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Main Software 50 edition 2019


On November 7th, for the eight consecutive year, the festive award ceremony of the Main Software 50 took place in the Harbour Club in Amsterdam. With a record number of subscriptions this year’s edition was more competitive than ever, and companies that achieved a top 50 position can be proud of their achievements. The Main Software 50, the renowned ranking of the 50 most successful Dutch software companies, is intended to increase visibility of the Dutch software sector for the larger public and reward software companies for their success. This years’ participants outperform last year’s cohort on almost all relevant KPIs, indicating the growing success of the sector at large. Subsequently the interest in the event from the media, business and investors was once again substantial.

Key statistics Main Software 50 edition 2019

+23%
Total revenue
68%
Recurring revenue
48%
SaaS revenue
26%
International
revenue

7%
Partner revenue
+17%
Total number
of employees
121k
Revenue per FTE

List Main Software 50 edition 2019

 

Ranking Naam Sector Winnaar Score Oprichting Plaats
1 Uptrends Web Performance Monitoring Overall #1 100 2007 Alphen aan de Rijn
2 Workstreampeople | Anywhere365 Dialogue Management Software Overall #2 98,3 2011 Rotterdam
3 FIQAS Software Financial & Accounting Software Overall #3 97,0 1989 Aalsmeer
4 Icecat E-Commerce Software 96,8 2009 Nieuwegein
5 Inergy Analytical Solutions Business Intelligence (BI) 96,4 1999 Woerden
6 RVC Medical IT Healthcare Software 96,2 1991 Amersfoort
7 Recruitee Human Resource Management (HRM) Highest Growth 96,1 2015 Amsterdam
8 Enovation Healthcare Software 93,4 1983 Capelle aan den IJssel
9 SDB Groep Healthcare Software 93,3 1976 Den Haag
10 4PS Enterprise Resource Planning (ERP) 92,6 2000 Ede
11 Nmbrs Human Resource Management (HRM) 91,9 2003 Amsterdam
12 Adver-Online Human Resource Management (HRM) 91,2 2002 Heemstede
13 Concapps Mobile Applications 91,2 2012 s-Hertogenbosch
14 AdChieve Marketing Automation 91,2 2014 s-Hertogenbosch
15 Sana Commerce E-Commerce Software 90,9 2008 Rotterdam
16 Copernica Marketing Automation 90,5 2001 Amsterdam
17 Cow Hills Retail Omnichannel Retail Software 88,6 2006 Maarn
18 OBI4wan Customer Relations Management (CRM) 87,9 2011 Zaandam
19 FRISS Governance Risk & Compliance (GRC) 87,7 2006 Utrecht
20 Sqills Group Business Process Management (BPM) 87,2 2007 Enschede
21 Optimizers Supply Chain Management (SCM) 87,1 2006 Nijkerk
22 Mavim Business Process Management (BPM) 86,6 1990 Noordwijk
23 ExpertCollege E-learning 86,5 2003 Amstelveen
24 FleetGO Group Fleet Management 86,4 2010 Hattem
25 MendriX Supply Chain Management (SCM) 86,1 2003 Maarssen
26 Blue Billywig Video Management Software (VMS) 85,4 2006 Hilversum
27 Onguard Order to Cash Software 85,4 1993 Amsterdam
28 GOconnectIT Geographic Information System (GIS) 85,3 2001 Nieuwegein
29 Valk Solutions Omnichannel Retail Software 84,6 1989 Montfoort
30 Visionplanner Financial & Accounting Software 84,6 1996 Veenendaal
31 Speakap Employee Communications Platform Cloud Champion 84,4 2011 Amsterdam
32 Avinty Healthcare Software 84,3 2016 Oldenzaal
33 Vendit Omnichannel Retail Software 83,6 1986 Rotterdam
34 Validata Group Governance Risk & Compliance (GRC) 82,9 2009 Amsterdam
35 The Competence Group E-learning 82,8 2002 IJsselstein
36 Way2Connect Business Process Management (BPM) 82,7 2005 Etten-Leur
37 Yellow Star Solutions Supply Chain Management (SCM) 82,3 2009 Barendrecht
38 AxyWare Financial & Accounting Software 82,2 2011 Utrecht
39 Ternair-2bMore Marketing Automation 80,6 2006 IJsselstein
40 12Build Project Management Software 80,1 2007 Nijverdal
41 Codelogic Dialogue Management Software 80,0 2007 Beverwijk
42 Anago Business Intelligence (BI) 79,8 1999 s-Hertogenbosch
43 AllSolutions Enterprise Resource Planning (ERP) 79,3 1987 Woerden
44 HRK Solutions Human Resource Management (HRM) 79,2 2009 Amersfoort
45 Foleon Content Management 78,8 2013 Amsterdam
46 Advisie Financial & Accounting Software 78,3 1983 Eemnes
47 Appical Human Resource Management (HRM) 77,5 2012 Amsterdam
48 Snakeware E-Commerce Software 77,2 1995 Sneek
49 Hoteliers E-Commerce Software 76,6 2005 Amsterdam
50 Prime Vision Optical Character Recognition (OCR) 76,4 2003 Delft

Revenue growth

Total revenue grew from EUR 314m in 2017 to EUR 386m in 2018 at a growth rate of 23% to EUR 396m. Recurring revenue of the participating companies grew slightly faster, and represented 68% of total revenue in 2018. Of the participating companies a stunning 64% grew by more than 20% on a yearly basis. 58% of companies expects year-on-year growth of more than 20% for the next two years.

Employment and productivity

Total 2018 FTE count amounted to 3.187, representing a 17% increase relative to last year. Interestingly, productivity grew by 5% over the course of the year to EUR 121 per FTE. This productivity figure is considerably higher than that of the participating companies of last year’s edition.

International success

Dutch software companies prove to be strongly capable to consistently do business abroad; on average 26% of total revenue is generated from outside of The Netherlands. This international contribution is marginally higher than the 22% of last year. Moreover, at least a third of all companies generates more than 25% of total sales from abroad.

Profitability

The large majority of participating software companies prove to be able to grow in a profitable way. 66% of the companies has realized a an EBITDA margin of over 10%. This figure is slightly higher than last year indicating the scalability of enterprise software companies. 24% of all companies was even able to realize an EBITDA margin of more than 20%.

Innovation

Software companies continue to invest heavily in software development to stay innovative in the competitive environment. A stunning 90% of participants invests more than 10% of their annual revenue back into R&D.

M&A

Unsurprisingly the top 50 Dutch software companies appear to be interesting acquisition targets for both strategic and financial investors. Out of the 50 finalists of last year’s edition, 6 companies were acquired within 12 months after publication of the list. In addition to sell-side M&A, a substantial number of companies in the Main Software 50 ranking choose to take strategic growth steps through acquiring other companies. At least 10 finalists (top 50) of this year’s edition promoted their growth rates through selective add-on acquisitions.

The Main Software 50 is an initiative of Main Capital Partners

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