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

European Software: Q1 2026 Takeaways – A Seasonal Slowdown

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

Nemetschek (NEM GR): Overdelivering on Promises

Nemetschek (NEM GR): Strengthening the AI Roadmap with Google Cloud

Nemetschek (NEM GR): Maturing the AI Roadmap

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>Nemetschek’s acquisition of HCSS strengthens its Build &amp; Construct segment by adding capabilities in infrastructure and heavy civil construction, expanding its addressable market and reinforcing its position in North America. </li>
<li>The transaction, financed through a minority stake granted to Thoma Bravo, avoids a large cash outlay, maintains balance sheet strength, and reflects challenges in PE exits at high valuation multiples.  </li>
<li>The deal is expected to generate revenue and cost synergies, enhance AI-driven capabilities, and improve margins, but will only become accretive to EPS from 2028 due to financing costs.</li>
</ul>


Nemetschek’s acquisition of HCSS strengthens its Build &amp; Construct segment by adding capabilities in infrastructure and heavy civil construction, expanding its addressable market and reinforcing its position in North America. 
The transaction, financed through a minority stake granted to Thoma Bravo, avoids a large cash outlay, maintains balance sheet strength, and reflects challenges in PE exits at high valuation multiples.  
The deal is expected to generate revenue and cost synergies, enhance AI-driven capabilities, and improve margins, but will only become accretive to EPS from 2028 due to financing costs.


Nemetschek (NEM GR): HCSS Acquisition - A Clever Deal with Thoma Bravo

Nemetschek SE

Nemetschek (NEM GR): HCSS Acquisition - A Clever Deal with Thoma Bravo