Report
Gregory Ramirez

SOFTWARE SaaS: the virtuous circle of subscriptions

Software-as-a-service is the main reason why software valuation multiples
keep rising. North America is well advanced in this move, and Europe follows
with a growing number of SaaS players going public and on-premise vendors
moving to SaaS or subscriptions, attracted by the resilience of these models.
We expect SaaS IPOs and M&A to accelerate, and SAP is our preferred SaaS
player in Europe.
Underlyings
Temenos AG

Temenos is engaged in the development, marketing and sale of banking software systems. Co. is also involved in supporting the implementation of the systems at various client locations around the world as well as in offering help desk support services to existing users of TEMENOS software systems. Co.'s client base consists of banking and other financial services institutions. Co.'s segments include: Product, which is engaged in marketing, licensing and maintaining Co.'s software solutions, including software development fees for requested functionality, as well as providing hosting arrangements; and Services, which represents various implementation services such as consulting and training.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Gregory Ramirez

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