Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

<ul><li>Spotify Technology S.A. is the world's largest audio streaming subscription service, operating a freemium platform that delivers music, podcasts and audiobooks across more than 180 markets.</li><li>It monetizes through two segments: a Premium subscription business (a recurring fee for on-demand, ad-free access) and an Ad-Supported business, in which free users are monetized through advertising that also funnels into Premium.</li><li>In FY2025, Spotify reported total revenue of €17.2 billion, of which Premium revenue of €15.4 billion represented approximately 89% of the total, with Ad-Supported revenue of €1.8 billion making up the balance. </li></ul>

Spotify Technology S.A. is the world's largest audio streaming subscription service, operating a freemium platform that delivers music, podcasts and audiobooks across more than 180 markets.It monetizes through two segments: a Premium subscription business (a recurring fee for on-demand, ad-free access) and an Ad-Supported business, in which free users are monetized through advertising that also funnels into Premium.In FY2025, Spotify reported total revenue of €17.2 billion, of which Premium revenue of €15.4 billion represented approximately 89% of the total, with Ad-Supported revenue of €1.8 billion making up the balance. 

M&A Activity & Strategy Review: Spotify Technology S.A. (SPOT) - June - July 2026

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul>
<li>Instead of buying software as a one-time purchase and installing it on a single device, SaaS allows users to access applications through the internet on a subscription basis. This has brought about greater convenience, flexibility, and potentially lower costs for users compared to traditional software.</li>
<li>The global SaaS market experienced a 20% growth in 2024 and is projected to expand at an annual growth rate of 12%, with the market potentially exceeding US$800 billion by 2030.</li>
<li>While North America remains the largest market, the Asia Pacific region is emerging as a key growth driver, with SaaS adoption expected to grow at a 15% CAGR by 2030, outpacing the global average</li>
</ul>


Instead of buying software as a one-time purchase and installing it on a single device, SaaS allows users to access applications through the internet on a subscription basis. This has brought about greater convenience, flexibility, and potentially lower costs for users compared to traditional software.
The global SaaS market experienced a 20% growth in 2024 and is projected to expand at an annual growth rate of 12%, with the market potentially exceeding US$800 billion by 2030.
While North America remains the largest market, the Asia Pacific region is emerging as a key growth driver, with SaaS adoption expected to grow at a 15% CAGR by 2030, outpacing the global average


Software-As-A-Service (SaaS): A Guide for Investors

Luxembourg

Spotify Technology S.A. provides music streaming services. The Company offers commercial free music and ad-supported services to subscribers. Spotify Technology serves clients worldwide.

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Spotify (SPOT US)

M&A Activity & Strategy Review: Spotify Technology S.A. (SPOT) - June - July 2026

Spotify Technology S.A. is the world's largest audio streaming subscription service, operating a freemium platform that delivers music, podcasts...

VRS (Valuation & Research Specialists)

Software-As-A-Service (SaaS): A Guide for Investors

Instead of buying software as a one-time purchase and installing it on a single device, SaaS allows users to access applications through the...

Singapore Exchange Ltd (SGX)

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52-week Range

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