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Main Software 50 – Benchmark Report Summary (2024)

Core Content Overview

The Main Software 50 is a prestigious ranking of software companies in Northwestern Europe, including the Benelux, DACH, and Nordics regions. This report provides insights into the current state of the software industry, focusing on opportunities, challenges, and strategic growth paths for companies of different sizes and SaaS maturity levels.

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Key Trends in the Software Industry

1. Opportunities and Challenges for Companies by Size

• Smaller companies:

  • Identify more opportunities for collaboration and partnerships.
  • Face greater commercial challenges, such as acquiring new clients and reducing churn.

• Larger companies:

  • View M&A as the primary growth opportunity.
  • Encounter more technical challenges, especially with legacy systems.
  • Struggle more with attracting and retaining talent.

2. SaaS Leaders vs. SaaS Adopters

• SaaS Leaders (companies with >90% SaaS revenue):

  • Face fewer technical challenges.
  • Are more likely to come from companies that invest heavily in R&D.
  • Can innovate more (e.g., AI) due to a scalable business model.

• SaaS Adopters (companies with lower SaaS revenue):

  • Experience lower revenue growth.
  • Identify fewer opportunities for international expansion.

3. Innovation as a Growth Driver

• Innovation, especially in areas like AI, is a top growth opportunity for software companies.
• Companies that invest more in R&D:
  • Attract and retain talent more easily.
  • Achieve higher revenue growth.
• R&D investment is crucial for long-term competitiveness and market responsiveness.

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General Statistics

Metric	Benelux	DACH	Nordics	All
Average SaaS Revenue %	72%	38%	66%	58%
Average Revenue Growth	70%	114%	47%	82%
Average EBITDA Margin	6-10%	6-10%	6-10%	6-10%
Average Partner Revenue %	6-10%	6-10%	6-10%	6-10%

• Over 54% of participants generate more than 70% of their revenue from SaaS.
• 64% of companies allocate more than 20% of revenue to R&D.
• Companies with >30% R&D investment achieve an average revenue growth of 32%, compared to 20% for others.

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Main Capital Overview

Main Capital is a leading software investment firm in Western Europe and the U.S., focused on helping software companies achieve profitable growth and market leadership.

Investment Approach

• Empowers management teams to build internationally scalable software groups.
• Core strategies include:
  • Accelerated organic growth
  • Internationalization
  • Buy-and-build strategy

Portfolio Highlights

• 49 active portfolio companies
• >6,000 employees across portfolio companies
• >100 active add-ons
• >25% yearly revenue growth for portfolio companies
• >80% recurring revenue for portfolio companies
• Total revenue from portfolio companies is approximately €1bn
• €6bn in assets under management
• €1.9bn Main VIII fund closed in 2024
• €500m Main Foundation II fund closed in 2024

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Key Contact Information

• Benelux: Ivo van Deudekom (ivo@main.nl)
• DACH: Yves Souren (yves@mainsoftware.de)
• Nordics: Jonas Backman (jonas@maincapital.se)

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Conclusion

The report highlights the growing importance of SaaS adoption, R&D investment, and strategic M&A in the software industry. It underscores the need for companies to adapt to changing market dynamics, focus on innovation, and leverage partnerships to drive growth and competitiveness. Main Capital plays a pivotal role in supporting this transformation through its investment strategies and insights.