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

Capgemini (CAP FP): Emerging as a Potential Winner of the AI Wave

Capgemini (CAP FP): The OpenAI Deployment Company Is a False Problem for IT Services Firms

Capgemini (CAP FP): Convincing Agentic AI Roadmap for 2030 and Beyond

Capgemini (CAP FP): WNS - A Bet on the Agentic AI Revolution

Capgemini (CAP FP): Building End-To-End SAP Services

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>Capgemini delivered slightly better-than-expected FY25 results, with revenues ahead of guidance, stable margins and FCF in line with targets. FY26 guidance matches consensus, with margin expansion supported by WNS synergies.   </li>
<li>A CMD in May should provide long-awaited clarity on the next strategic plan. Priorities are AI-led growth acceleration, AI-enhanced intelligent operations and sovereignty, where Capgemini differentiates itself from global peers.   </li>
<li>Contrary to concerns agentic AI tools could disrupt IT services, Capgemini’s role as a large-scale systems integrator and orchestrator of complex enterprise AI deployments positions it as a structural beneficiary. </li>
</ul>


Capgemini delivered slightly better-than-expected FY25 results, with revenues ahead of guidance, stable margins and FCF in line with targets. FY26 guidance matches consensus, with margin expansion supported by WNS synergies.   
A CMD in May should provide long-awaited clarity on the next strategic plan. Priorities are AI-led growth acceleration, AI-enhanced intelligent operations and sovereignty, where Capgemini differentiates itself from global peers.   
Contrary to concerns agentic AI tools could disrupt IT services, Capgemini’s role as a large-scale systems integrator and orchestrator of complex enterprise AI deployments positions it as a structural beneficiary. 


キャップジェミニ（CAP FP）：AIが触媒となることを確認