Robust performance within the Nordics software market

Initially launched in the Benelux region in 2012, the Main Software 50 serves as a highly respected index of privately held software companies. Each year, participating companies are evaluated based on key performance indicators, including revenue growth, profitability, cloud-based and SaaS revenue, recurring revenue, and international market reach. The rankings undergo verification by an independent research firm to ensure transparency and accuracy. The results of the Main Software 50 Nordics were verified by independent research firm Menon Economics.

Performance Benchmark:  Main Software 50 Nordics 2024 vs. Main Software 50 Benelux and Main Software 50 Germany 2023

The financial data from the two Main Software 50 Benelux & Germany editions in 2023, and the current Main Software 50 Nordics 2024 edition, reveals that the participating software companies have consistently achieved growth rates exceeding 20% over the past several years. A significant driver of this performance is the strong average contribution of recurring revenue over the last two years (82% in the Nordics in edition 2024; 62% in Germany in edition 2023; and 75% in Benelux in edition 2023), highlighting the inherent stability and scalability of enterprise software solutions. More specifically, the ranking indicated that 66% of the revenue from the Main Software 50 Nordics software companies was generated from SaaS solutions, matching the performance in the Benelux in the 2023 ranking. Both regions outperform Germany, where only 34% of revenue is SaaS-derived. Market trends indicate that SaaS adoption continues to accelerate across the Nordics, driven by its increased predictability and scalability.

A standout feature of the 2024 Main Software 50 Nordics ranking is the substantial contribution of international revenue. More than half of the region’s total sales (52%) now come from international markets, a significant increase compared to the 2023 rankings for Benelux (31%) and Germany (17%). This growth highlights the expanding global footprint of Nordic software companies, where international sales play a far more significant role than for their Benelux and German counterparts. The scalability of cloud-based solutions has been a key enabler of this expansion, allowing companies to enter new markets and onboard clients more efficiently than with traditional on-premise solutions. Nordic entrepreneurs, in particular, have adopted a global mindset early in their development due to their smaller domestic markets, which has resulted in higher valuations, stronger growth trajectories, and a broader international presence. This global orientation positions Nordic companies as leaders in international expansion compared to their German and Benelux peers.

Overall Champions 2024: Confirma Software, Bjorn Lunden and Xensam AB

Five awards were presented at the award ceremony: the Overall Champions Award for the top three, the Highest Growth Award for the company (with more than 1 million euros in revenue) with the highest revenue growth and the Main Accelerator Award for the start-up (founded within the last 5 years and with revenue less than 1 million euros) with the highest revenue growth. This year’s Overall Champions Award recognized the top three companies: Asset Management software provider Xensam AB secured third place, demonstrating notable growth in SaaS revenue. Swedish financial software company Bjorn Lunden attained second place, excelling in profitability and SaaS revenue. Confirma Software, a prominent provider of finance and administration solutions, claimed the top position. The high revenue growth achieved by Confirma Software can be partly attributed to its strategic buy-and-build approach, as well as its considerably larger workforce of 450 employees compared to other participants in this year’s ranking.

Main Accelerator Award for construction software company, Vitus

The Main Accelerator Award for the best performing company younger than 5 years and with a turnover of less than 1 million euros was awarded to the Danish Vitus, a software provider for the building and civil industry. In 2023, Vitus, founded in 2020 and headquartered in Søborg, managed to double its turnover with only 7 FTEs.

Highest Growth Award for the digital assistant for Asset Management: Xensam AB

Swedish Asset Management software provider Xensam AB distinguished itself this year by also winning the Highest Growth Award. The Highest Growth Award is presented to the company that managed to achieve the highest revenue growth between 2022-2023. Xensam AB managed to more than double its revenue and nearly double the amount of FTEs. Moreover, Serviceform, a Finnish sales software company received second prize for the Highest Grand third prize was given to Financial Administrative software provider, Oxceed AB.

Continued growth despite economic uncertainty

Looking ahead, while the economic outlook remains uncertain with high inflation, elevated interest rates, and ongoing social challenges, software entrepreneurs remain optimistic. Two-thirds of them expect growth exceeding 20% in the coming year. Although the industry saw a downturn during the early stages of the pandemic in 2020, confidence has since recovered, even amid concerns about a potentially more challenging economic climate.

“We are pleased to extend the Main Software 50 ranking to the Nordics, recognizing the achievements of software companies in the region,” stated Wessel Ploegmakers, Partner and Head of Nordics at Main Capital Partners. “The top 50 companies in the Nordics demonstrated consistent growth, alongside a marked increase in recurring revenue, particularly from international revenue streams. This reflects the strong global competitiveness and scalability of Nordic software firms, positioning them as leaders in innovation and expansion beyond their home markets.”