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

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Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>SAP has acquired SmartRecruiters to strengthen its position in AI-powered talent acquisition, competing with Oracle and Workday; the deal enhances SAP SuccessFactors with advanced recruitment automation and candidate experience tools.   </li>
<li>We estimate acquisition likely cost SAP around USD 1bn, below 2021 valuation, and is not expected to materially impact 2025 revenues; however, it signals SAP's renewed focus on HR tech.  </li>
<li>Enterprise AI adoption remains slow, as vendors like SAP face challenges in data readiness and process integration; real monetisation of AI is expected after customers unify data under semantic layers.</li>
</ul>


SAP has acquired SmartRecruiters to strengthen its position in AI-powered talent acquisition, competing with Oracle and Workday; the deal enhances SAP SuccessFactors with advanced recruitment automation and candidate experience tools.   
We estimate acquisition likely cost SAP around USD 1bn, below 2021 valuation, and is not expected to materially impact 2025 revenues; however, it signals SAP's renewed focus on HR tech.  
Enterprise AI adoption remains slow, as vendors like SAP face challenges in data readiness and process integration; real monetisation of AI is expected after customers unify data under semantic layers.


SAP (SAP GR): AI Shakes Up Talent Acquisition Suites