Owner and CEO, GR20 Research

Gregory Ramirez

Owner and CEO

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

SAP SE is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

<ul>
<li>SAP is advancing agentic AI through Joule, Business Data Cloud and Knowledge Graph, strengthening its application and cloud proposition, accelerating migration and deepening customer stickiness.</li>
<li>TechWolf enhances SuccessFactors with workforce skills and activity insights, enabling AI-driven planning, reskilling and work redesign, with limited near-term financial impact.</li>
<li>AI offers monetisation through premium agents, cloud migration, SAP Pay and AI-enabled services. Despite initial inference costs, SAP seems well positioned for long-term AI-driven growth.</li>
</ul>


SAP is advancing agentic AI through Joule, Business Data Cloud and Knowledge Graph, strengthening its application and cloud proposition, accelerating migration and deepening customer stickiness.
TechWolf enhances SuccessFactors with workforce skills and activity insights, enabling AI-driven planning, reskilling and work redesign, with limited near-term financial impact.
AI offers monetisation through premium agents, cloud migration, SAP Pay and AI-enabled services. Despite initial inference costs, SAP seems well positioned for long-term AI-driven growth.


SAP (SAP GR): SAP Connect 2026 - From Roadmap to Execution

Dassault Systemes operates as a software company. The develops and offers 3Dexperience platform to create innovative new products and services using virtual experiences. Dassault Systemes serves aerospace, construction, business services, consumer packaged goods, high-tech, life science, health care, marine, energy, and industrial equipment industries worldwide.

<ul>
<li>Schneider/PTC creates a formidable competitor, significantly broadening Schneider Electric’s industrial software offering and strengthening its position against Dassault Systèmes, Siemens and Autodesk.</li>
<li>Competitive pressure on Dassault Systèmes will increase, particularly in ALM, industrial operations, automation, energy management and field service, although its core engineering, PLM, simulation and virtual twin franchises remain strong.</li>
<li>AI could strengthen Dassault Systèmes’ differentiation, with ArisGlobal, Medidata and virtual twins providing valuable proprietary data and capabilities to develop industry-specific AI and “world models”.</li>
</ul>


Schneider/PTC creates a formidable competitor, significantly broadening Schneider Electric’s industrial software offering and strengthening its position against Dassault Systèmes, Siemens and Autodesk.
Competitive pressure on Dassault Systèmes will increase, particularly in ALM, industrial operations, automation, energy management and field service, although its core engineering, PLM, simulation and virtual twin franchises remain strong.
AI could strengthen Dassault Systèmes’ differentiation, with ArisGlobal, Medidata and virtual twins providing valuable proprietary data and capabilities to develop industry-specific AI and “world models”.


Dassault Systèmes (DSY FP): An Evolving Competitive Landscape

Thematic (Sector/Industry)

<ul>
<li>European growth remains subdued, but large-cap software vendors are proving resilient, with Top 10 lfl revenue growth reaching 9.7%, versus 3.0% for the broader market.</li>
<li>North America continues to outperform Europe, with lfl revenue growth accelerating to 13.3% and reaching 25.9% among the ten largest software companies.</li>
<li>Software M&amp;A remains strong but concentrated, with USD 145bn of transactions above USD 200m year-to-date, driven primarily by strategic buyers rather than private equity.</li>
</ul>


European growth remains subdued, but large-cap software vendors are proving resilient, with Top 10 lfl revenue growth reaching 9.7%, versus 3.0% for the broader market.
North America continues to outperform Europe, with lfl revenue growth accelerating to 13.3% and reaching 25.9% among the ten largest software companies.
Software M&amp;A remains strong but concentrated, with USD 145bn of transactions above USD 200m year-to-date, driven primarily by strategic buyers rather than private equity.


European Software: Q2 2026 Takeaways - Big Guys Are Holding Up Well

Nemetschek SE provides standard software for designing, constructing and managing buildings and real estate. The Company offers software which provides cost estimation, design, planning, account calculation, cost management, facilities management, document management and B2B e-commerce capabilities. Nemetschek distributes its products around the world.

<ul>
<li>Nemetschek delivered solid Q2 results, with strong Build and Design growth offsetting Media weakness, while management reiterated organic guidance.</li>
<li>Media remained the main disappointment, reflecting weak US demand, while management adopted a more prudent outlook on AI monetisation despite encouraging early Bluebeam Max adoption and customer feedback.</li>
<li>The post-results share price decline appears overdone, as underlying growth, recurring revenues, AI innovation and the HCSS acquisition continue to support the long-term investment case.</li>
</ul>


Nemetschek delivered solid Q2 results, with strong Build and Design growth offsetting Media weakness, while management reiterated organic guidance.
Media remained the main disappointment, reflecting weak US demand, while management adopted a more prudent outlook on AI monetisation despite encouraging early Bluebeam Max adoption and customer feedback.
The post-results share price decline appears overdone, as underlying growth, recurring revenues, AI innovation and the HCSS acquisition continue to support the long-term investment case.


Nemetschek (NEM GR): A More Conservative Stance on AI

Capgemini offers information technology services. The Company provides mobile software solutions, business process management, outsourcing, cloud computing, finance, consulting, supply chain management, engineering, and other services. Capgemini serves aerospace, defense, automotive, health care, life science, telecom, media, and entertainment industries worldwide.

<ul>
<li>Capgemini delivered stronger-than-expected H1 2026 results, upgraded FY 2026 guidance and outperformed global IT services peers, while the share price weakness reflected macroeconomic and sector sentiment.</li>
<li>Early AI investments, the Fit-for-Growth programme, WNS integration, and exposure to defence and digital sovereignty continue to drive market share gains and strengthen competitive positioning.</li>
<li>We believe Capgemini is well positioned to benefit from enterprise AI adoption, while the shares remain attractively valued relative to their medium-term growth and margin potential.</li>
</ul>


Capgemini delivered stronger-than-expected H1 2026 results, upgraded FY 2026 guidance and outperformed global IT services peers, while the share price weakness reflected macroeconomic and sector sentiment.
Early AI investments, the Fit-for-Growth programme, WNS integration, and exposure to defence and digital sovereignty continue to drive market share gains and strengthen competitive positioning.
We believe Capgemini is well positioned to benefit from enterprise AI adoption, while the shares remain attractively valued relative to their medium-term growth and margin potential.


Capgemini (CAP PA): AI, Sovereignty and Defence Powering Outperformance

GR20 Research
Industry Research and Consulting Services

SAP (SAP GR): SAP Connect 2026 - From Roadmap to Execution

SAP is turning its enterprise data and applications into a competitive advantage in agentic AI, unlocking new revenue streams, accelerating cloud...

Gregory Ramirez

Dassault Systèmes (DSY FP): An Evolving Competitive Landscape

Schneider/PTC raises competitive pressure, but Dassault’s strong engineering franchise and AI strategy, supported by ArisGlobal, offer meaningful...

Gregory Ramirez

European Software: Q2 2026 Takeaways - Big Guys Are Holding Up Well

European software growth remains weak, but large caps are resilient. US vendors are outperforming, while strategic M&A remains strong despite...

Gregory Ramirez

Nemetschek (NEM GR): A More Conservative Stance on AI

Nemetschek's Q2 results show strong growth in Build and Design, offsetting Media weakness, with management maintaining organic guidance and a...

Gregory Ramirez

Capgemini (CAP PA): AI, Sovereignty and Defence Powering Outperformance

Capgemini outperforms global IT services peers in H1 2026, driven by AI investments and market share gains, poised for growth in enterprise AI...

Gregory Ramirez

SAP (SAP GR): SAP Connect 2026 - From Roadmap to Execution

SAP is turning its enterprise data and applications into a competitive advantage in agentic AI, unlocking new revenue streams, accelerating cloud...

Gregory Ramirez

Dassault Systèmes (DSY FP): An Evolving Competitive Landscape

Schneider/PTC raises competitive pressure, but Dassault’s strong engineering franchise and AI strategy, supported by ArisGlobal, offer meaningful...

Gregory Ramirez

European Software: Q2 2026 Takeaways - Big Guys Are Holding Up Well

European software growth remains weak, but large caps are resilient. US vendors are outperforming, while strategic M&A remains strong despite...

Gregory Ramirez

Nemetschek (NEM GR): A More Conservative Stance on AI

​Nemetschek's Q2 results show strong growth in Build and Design, offsetting Media weakness, with management maintaining organic guidance and a...

Gregory Ramirez

Capgemini (CAP PA): AI, Sovereignty and Defence Powering Outperformance

​Capgemini outperforms global IT services peers in H1 2026, driven by AI investments and market share gains, poised for growth in enterprise AI...

Gregory Ramirez

Nemetschek's Q2 results show strong growth in Build and Design, offsetting Media weakness, with management maintaining organic guidance and a...

Capgemini outperforms global IT services peers in H1 2026, driven by AI investments and market share gains, poised for growth in enterprise AI...