Heimdal Security

Sector: Cybersecurity/IT

Backed By: Marlin Private Equity

Location: Copenhagen, Denmark

Heimdal Security is a leading European provider of cloud-based cybersecurity solutions. Headquartered in Copenhagen, Denmark and with a strong presence in Scandinavia, and the U.K. and U.S. markets, Heimdal’s comprehensive endpoint security suite is delivered through a subscription-based, multi-tenant cloud platform that allows companies to protect themselves and their customers from cybercrime, as well as safeguard critical information and intellectual property.

The company offers a multi-layered security suite which combines threat prevention, endpoint rights management, and antivirus and mail security which together secures customers against cyberattacks and keeps critical information and intellectual property safe. Heimdal has been recognized as a thought leader in the industry and has won multiple international awards both for its solutions and for its educational content creation. Heimdal serves and protects over 6,000 companies globally.

Marlin Equity Partners is a global investment firm with over $7.6 billion of capital under management that is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs.

Marlin completed the acquisition of Heimdal in 2020 with the aim to support them in accelerating growth, enhancing the product offering and expanding international operations.

Services provided


We built a brand new, professional, and streamlined cash flow model for the Group. The model consists of:

  • Clearly defined input tabs for P&L budget, bank balances, AR/AP reports, payment schedules, and working capital assumptions
  • Rolling cashflow outputs at a group and legal entity level, covering Europe, US and the Middle East
  • Summary tables linked to the model, to be provided to management and Marlin
  • Fully integrated and user friendly


The new model has enabled Heimdal and Marlin to monitor cashflow on a rolling weekly basis:

  • actual vs forecast (weekly and monthly)
  • week on week analysis

Therefore helping to better understand the key drivers of cash, and to help improve cash collection. The model was successfully handed over, and adopted by the finance team.

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