Main Capital Partners announces winners of the Main Software 50 Benelux 2025

Now in its 14th edition, the Main Software 50 Benelux has become a benchmark for identifying excellence in the software industry. Based on hard company data rather than jury opinions, the ranking evaluates performance across key dimensions including growth, recurring revenues, profitability, internationalization, and innovation. Since its inception in the Benelux in 2012, the initiative has expanded to the DACH region (2022) and the Nordics (2024), reinforcing its role as a key indicator of Europe’s software-driven economic strength. To ensure transparency and accuracy, all results are verified by an independent research firm. For the 2025 Benelux edition, the ranking was validated by Dialogic.

Performance Benchmarks: Comparing 2024 and 2025

Market Insights: Strong growth continues, driven by recurring and international revenue

The 2025 edition confirms that the Benelux software market continues to expand steadily, with total revenue among participants reaching €890 million, up 20% compared to last year (in the top 50 cohort of 2025). Recurring revenue remains the cornerstone of the sector, now representing 81% of total revenue (up from 77% in 2024). SaaS models continue to strengthen, contributing 75% of total revenue.

Internationalization also plays an increasingly important role: companies now generate 43% of their revenue from international markets, compared to 33% in the previous year. While overall revenue growth has slowed slightly, profitability remains robust, with 78% of companies reporting EBITDA margins above 10%. The sector also remains focused on innovation with 80% of participating companies investing more than 10% of their revenue in R&D.

These results underscore the maturity and resilience of the Benelux software ecosystem; driven by recurring business models, global ambitions, and consistent investment in innovation.

Overall Champions 2025: Refinery89, CarWise, and Inverid

The 2025 ranking highlights companies that continue to set the benchmark for performance, innovation, and sustainable growth. Amsterdam-based Refinery89 earned the first position this year, recognized for its advanced digital advertising platform that helps publishers optimize ad revenue through AI-driven monetization tools. Having ranked No. 2 in both 2023 and 2024, the company’s rise to the top this year reflects its consistent strong performance and continued growth momentum – culminating in its well-deserved first-place achievement.

In second place, CarWise, part of Main’s investment portfolio since July 2025, impressed with its integrated ERP platform for the automotive industry. Its innovative data integration and automation capabilities enable car dealers and leasing companies to manage operations efficiently, fueling impressive recurring revenue growth.

Inverid (formerly ReadID), recently acquired by Norway-based digital identity platform Signicat, earned third place for its pioneering work in NFC-based identity verification. Its technology enables secure, contactless ID verification for banks, governments, and telecom providers, leading to rapid international expansion and strong profitability.

Special Award Winners

AMOTEK received the Highest Growth Award for achieving the strongest, profitable year-on-year revenue increase among all participating companies. The company’s scalable SaaS solutions for process automation and workflow optimization have fueled its rapid expansion across multiple sectors. Its AI-based platform, AMOTEK STACK, underpins this growth by enabling organizations to analyze data, optimize workflows, and make informed decisions.

The Main Accelerator Award celebrates the most promising emerging software company. This year’s winner was Typetone, a software company providing AI-digital workers for compliant content creation. Typetone’s rapid growth and innovative platform have positioned it among the region’s most promising new players, highlighting the increasing role of AI in transforming creative and operational workflows.

Concluding Insights: A Strong Showing of Digital Advancement in the Benelux 

This year’s ranking once again highlights strong representation from companies operating in high-impact fields such as Artificial Intelligence, Security & Identity, and Process Automation. These domains are key drivers of digital transformation and remain central to Europe’s long-term innovation agenda. The success of this year’s winners illustrates how Benelux software companies combine technological excellence with sustainable growth and international ambition, contributing to a more competitive and resilient digital economy.