our service: we are able to implement versatile solutions that meet the needs of customers and investors, and we offer all required services under one roof, from event production to vote counting.

In Finland, our market position is strong, and we serve more than 100 listed companies. Sweden and Denmark are in the investment phase.

IR Events

Broadcasts of earnings calls, capital markets days and other events as online and hybrid events on Inderes channels. We implement IR eventswith varying order models. In larger events, we subcontract various external services.

In IR events, we have achieved a strong market position in all our Nordic target markets, fueled by acquisitions. In Finland, ​​we serve through our subsidiary Flik, more than 100 domestic listed companies, in Sweden, thanks to the Financial Hearings and Streamfabriken acquisitions completed in 2022, we serve more than 200 listed companies, and in Denmark, we implement IR transactions for more than 50 companies through our strategic partner HC Andersen Capital.

IR Software

Mandatory software solutions required for investor communications, such as stock exchange release distribution system, investor websites and streaming platform Videosync for online investor events.

The IR software product area is in the investment phase for all target markets. As the product area includes software, we expect the scalability of growth to be better than our other product areas.

Inderes' competitive advantages and strengths

  • Inderes media: Inderes is a unique platform that enables the listed company to reach a wide range of target groups, from private investors to professionals.

  • Comprehensive product offering: Inderes is the only service provider that can offer a listed company all the solutions needed to provide quality service to its shareholders.

  • Investor-centricity: Inderes was created to serve investors and develops its activities in close cooperation with the investor community.

  • Organization: Inderes has built an organization that attracts experts in the field, combining wholeness, agility, creativity, and disciplined execution.