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The Top 100 European Software vendors

The European software industry ranking.

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2009

    Viviane Reding

    Viviane Reding

    The Truffle 100 Europe 2009 emphasizes again the dynamism of the software sector in Europe, that remains a uniquely strong driver for creating highly qualified jobs and R&D investments are continuing to rise!

    The achievement of a single market for ICT innovations is essential to improve the attractiveness of European SMEs to investors. The growth capacity of companies depends on their potential market size. The EU ICT market is the largest world-wide but is highly fragmented. We support the achievement of a single market through a renewed strategy for ICT research and innovation in Europe, whose objective is to enable Europe to lead ICT progress and to make the best use of ICT innovations. We are also committed to supporting large scale research projects that develop modern pan-European ICT-based service infrastructures and address key societal challenges.

    Europe is behind our main competitors in R&D spending To step up investments, actions are needed both on the public and the private side: on our side, annual commitments to ICT R&D under FP7 will increase from ? 1.1 billion in 2010 to ? 1.7 billion in 2013 and we have also established Joint Technology Initiatives under FP7 to speed up innovation.

    The European Small Business Act, which was approved by the European Council in December 2008, is an overall strategy to promote entrepreneurship and the Commission invites Member States to pursue their efforts to facilitate SMEs' access to public procurement markets. However, a key factor for the growth of innovative SMEs in ICT is the existence of a single EU-wide market for innovative ICTbased products and services.

    We are glad to welcome the 2009 Truffle 100 Europe index as a very valuable tool to measure and analyze the software industry, which remains at the heart of our concerns in Europe!.

    Viviane Reding
    EU Commissioner for Information Society & Media

    Jean-Philippe Courtois

    Jean-Philippe Courtois

    In turbulent economic times,we know that investing in innovation remains critical. It is clear that information technology will play a crucial role in driving and supporting a worldwide economic recovery. Proving this belief, Microsoft invests more than $600 million annually in R&D in EU countries.

    According to a recent study we sponsored, the software industry will add 668,000 jobs in 2009, an increase of 3.8 percent over 2008. In contrast, global GDP is projected to contract by 1.4 percent in 2009, according to the IMF. By 2013, the software industry will have created 2.2 million new jobs, with 2 million of them expected to be outside of the United States.

    This year, I am honored to be one of the EU Ambassadors for the European Year of Creativity and Innovation. As an Ambassador, I’ve had the opportunity to participate in numerous discussions about how we Europeans can foster the skills critical for innovation and growth here at home. As a result, the things I believe to be most critical to a sustainable recovery are investing in education, increasing R&D, and supporting entrepreneurs.

    It was an entrepreneurial spirit that initially fueled each of the companies in the Truffle 100. It is critical that we foster this type of entrepreneurship and innovation in our local software economies and encourage our young people to take the necessary risks to drive tomorrow’s big advances. One example is Microsoft’s BizSpark program, through which we encourage technology startups in Europe and around the world to drive breakthrough innovation in areas like cloud computing, by providing them with free access to our software platforms and tools, as well as help with their business strategy.

    The opportunities that will be created through technology are limitless. There will surely be incredible advances in the coming years in critical areas such as e-health, energy research, and digital education. I look forward with great anticipation to the amazing things our industry has in store.

    Jean-Philippe Courtois
    President, Microsoft International
    Senior Vice President, Microsoft Corporation

    Léo Apotheker

    Léo Apotheker

    Europe is confronted with unprecedented challenges, as highlighted in this new edition of the Truffle 100. Not only will we have to overcome the most severe crisis in decades, but at the same time Europe needs to take firm actions to address longer term issues such as fostering innovation and competitiveness, coping with demographic change and the transformation into a low-carbon economy. In essence, the task is to ensure sustainable growth with a shrinking workforce in a highly competitive global economy.

    The European software industry can make a major contribution to the future of Europe. In fact, the political challenges will provide tremendous business opportunities for all European software vendors. Investments in modern software is essential for the structural adjustments that companies need to make to survive the crisis and to prepare for future growth, enhance transparency and better manage risks. I firmly believe it is a pre-condition to prevent the next crisis in an increasingly complex global economy.

    IT will be a driver towards a low-carbon economy. Europe is at the forefront of the debate on climate change. European software vendors should lead the way into developing IT solutions facilitating a more sustainable economy. SAP is committed to help its customers become more transparent, accountable, and sustainable.

    The European software industry is in the pole position to leverage this multitude of opportunities. Technology today and in the future is the basis for sustainable growth in every industry.

    However, the European software industry needs a favorable regulatory framework in Europe.In particular, European policy makers must cultivate skills and entrepreneurship to establish a truly leading-edge market for IT. We encourage the European Union to support large-scale, pan-European R&D projects in future growth areas, such as smart mobility and energy efficiency, where IT makes a difference.

    I am pleased that a strong foundation is already in place with the announcement from the President of the European Commission, José Manuel Barroso, that a “Digital Agenda” will become one of his core political objectives for the new European Commission until 2015. SAP is fully committed to support European policy makers in developing the European software industry so that it contributes to a thriving Europe, a Europe that will successfully manage its challenges and become the best place to work, to invest, and to live.

    Léo Apotheker
    CEO, SAP

    Bernard-Louis Roques

    Bernard-Louis Roques

    We are pleased to present the 4th edition of the Truffle 100, the leading ranking of the top 100 software vendors in Europe. Despite harsh, we remain in the midst of a difficult economic environment, and despite a revived acquisition appetite of the US vendors, the Truffle 100 vendors once again demonstrate their resilience and optimism. As they keep growing, be it moderately, can count on them to remain a strategic and dynamic engine of value growth and job creation for European economies.


     

    Relentless innovators, the European vendors are strong investors in R&D (14.4% of their revenues last year!), and have created over 11 000 R&D jobs year on year.


     

    They are perennial and well managed too, with improved profitability.
    However the industry faces major challenges:
    - global consolidation,
    - new business models such as Software as a Service that require massive investments over the coming years.
    SMEs represent the vast majority of the Truffle 100, with the smaller companies growing faster.


     

    They represent an industry that is critical to our future.
    For Europe to remain a place where decisions are made and innovations originated, we must create a favorable framework and implement measures such as R&D tax breaks (which 76% of vendors think are critical), Publicly financed R&D programs, or a European Small Business Act.
    The Truffle 100 is not only research made freely available to the public so as to increase the general knowledge on European software vendors, it is also intended to serve the industry & contribute to its sustainable development.

    Bernard-Louis Roques
    General Partner & co-Founder, Truffle Capital

European Clusters

Rank Region Country Software
Revenues		 Number of Companies R&D Headcount 2008
1 Rhine-Main-Neckar Germany 12,523 5 19,047
2 Île de France France 2,479 14 5,863
3 South East England United Kingdom 1,874 16 6,670
4 North East England United Kingdom 1,360 1 2,314
5 Zuid-Holland Netherlands 655 2 1,055
6 Southern Finland Finland 584 7 1,213
7 East England United Kingdom 565 3 1,239
8 Eastern Norway Norway 531 5 780
9 Podkarpackie Poland 432 1 5,181
10 Uppland Sweden 385 4 619
11 Geneva Switzerland 293 1 580
12 Rhône-Alpes France 259 2 825
13 Bavaria Germany 234 2 647
14 Rheinland Germany 229 1 1,005
15 Lombadia Italy 223 2 1,090
16 Hovedstaden Denmark 206 2 567
17 Berlin Germany 199 2 316
18 Piemonte Italy 180 1 471
19 South Moravian Region Czech Republic 180 1 250
20 Nord-Pas-de-Calais France 164 3 538
21 Vlaams Brabant Belgium 161 2 253
22 Baden Germany 147 3 275
23 Saarland Germany 126 1 237
24 Oster-Gotland Sweden 115 1 732
25 Biscay (Bilbao) Spain 109 1 185
26 Waals Brabant Belgium 109 1 101
27 Lazio Italy 79 1 250
28 Western Norway Norway 71 1 150
29 Yorkshire United Kingdom 68 1 97
30 Skane Sweden 60 1 92
31 Veneto Italy 57 1 109
32 Waadt Switzerland 44 1 70
33 Zurich Switzerland 41 1 50
34 Madrid Spain 40 1 76
35 Emilia-Romagna Italy 39 1 440
36 Vienna Austria 37 1 100
37 Utrecht Netherlands 36 1 69
38 Vaster-Gotland Sweden 36 1 69
39 Northern Norway Norway 35 1 40
40 Southwest England United Kingdom 35 1 68
41 Western Midlands United Kingdom 35 1 159
42 Liguria Italy 34 1 360

Map of European Clusters

Truffle 100 R&D Headcount 2008 for EU 27 + Norway and Switzerland (per region)

Truffle 100 R&D Headcount 2008 for EU 27 + Norway and Switzerland (per region)



Truffle 100 R&D Software Revenue Concentration Survey for EU 27 + Norway and Switzerland
(per region)

Truffle 100 R&D Software Revenue Concentration Survey for EU 27 + Norway and Switzerland (per region)



Truffle 100 R&D Software Revenue Concentration Survey for EU 27 + Norway and Switzerland
(per country)

Truffle 100 R&D Software Revenue Concentration Survey for EU 27 + Norway and Switzerland (per country)

Videos


 

 

 

 

Figures

  • Revenues > 25 bn€

    Total revenues for the Truffle 100 are 31 bn€
    Revenues from software activity are 25 bn€

    A concentrated industry : 70 % of revenues come from the top 25 vendors

     

    vendors (% revenues Truffle 100)

    SAP

    		 37 %
    TOP 3 46 %
    TOP 5  51 %
    TOP 10 60 %
    TOP 50 87 %

    41 vendors have revenues > 100 m€
    they account for 85 % of Truffle 100 revenues

    69 vendors have revenues > 50 m€
    they account for 97 % of Truffle 100 revenues

    All Truffle 100 have revenues > 27.8 m€
    Up from 25,9 m€ one year ago)


  • World-class national champions
    Vendor Country Revenues € million % of
    Truffle 100
    SAP DE 11 575 37.1 %

    Sage

    		 UK 1 360 4.4 %

    Dassault Systemes

    		 FR 1 335 4.3 %

    Exact Holding NV

    		 NL  721 2.3 %
    ALMAVIVA IT 792 2.5 %

    1/3 of the Truffle 100 consists of national champions, in the top 3 of their country of origin

  • Facing global competition

    European, software vendors growth, 2009

  • Profitable and growing

    3.6 bn€ aggregated net profits,
    up from 3.2 bn€ last year
    14.4 % of revenues (11 % last year)

      Revenues
    Truffle 100    		 Profit
    Truffle 100    		 Profit
    Last Year

    SAP

    		 37 % 51 % 60 %
    TOP 3 46 % 62 % 73 %
    TOP 5  51 % 67 % 75 %
    TOP 50 87 % 92 % 95 %

    Size matters, with limitations: the most profitable companies are not the biggest.

    Profits grow with size, but not linearly

      Net profit % of revenues
    TOP 3 2 224 15.6 %
    TOP 50 3 319 12.2 %
    LAST 50 286 7.3 %
    LAST 25 157 7.0 %

    … still growing
    despite a difficult environment and acquisitions

    Revenues growth year one year: +2.8% 
     

  • A Strategic R&D Firepower

    Truffle100 is a dynamic and strategic provider of qualified jobs in Europe.

     

Revenues > 25 bn€

Total revenues for the Truffle 100 are 31 bn€
Revenues from software activity are 25 bn€

A concentrated industry : 70 % of revenues come from the top 25 vendors

 

vendors (% revenues Truffle 100)

SAP

 37 %
TOP 3 46 %
TOP 5  51 %
TOP 10 60 %
TOP 50 87 %

41 vendors have revenues > 100 m€
they account for 85 % of Truffle 100 revenues

69 vendors have revenues > 50 m€
they account for 97 % of Truffle 100 revenues

All Truffle 100 have revenues > 27.8 m€
Up from 25,9 m€ one year ago)

World-class national champions

Vendor Country Revenues € million % of Truffle 100
SAP DE 11 575 37.1 %

Sage

 UK 1 360 4.4 %

Dassault Systemes

 FR 1 335 4.3 %

Exact Holding NV

 NL  721 2.3 %
ALMAVIVA IT 792 2.5 %

1/3 of the Truffle 100 consists of national champions, in the top 3 of their country of origin

Facing global competition

European, software vendors growth, 2009

A Profitable Industry

3.6 bn€ aggregated net profits,
up from 3.2 bn€ last year
14.4 % of revenues (11 % last year)

  Revenues Truffle 100 Profit Truffle 100 Profit Last Year

SAP

 37 % 51 % 60 %
TOP 3 46 % 62 % 73 %
TOP 5  51 % 67 % 75 %
TOP 50 87 % 92 % 95 %

Size matters, with limitations: the most profitable companies are not the biggest.

Profits grow with size, but not linearly

  Net profit % of revenues
TOP 3 2 224 15.6 %
TOP 50 3 319 12.2 %
LAST 50 286 7.3 %
LAST 25 157 7.0 %

… still growing
despite a difficult environment and acquisitions

Revenues growth year one year: +2.8% 
 

High qualified workforce of 211 985

Up 9.27 % from last year. Top 34 vendors account for 80 % of workforce

Strategic R&D firepower of ~ 3.6 bn€

The Truffle 100 is an dynamic and strategic provider of qualified jobs in Europe

An optimistic & resilient industry


European software vendors ranking 2009

Rank Company HQ Revenues 2008 from Software activity (me) Total revenues 2008 (me) R&D
headcount
2008
1 SAP DE 11575 11575 15547
2 Sage UK 1360 1360 2314
3 DASSAULT SYSTEMES FR 1334.8 1334.8 3500
4 Software AG DE 718.2 720.6 676
5 Asseco PL S A PL 432 792.4 5181
6 Unit4 Agresso NL 393.6 393.6 490
7 Autonomy UK 362 362 646
8 Visma NO 360.4 360.4 574
9 Misys UK 350.4 700.7 1415
10 SOPRA GROUP - AXWAY FR 312.6 1129.5 1100
11 Temenos Group CH 292.8 292.8 580
12 Exact NL 261 261 565
13 Compugroup Holding AG DE 229.2 229.2 1005
14 CEGID FR 213.8 248.5 520*
15 Fidessa Group PLC UK 198.6 198.6 340
16 Micro Focus International PLC UK 186 186 241
17 Reply IT 180 330.2 471
18 AVG CZ 179.9 179.9 250
19 Kofax (Dicom Group PLC) UK 178.4 178.4 250
20 Simcorp A/S DK 174.7 174.7 492
21 ZUCCHETTI IT 165 194.2 1000
22 Aveva Group PLC UK 162.6 162.6 253
23 LINEDATA SERVICES FR 160.7 160.7 175
24 IBS AB SW 152.5 212 175
25 Nemetschek AG DE 150.4 150.4 405
26 RM PLC UK 143.9 430.9 260
27 Civica PLC UK 140.9 140.9 1019
28 IDS Scheer DE 125.7 399.1 237
29 Intec Telecom Systems PLC UK 123.9 142.6 700
30 Digia FI 123.2 123.2 208
31 GFI INFORMATIQUE FR 120 768.1 160
32 LMS International BE 120 120 175
33 AVANQUEST SOFTWARE FR 116 116 200
34 IFS AB SW 115.1 230.2 732
35 PSI AG DE 115.1 128.9 139
36 F-Secure OYJ FI 113 113 340
37 Northgate UK 112.5 569.9 1118
38 LHS AG DE 111.8 111.8 212
39 Panda Security SP 109.4 109.4 185
40 Iris SA BE 109.3 109.3 101
41 Sophos UK 105.8 105.8 708
42 Murex FR 98.6 151.1 0
43 Aditro NO 97.1 159 186
44 Basware OYJ FI 86.1 86.1 171
45 Comptel OYJ FI 84.8 84.8 194
46 Beta Systems Software AG DE 84.2 90.4 177
47 Enea Data AB SW 83.7 83.7 161
48 Integralis DE 83.6 168.9 242
49 Gruppo Engineering IT 78.9 717.6 250
50 Anite Group UK 76.5 94.6 378
51 "GENERIX GROUP FR 75 75 170
52 Viszrt Ltd NO 70.5 70.5 150
53 ESI GROUP FR 70.2 70.2 200
54 SSP Holding UK 67.6 67.6 97
55 FJH AG DE 63.6 63.6 130
56 Proha OYJ FI 62.4 62.4 24
57 Aldata Solutions OYJ FI 61.6 70 166
58 Readsoft AB SW 60.1 64.2 92
59 CEGEDIM ACTIV (Groupe Cegedim) FR 60 62.5 250*
60 Lectra FR 59.4 198.1 114
61 P & I Personal & Info AG DE 59 59 113
62 Utimaco Safeware AG DE 59 59 113
63 TXT E-Solutions IT 57.6 57.6 90
64 CAD It IT 56.7 56.7 109
65 Kewill Systems PLC UK 56 56 80
66 SDL PLC UK 55.3 166.7 253
67 Tekla OYJ FI 53.2 59 110
68 ORC Software AB SW 51.5 51.5 97
69 OPERA SOFTWARE ASA NO 51.1 51.1 65
70 COR Insurance Technology AG DE 49.2 58.8 95
71 Software Innovation ASA NO 47 47 50
72 GROUPE SAB FR 45 45 305
73 INFOVISTA FR 44.9 44.9 86*
74 Elca CH 44 48 70
75 VIVEO FR 42 46 170
76 Crealogix CH 40.7 40.7 50
77 RealDolmen BE 40.5 265.6 78
78 Arm Holding UK 40 392.9 340
79 META4 SP 39.6 39.6 76
80 Cineca IT 39.2 49 440
81 Alphameric PLC UK 37.7 37.7 40
82 Mamut UK 37 63.1 71
83 Update Software AG AU 36.6 36.6 100
84 AFAS NL 36.4 36.4 69
85 Hogia SW 36 36 69
86 Superoffice NO 35.4 39.3 40
87 Otrum ASA NO 35.4 35.4 20
88 Alterian UK 35.1 35.1 68
89 Delcam PLC UK 34.5 34.5 159
90 USU Software AG DE 34 34 50
91 ELSAG DATAMAT IT 33.8 699.3 360
92 Bond International Software PLC UK 33.6 33.6 106
93 ORSYP FR 32.3 32.3 55
94 LEFEBVRE SOFTWARE FR 31.7 31.7 54
95 MACONOMY A/S DK 31 31 75
96 Macro 4 Plc UK 30.5 30.5 78
97 CYLANDE FR 29.2 35.5 118
98 Idox PLC UK 28.6 35.7 87
99 EBP INFORMATIQUE FR 28 28 65
100 GROUPE CEGI FR 27.8 101.5 70

(*)Revenues for Cegid taken from IDC Report "Le marché français de l'ERP et des logiciels de gestion - Bilan et perspectives 2007 - 2012"
(*)Revenues for Cegedim taken from 2007