Creating user-friendly solutions to complex customer problems
Trifork Group is a pioneering technology company that develops and operates digital solutions in close long-term collaboration with customers across both the private and public sectors.
Our customers typically engage Trifork to address their own challenges related to end-customer touchpoints, growth opportunities, cost efficiency, sustainability, and security. Trifork is built on deep engineering expertise and an organizational model designed to scale specialized software products and technical and strategic capabilities across industries and geographies.
Taking end-to-end responsibility for solving complex customer problems and creating customer value through technology is coded into Trifork’s organizational DNA. Since our founding in 1996, we have prioritized close, trust-based customer relationships, and many customers have partnered with us for more than a decade. Our ambition is to grow alongside our customers as a long-term technology partner, committed to inspire the use of technology to deliver measurable business outcomes.
One of the key reasons customers continue to work with Trifork year after year is the Group’s strong and consistent focus on people and user needs in everything we build and implement. Technology only creates value when it is widely and correctly adopted by users and meaningfully improves day-to-day workflows and value drivers. For this reason, Trifork is not tied to any single technology, vendor, or implementation approach. By prioritizing user needs and user experience first, we help ensure high adoption, reduce process friction and hidden costs, satisfactory ROI, and ultimately support our customers’ business goals.
Powering innovation inside, between, and on top of enterprise systems
Trifork operates at the intersection of complex enterprise systems and the forefront of technological innovation. For more than three decades, the Group has consistently been among the early adopters and pioneers of new technologies, with a proven ability to make them work at scale. In the late 1990s, Trifork pioneered the introduction of Java-based architectures in the healthcare sector, enabling the development of scalable and reliable applications and the exchange of data. Today, Trifork continues to play an integral role in Denmark’s healthcare system. Denmark is widely recognized as having one of the most advanced and successful digital healthcare systems globally, and Switzerland and Oman are now working with Trifork to implement similar standards, drawing on Trifork’s deep experience and track record.
Following the launch of the iPhone in 2007, Trifork was among the first to develop full-featured mobile banking applications, at a time when many financial institutions underestimated the importance of building strong digital relationships with their customers. Trifork quickly demonstrated that banks adopting a digital, customer-first approach gained a lasting competitive advantage. For more than 20 years, Trifork has developed a deep understanding of how banks and other financial institutions operate, not only in terms of systems, data, and risk management, but also with respect to people and their work processes.
These examples illustrate how Trifork always has challenged, inspired, and guided customers toward the products and solutions that best address their long-term needs.
Today, Trifork continues to pioneer new technologies and use cases across industries and integrating them with existing systems. Corporates and public administrations globally are facing multiple ‘iPhone moments’, with technologies such as AI, spatial computing, digital twins, blockchain, and, over time, quantum computing offering significant opportunities for early adopters, while also presenting complex challenges and risks that require deep expertise to address effectively. The adoption of these technologies is expected to accelerate the need for Trifork’s products and expertise in the coming years. A tailwind, which is further fueled by geopolitical tension and increasing focus on independence.
Co-created with customers, Trifork’s software products and services support doctors, teachers, bank advisors, customer services, public administrators, airline crews, field service technicians, energy grid operators, factory workers, IT managers, and many other professions, in working more effectively and with less friction and stress. Trifork is widely recognized for its reliability, quality, and strong sense of responsibility when innovating in close partnership with customers.
A balanced business exposure
In 2025, 58% of Trifork’s revenue derived from private sector customers and 42% derived from public sector customers. The private sector customers are widely distributed across industries such as financial services, aviation, energy, manufacturing, and retail in various European countries (with Denmark, Switzerland, UK and the United States being the largest).
The public sector customers are dominated by healthcare, administration, and citizen and business services. In 2025, the majority of the public engagements were in Denmark. Across Denmark and the rest of Europe, the public sector is under increasing pressure to optimize processes and ensure sovereign control over data and technological infrastructure. Trifork is well positioned to support this transition.
Historically, the revenue outside of the largest market Denmark has grown faster than in Denmark but the growth potential in Denmark remains significant; especially in the public sector. Trifork’s delivery model is global while remaining locally anchored. The Group prioritizes close proximity to customers through local teams that support delivered products and solutions, while leveraging expertise and delivery capacity from Trifork units in other countries when relevant.
Maintaining a balanced exposure between private and public customers across various industries and countries distributes risk from external factors such as the overall economic climate, financial conditions, supply chain constraints, geopolitical conflicts, and industry-specific business cycles.
Customer concentration (Share of Group revenue)
As can be seen from the chart, Trifork has a widely distributed customer exposure. The company does not rely heavily on one or a few customers.
Of the Group’s top 20 customers in 2021, the Group continued to do business with 17 of those customers in 2025.
Pairing mission-critical products and high-value services
In 2025, Trifork took significant steps in accelerating the transition toward a more product-led and resilient business model. The ambition is to increasingly combine mission-critical and scalable software products with high-value services, thus generating recurring revenues paired with increased pricing power when attaching product-led services. This strategy reflects how customers increasingly want to buy proven solutions that can be implemented, integrated, and operated reliably over time, rather than funding isolated customized projects with limited reuse. In response, Trifork is shaping its offering around repeatable solutions and products that can scale across customer groups and markets.
This increases the speed of implementation of solutions and as a trusted and business-critical partner, we can also take day-to-day responsibility of operating and maintaining our customers’ IT infrastructure and applications.
The financial ambition is to move toward a balanced mix between products and services over time. Trifork aims to achieve a split where products and services each represent roughly half of revenue in the foreseeable future. The speed of this transition depends on market timing, customer adoption patterns, and the commercial rollout of our software products.
Two operational segments:
Products and Services
Trifork’s business model is structured around two operational segments: Products and Services, which are deeply interconnected and reinforce each other.
Products: Scalable software and recurring revenue
The Products segment is focused on creating scalable, recurring revenue streams through software products and platforms delivered on long-term contracts. A central part of Trifork’s product-led strategy is co-developing platforms with customers in the Group’s core industry focus areas, retaining the intellectual property, and then reselling the solutions as packaged offerings to additional customers on recurring contracts. This model allows Trifork to transform customer-specific innovation into repeatable solutions that can be deployed broadly, creating a compounding effect over time as product maturity, functionality, and commercial reach expand. Some of the key benefits of this strategy are that customers become part of Trifork’s product development where they gain access to ongoing innovation by sharing development with other companies. This reduces the operational risk for Trifork as costs can be shared across multiple customers, and the individual customers do not have to carry the full cost through bespoke solutions.
The Products segment includes both Trifork-owned intellectual property and selected third-party software where Trifork acts as reseller, implementation partner, and operator. In both cases, the common denominator is that Trifork combines product expertise with deep domain knowledge and delivery capacity, enabling customers to adopt platforms faster and operate them with higher reliability.
Services: Innovating new solutions
The Services segment is focused on innovating new solutions with customers and integrating them into existing infrastructure. Services include advanced engineering, AI readiness, digital transformation initiatives, modernization of architectures, cloud-native development, and complex integrations across mission-critical systems. The Services segment is also a key engine for identifying recurring patterns and product opportunities. Through close collaboration with customers, Trifork gains deep understanding of operational workflows and pain points, which can become the starting point for future productization.
In practice, the two segments form a loop: service engagements create innovation and insight, and products allow that innovation to scale. The combination is expected to lead to higher stickiness of revenues and higher margins in the long term.
A product-led strategy anchored in selected industries
Trifork’s product-led strategy is anchored in industries that grows or where digitalization is business-critical or disruptive, demand is structurally supported by megatrends, and customers require secure, compliant, and resilient infrastructure and solutions. Across these industries, Trifork combines deep domain expertise with engineering execution to deliver both innovation and reliability, often serving as a strategic long-term technology partner.
- Digital health: Since 1996, Trifork has been building and scaling platforms that enable modern healthcare delivery, interoperability, and improved patient outcomes through better digital workflows and data utilization. Customers are health data authorities, ministries, healthcare practitioners, and payers across EMEA.
- Financial services: Since 2004, Trifork has supported financial institutions with secure digital services, compliant architectures, and platforms that strengthen customer experience and operational efficiency. Customers are national or international banks and insurance companies, payment infrastructure providers, and FinTech challengers.
- Public: Since 2009, Trifork has delivered reliable digital infrastructure and citizen-facing solutions where trust, transparency, security, and long-term accountability are essential. Customers include government agencies, business and tax authorities, and education providers.
- Aviation: Since 2010, Trifork has delivered mission-critical software and digital solutions where performance, safety, and compliance standards are decisive for crew operations and training. Customers include airlines, airports, and training providers.
- Energy: Since 2015, Trifork has enabled digital platforms and solutions that support critical infrastructure, asset utilization, operational excellence, and planning across complex ecosystems, aligned with the energy transition. Customers include renewable energy providers, grid operators, and companies across the entire energy supply chain.
Additional industries where Trifork has built strong expertise over time are in manufacturing, retail, and logistics. Detailed information about our software products and domain expertise can be found on trifork.com.
An important channel for reaching new customers across industries is through global technology partners. By working alongside these partners, Trifork develops and innovates on their platforms to the benefit of our mutual customers.
Key partnerships include Apple, SAP, Nvidia, and Lenovo, complemented by strong collaborations with regional or global technology companies of all sizes that provide access to niches and emerging sectors.
Capabilities strengthen the offering across all industries
To support the industry strategy and transition to product-led business, Trifork continues to invest in capabilities that are increasingly demanded by customers and regulators. These capabilities are used both to enhance service delivery and to create differentiated software products. Some of our high-demand capabilities in 2025 were:
- AI and data-driven automation: Artificial intelligence is increasingly central to customer roadmaps, not as a standalone technology, but as a productivity layer embedded into workflows, decision-making processes, and operations. Trifork enables secure integration of AI into products and customer solutions to support automation, improved accuracy, and better use of data across complex environments.
- Spatial computing: As opposed to virtual reality, spatial computing enables new digital interfaces and operational workflows, particularly in environments where physical processes are elevated with digital experiences, such as in factories, hospitals, or retail showrooms. Trifork’s capabilities in spatial computing support customers in creating more intuitive and efficient solutions for field operations, maintenance, training, and real-time decision-making.
- Data sovereignty, security, and compliant architectures: Both private and public organizations increasingly face higher requirements around privacy, security, localization, and control of critical data and infrastructure. Trifork supports these requirements through our Danish data centers, tailored architectures and delivery approaches designed for compliance and resilience, enabling customers to modernize while maintaining their customers’ trust and regulatory alignment.
Agile decentralization as a structural competitive advantage
At the end of 2025, Trifork had around 1,153 employees and offices in 16 countries. A defining characteristic of Trifork’s operating model is its agile and decentralized organization consisting of entrepreneurial units with high autonomy and accountability that is intended to support a founder’s mentality. This structure enables Trifork to remain close to customers, make decisions quickly, and attract senior specialists who prefer high trust, close team dynamics, and ownership in their work.
The decentralized model also improves resilience. By operating through a portfolio of specialized units structured by industry clusters and geographies, Trifork reduces dependency on any single customer, sector, or delivery model. This supports stability across business cycles and enables the Group to scale efficiently through replication of best practices and cross-unit collaboration.
Importantly, decentralization does not mean fragmentation. Trifork complements autonomy with strong communities of practice, shared engineering standards, and a culture of knowledge exchange that enables consistent quality and reuse of expertise across the Group. Headquarter services, such as finance, marketing, and legal, support all units across Trifork.
Business unit leaders are economically incentivized based on the revenue growth and profit margins of their units, aligning individual performance with shareholder value creation. Employee ownership is another competitive advantage for Trifork. Approximately 40% of the share capital in Trifork are owned by employees, including around 19% held by Executive Management. In 2025, 37 senior leaders participated in the share-based incentive program, and a significant proportion of employees hold shares purchased with their personal savings.
Un-corporate culture attracting talent
Trifork’s entrepreneurial culture is a key strategic advantage. The Group’s approach emphasizes autonomy, learning, and strong professional communities. This supports the ability to attract and retain skilled specialists in a competitive labor market and contributes directly to quality customer outcomes and long-term customer relationships. Our ‘un-corporate’ culture, manifested in small teams characterized by quick decision-making and low bureaucracy, is a key contributing factor to keep a low level of voluntary employee turnover (average of 15% in the past three years). The average age of 41 indicates a high level of experience across the organization.
External recognition and strong employee sentiment in industry benchmarks further reflect the strength of Trifork’s culture and position as an attractive workplace, reinforcing the Group’s long-term talent platform. In 2025, Danish technology media outlet Ingeniøren surveyed more than 3,000 technology professionals in Denmark on the most attractive employers. Trifork was ranked as the most agile employer, third in job interest, and ninth most attractive employer in Denmark overall, as well as second within the “Consulting & Services” category.
Compounding value through active capital allocation
In the coming years, Executive Management and leaders across Trifork will focus on continuing the long-term track record of earnings growth through organic expansion and acquisitions.
Organically, the aim is to increase revenues from products and product-led services. Embedding a product mindset across the Group will be supported by the onboarding of experienced divisional leaders and the promotion of internal talent with a strong ability to productize software and build effective go-to-market and pricing strategies within their respective niches.
Through higher market shares in each product niche, the delivery of more high-value services, and supportive external demand drivers, Trifork expects to see higher revenue and profit margins in the long term.
Historically, Trifork has grown through disciplined capital allocation and with the support from acquisitions.
This is expected to continue. Acquisitions strengthen vertical industry positions, add specialized capabilities, and expand the Group geographically, while retaining the entrepreneurial model and decentralized culture that drives performance.
In the coming years, acquisitions will primarily focus on existing product areas and core industries, particularly within aviation, energy, and manufacturing, with the ambition of acting as a niche consolidator of small high-quality and high-potential businesses serving the enterprise segment. Targets are selected based on strategic and cultural fit, leadership and team quality, and a track record of delivering quality solutions. We prioritize targets that has a product strategy and build solutions with the use of own software products. Historically, acquisitions have been done at mid-to-high single digit multiples on cash EBITDA. They are typically accretive to earnings per share in their first year and contribute to the free cash flow generation immediately.
Trifork’s capital allocation framework also prioritizes investments into the core business. Capital is primarily allocated toward organic initiatives that support product development and hiring of sales people, as well as acquisitions that expand strategic positions. At the same time, Trifork aims to maintain its strong balance sheet to ensure long-term flexibility and resilience. Through solid long-term earnings growth, the aim is to deliver attractive and industry-leading shareholder returns, supplemented by share buybacks and potential dividends when the balance sheet allows this.
Consistent profitability and a stable growth outlook
Trifork has never had a year without profits on the bottom line and aims to generate strong cash flow every year. This reflects disciplined execution, a diversified industry footprint, and a business model that combines high-value services with growing recurring product revenues. It also reflects the ability to adapt in changing environments, balancing investments in product development and capability-building with operational focus.
The growth outlook is supported by structural external trends that remain intact across economic cycles. Healthcare systems continue to digitalize and modernize, governments invest in citizen services and digital infrastructure, regulated industries place increasing emphasis on security and compliance, and companies continue to seek higher productivity through automation and AI.
At the same time, modern IT landscapes are becoming more complex, increasing the need for trusted partners that can both innovate and reliably integrate solutions while taking responsibility for the quality delivered, particularly in the context of AI adoption.
The heightened security challenges facing organizations in Europe and North America was a clear growth driver for Trifork in 2025 and this is expected to continue in the coming years. Our Danish data centers and private cloud operations offering bundled with our Corax AI and data platforms ensure full data sovereignty, which is in high demand from both public and private organizations.
Guidance for 2026 includes effects from already announced acquisitions
and divestments, but not from any potential future transactions.