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

Now in its second edition, the Main Software 50 Nordics has become a benchmark for identifying excellence in software. Based on hard company data rather than jury opinions, the ranking highlights performance in areas such as growth, recurring revenues, profitability, internationalization, and innovation. Since its launch in the Benelux in 2012 and expansion into the DACH in 2022, and the Nordics in 2024, the initiative has underlined the crucial role of software in Europe’s economy.

Strong growth, recurring models, and international ambitions define the 2025 ranking

The results of this year’s edition confirm that the Nordic software market remains one of Europe’s most vibrant ecosystems. The 50 best ranked companies generated €519 million in revenues, compared to €405 million in 2024, reflecting 17% growth. Although this growth rate is slightly lower than the 21% recorded last year, it underscores the sector’s ability to expand consistently even in a more cautious economic climate.

Recurring business models continue to be the foundation of the sector. The share of SaaS revenues increased from 66% to 70%, while recurring revenues grew further from 82% to 86%. This strong reliance on recurring models highlights the continued maturity and predictability of the Nordics’ software market. Growth in recurring revenues slowed from 34% in 2024 to 20% in 2025, yet companies balanced this with improving profitability: 68% of companies reported EBITDA margins above 10%, up significantly from 54% last year.

International expansion remains a key ambition, though slightly tempered. The international share of revenues decreased from 52% in 2024 to 45% in 2025, suggesting companies are consolidating existing positions while still maintaining strong global ambitions. Efficiency gains are evident, with average revenue per FTE rising to €152k versus €122k per FTE for last years cohort. This year’s Main 50 cohort also posted a 6% year-over-year increase in average revenue per FTE, underlining the sector’s forcus on productivity and scaling smarter.

Growth expectations are more modest compared to last year: 50% of companies expect growth above 20%, down from 66% in 2024. At the same time, commitment to innovation remains very strong, with 92% of companies investing more than 10% of revenue in R&D, slightly up from 90% last year. Partnerships and ecosystems are becoming more relevant too, with 28% of companies generating more than 10% of revenues through partners, compared to just 16% in 2024.

Employment figures also indicate steady expansion. The sector employed 3,407 FTEs in the 2025 cohort, compared to 3,324 in the 2024 cohort. Companies in the 2025 cohort grew their headcount by 10% versus their own 2024 figures, following 15% growth for the prior year’s cohort. This underscores the Nordic software industry’s continued role as a key driver of job creation, while steadily improving productivity and profitability.

Winners of the Main Software 50 Nordics 2025

The number one position in the 2025 ranking was awarded to SuperOffice, a leading provider of customer relationship management (CRM) and engagement solutions. With its SaaS platform, SuperOffice supports thousands of organizations across the Nordics and Europe in managing sales, marketing, and customer service processes. The company’s ability to combine consistent growth with a high level of recurring revenues has positioned it as a market leader in customer engagement technology.

In second place is Confirma Software, which has built an extensive portfolio of vertical market software solutions. Serving small and medium-sized enterprises across multiple industries, Confirma enables clients to digitize core business processes with highly specialized solutions. Its strong recurring business model and international footprint highlight the importance of vertical software in driving digital transformation at the backbone of the Nordic economy.

Pointsharp secured third place in this year’s ranking. Operating in the fast-growing cybersecurity market, Pointsharp delivers identity and access management solutions that help organizations secure critical data and systems. With increasing global demand for trusted European cybersecurity providers, Pointsharp’s rise in the ranking demonstrates both the urgency of digital security and the strength of Nordic innovators in this domain.

The Accelerator Award, intended for the best early-stage companies, was presented to Kontolink, a Danish fintech company that simplifies bookkeeping and financial administration for small businesses and accountants. By automatically collecting receipts, invoices, and bank transactions, Kontolink streamlines the reconciliation process and reduces manual work. Its rapid adoption across the Nordics highlights how intelligent automation can transform traditional accounting workflows and empower finance professionals to focus on higher-value tasks.

The Highest Growth Awards went to three companies that achieved remarkable scaling over the past year. Roaring Group AB took first place in this category with its real-time business information and KYC solutions, helping clients in finance and beyond to automate compliance processes. Meaplus AB was recognized as the second highest growth company, offering digital communication and collaboration tools tailored to the public sector, enabling municipalities to modernize citizen engagement. Finally, Xensam was ranked third for the Highest Growth Award, providing an AI-powered software asset management platform, which is transforming how enterprises track, optimize, and govern their software usage.

Shaping the future of the Nordic software landscape

The Main Software 50 Nordics underlines the crucial role of software companies in driving digital transformation across industries. By focusing on sustainable business models, international expansion, and continuous innovation, these firms are setting new standards for growth and resilience in an increasingly competitive global market.