Owner and CEO, GR20 Research

Gregory Ramirez

Gregory Ramirez is the founder and owner of the research company GR20 Research. He brings 25+ years of experience as a sell-side equity analyst covering Software and IT Services firms. He has acquired over the years a thorough knowledge of the strategy, competitive environment, industry catalysts, valuation and financial analysis of these companies. Prior to founding GR20 Research, he had been working for Bryan Garnier for 17 years, of which most recently as Director, Software & IT Services of BG IRIS, Bryan Garnier’s equity research brand. On top of his public equity coverage, he oversaw and produced numerous industry white papers. Before Bryan Garnier, Gregory had worked for 9 years as an equity analyst at ING Securities, Arkeon Finance, Oddo & Cie, and Natexis Capital. Gregory holds a Master’s degree (DEA) in Banking and Finance and a Bachelor’s degree in Economics from Aix-Marseille University. He has been a member of the French Financial Analysts Society (SFAF) since 2005.

Founded in 2024, GR20 Research is an independent research producer specialising in the Software and IT Services ecosystem. GR20 Research produces an in-depth research product that helps clients understand and evaluate the players in the Software and IT Services ecosystem. GR20 Research’s main areas of expertise include Enterprise Software (ERP), Product Lifecycle Management Software, Banking Software, IT Services, and Engineering and R&D Services. Its research approach is to focus on what is moving the needle in the IT industry, e.g. business model migration to software-as-a-service (SaaS) and subscriptions from perpetual licensing, and how software/SaaS vendors and IT Services firms adapt their strategy and business model to artificial intelligence.

Owner and CEO

Dassault Systèmes (DSY FP): Keys to Re-Accelerating Growth

European Software: Q1 2026 Takeaways – A Seasonal Slowdown

Dassault Systèmes (DSY FP): Solving the Life Sciences Challenge?

Dassault Systèmes (DSY FP): Long-Term Vision Vs Market Expectations

Dassault Systèmes (DSY FP): 3DExperience World 2026 – AI Factories and Virtual Companions

Dassault Systèmes (DSY FP): The Wake-Up Call

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>Bernard Charlès has stepped down as Executive Chairman, with CEO Pascal Daloz becoming Chairman &amp; CEO . The succession has been planned through a structured leadership renewal since 2018.   </li>
<li>The strategic roadmap remains centred on  3D Universes and the integration of generative and agentic AI. Management intends to resume sizeable M&amp;A to deepen domain expertise and capture AI-driven opportunities.   </li>
<li>Management has addressed growth bottlenecks at Medidata, Centric and in 3DExperience indirect channels. With governance simplified, the focus is on disciplined execution in 2026 to re-accelerate growth from 2027 onwards.</li>
</ul>


Bernard Charlès has stepped down as Executive Chairman, with CEO Pascal Daloz becoming Chairman &amp; CEO . The succession has been planned through a structured leadership renewal since 2018.   
The strategic roadmap remains centred on  3D Universes and the integration of generative and agentic AI. Management intends to resume sizeable M&amp;A to deepen domain expertise and capture AI-driven opportunities.   
Management has addressed growth bottlenecks at Medidata, Centric and in 3DExperience indirect channels. With governance simplified, the focus is on disciplined execution in 2026 to re-accelerate growth from 2027 onwards.


Dassault Systèmes (DSY FP): A Change in Governance, Not in Strategy

Dassault Systemes

Dassault Systèmes (DSY FP): A Change in Governance, Not in Strategy