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 SE (DSY FP): Understanding 3D Universes

Dassault Systèmes (DSY FP): Siemens Finally Moves onto Biovia’s Territory

Dassault Systèmes (DSY FP): Moving Forward Toward a Billion Euro Brand

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>Dassault Systèmes plans to accelerate growth through a shift towards subscription revenues and the adoption of AI-powered 3D Universes, aiming for an EPS of at least EUR 2.20 by 2029.   </li>
<li>While lacking detailed financials, 3D Universes build on the 3DExperience platform and introduces GenAI across industries, with first revenue impact expected in 2026 and faster adoption due to platform continuity.   </li>
<li>The company is repositioning Medidata for renewed growth, and is overhauling its underperforming indirect sales network by onboarding more specialised, cloud- and AI-capable partners to improve engagement and scalability.</li>
</ul>


Dassault Systèmes plans to accelerate growth through a shift towards subscription revenues and the adoption of AI-powered 3D Universes, aiming for an EPS of at least EUR 2.20 by 2029.   
While lacking detailed financials, 3D Universes build on the 3DExperience platform and introduces GenAI across industries, with first revenue impact expected in 2026 and faster adoption due to platform continuity.   
The company is repositioning Medidata for renewed growth, and is overhauling its underperforming indirect sales network by onboarding more specialised, cloud- and AI-capable partners to improve engagement and scalability.


다쏘시스템(DSY FP): 장기 비전과 시장 기대치

Dassault Systemes

다쏘시스템(DSY FP): 장기 비전과 시장 기대치