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

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

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

Nemetschek (NEM GR): Maturing the AI Roadmap

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

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>Nemetschek delivered solid Q1 2026 results broadly in line with expectations, with strong growth in subscriptions and SaaS and continued momentum in the Build segment, while reaffirming full-year guidance.</li>
<li>The planned HCSS acquisition strengthens exposure to faster-growing infrastructure markets, enhances its North American presence, and is structured to preserve financial flexibility, with synergies expected to drive long-term growth.</li>
<li>Nemetschek is advancing a comprehensive AI strategy across its portfolio, positioning itself as a full-lifecycle platform in the AEC sector, supporting future revenue growth, higher ARPU, and improved competitive positioning.</li>
</ul>


Nemetschek delivered solid Q1 2026 results broadly in line with expectations, with strong growth in subscriptions and SaaS and continued momentum in the Build segment, while reaffirming full-year guidance.
The planned HCSS acquisition strengthens exposure to faster-growing infrastructure markets, enhances its North American presence, and is structured to preserve financial flexibility, with synergies expected to drive long-term growth.
Nemetschek is advancing a comprehensive AI strategy across its portfolio, positioning itself as a full-lifecycle platform in the AEC sector, supporting future revenue growth, higher ARPU, and improved competitive positioning.


Nemetschek SE

Nemetschek (NEM GR): So Far, So Good