Resilience and innovation in the Benelux software market

Initially launched in the Benelux region in 2012, the Main Software 50 has grown into a respected index of leading private software companies. Over the years, it has expanded into Main’s other operating regions, including Germany and, for the first time, the Nordics, which was published on October 10th. Each year, participating companies are assessed on key performance indicators, including revenue growth, profitability, cloud and SaaS revenue, recurring revenue, and international market reach. To ensure transparency and accuracy, the rankings are verified by an independent research firm. For the 2024 Benelux edition, the results were verified by Dialogic.

Performance Benchmark: 2024 versus 2023 edition

Comparing Main Software 50 Benelux 2024 with the previous edition reflects an increase in revenue growth and SaaS adoption, which help provide insights into software market trends across the Benelux region. SaaS contributions have steadily increased, with financial data from 2022 and 2023 showing that the participating companies now generate an average of 72% of their revenue from SaaS models, up from 66% in the previous year.

Bram Kaashoek, Partner and Chief Operating Officer at Main Capital Partners, notes, “The growth we’re witnessing isn’t just a numerical increase; it reflects the ongoing digitalization trends and a fundamental transformation in how software companies operate and engage with their customers, underscoring their adaptability and resilience.”

The software industry also saw a modest increase in employment, with a 27% rise in full-time employees (FTEs) this year, compared to 22% last year. This stability marks a leveling after a 32% increase in 2021. The growth in FTEs reflects sustained expansion within software companies, driven by demand for digital solutions and the recurring revenue models that enable consistent hiring even in a challenging economic environment. Over the past four years, international revenue contributions from these top software companies have remained steady at around 30%, indicating continued demand for Benelux software products in international markets.

Winners of the Main Software 50 Benelux 2024
At this year’s awards, five distinctions were presented: the Overall Champions Award for the top three companies, the Highest Growth Award for the company with the highest revenue growth among those with over €1 million in revenue, and the Main Accelerator Award for the start-up (established within the past five years and with under €1 million in revenue) demonstrating the highest revenue growth. “We see many familiar names once again making the list,” said Kaashoek. “The continuity and success of these companies prove that enterprise software is well-suited to manage economic headwinds and capitalize on recurring revenue streams.”

Overall Champions 2024: Textkernel, Refinery89 and Inverid
The rankings for this year highlight stand-out achievements from software companies that are shaping the Benelux enterprise software landscape. Inverid, specializing in Security & Identity software, earned third place in the ranking, highlighting its strength in delivering secure solutions in today’s increasingly digital environment. Refinery89, a leader in digital advertising software, retained its position as the 2nd overall, mirroring its performance from last year. This stability underscores Refinery89’s sustained growth and strong standing in a competitive market. Most notably, Textkernel once again claimed the No. 1 position for the third time Known for its AI-driven recruitment solutions, Textkernel leverages advanced technology to optimize the matching process between candidates and job vacancies, making it a standout leader in HR tech. The company’s consistent back-to-back wins of the Overall Champion #1 title in 2023 and 2021, attests to its ongoing commitment to innovation and excellence in AI-powered recruitment. Having participated for the fifth time this year, Textkernel’s achievements not only reflect its own progress but also signify the growing importance of intelligent automation in shaping the future of recruitment.

Main Accelerator Award: Delta10
In addition to familiar faces, there were also numerous new entrants who signed up for this year’s leading ranking. This year the Main Accelerator Award was again presented, intended for the best performing company younger than 5 years and with a turnover of less than 1 million euros. This year the award was presented to Delta10, a software company for GovTech founded in 2019 in Utrecht, The Netherlands. Delta10 managed to more than double its revenue.

Highest Growth Award: Staxxer
The Highest Growth Award is presented to the company that managed to achieve the highest revenue growth between 2022-2023. Staxxer, software provider for Techtax and founded in 2021, distinguished itself this year by also winning the Highest Growth Award. Staxxer managed to increase its revenue three-fold and double its FTEs between 2022 and 2023.

Focus on High-Impact Market Sectors
Main Capital observed a strong representation of software companies in this year’s submissions that are focused on critical, high-impact product markets, such as Artificial Intelligence, Healthcare, and Security & Identity Software. These fields are particularly important in addressing modern societal challenges: AI is transforming processes across industries with increased automation and insights, Healthcare technology plays a vital role in patient care and health system efficiency, and Security & Identity software is essential for safeguarding personal and corporate data in a connected world. The societal impact of these sectors underscores their relevance and potential for long-term growth. As such, these sectors are expected to sustain demand and innovation, reflecting the stability and adaptability of software companies meeting evolving digital needs.