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): A Change in Governance, Not in Strategy

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

European Software: Q1 2026 Takeaways – A Seasonal Slowdown

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): Siemens Finally Moves onto Biovia’s Territory

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>Dassault Systèmes' shares fell 21% after 2025 results came in at the low end of guidance and 2026 guidance disappointed due to weakness at Medidata, Centric and in European automotive.   </li>
<li>Management is prioritising operational improvements, accelerating the shift to subscriptions and repositioning M&amp;A towards AI-driven bolt-ons rather than new standalone brands.   </li>
<li>The new AI-based 3D Universes offering represents a strategic shift with differentiated, value-based pricing and strong technological positioning, but meaningful revenue impact is more likely from 2027–2029.</li>
</ul>


Dassault Systèmes' shares fell 21% after 2025 results came in at the low end of guidance and 2026 guidance disappointed due to weakness at Medidata, Centric and in European automotive.   
Management is prioritising operational improvements, accelerating the shift to subscriptions and repositioning M&amp;A towards AI-driven bolt-ons rather than new standalone brands.   
The new AI-based 3D Universes offering represents a strategic shift with differentiated, value-based pricing and strong technological positioning, but meaningful revenue impact is more likely from 2027–2029.


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

Dassault Systemes

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