Owner and CEO, GR20 Research

Gregory Ramirez

Gregory Ramirez is the founder and owner of the research company GR20 Research. He brings 25+ years of experience as a sell-side equity analyst covering Software and IT Services firms. He has acquired over the years a thorough knowledge of the strategy, competitive environment, industry catalysts, valuation and financial analysis of these companies. Prior to founding GR20 Research, he had been working for Bryan Garnier for 17 years, of which most recently as Director, Software & IT Services of BG IRIS, Bryan Garnier’s equity research brand. On top of his public equity coverage, he oversaw and produced numerous industry white papers. Before Bryan Garnier, Gregory had worked for 9 years as an equity analyst at ING Securities, Arkeon Finance, Oddo & Cie, and Natexis Capital. Gregory holds a Master’s degree (DEA) in Banking and Finance and a Bachelor’s degree in Economics from Aix-Marseille University. He has been a member of the French Financial Analysts Society (SFAF) since 2005.

Founded in 2024, GR20 Research is an independent research producer specialising in the Software and IT Services ecosystem. GR20 Research produces an in-depth research product that helps clients understand and evaluate the players in the Software and IT Services ecosystem. GR20 Research’s main areas of expertise include Enterprise Software (ERP), Product Lifecycle Management Software, Banking Software, IT Services, and Engineering and R&D Services. Its research approach is to focus on what is moving the needle in the IT industry, e.g. business model migration to software-as-a-service (SaaS) and subscriptions from perpetual licensing, and how software/SaaS vendors and IT Services firms adapt their strategy and business model to artificial intelligence.

Owner and CEO

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Event-Driven

<ul>
<li>Fortnox has announced a public tender offer from EQT and First Kraft for SEK90 per share, valuing the company at SEK54.9bn, representing a 38% premium over the last closing price.   </li>
<li>The Fortnox deal signals a recovery in Software M&amp;A activity in 2025. It highlights the growing trend of SaaS companies going private, following similar moves by other European SaaS firms.   </li>
<li>Despite the premium, some shareholders may be dissatisfied. Similar criticisms have arisen in other recent deals, but the offer might succeed due to Fortnox's outstanding stock market performance.</li>
</ul>


Fortnox has announced a public tender offer from EQT and First Kraft for SEK90 per share, valuing the company at SEK54.9bn, representing a 38% premium over the last closing price.   
The Fortnox deal signals a recovery in Software M&amp;A activity in 2025. It highlights the growing trend of SaaS companies going private, following similar moves by other European SaaS firms.   
Despite the premium, some shareholders may be dissatisfied. Similar criticisms have arisen in other recent deals, but the offer might succeed due to Fortnox's outstanding stock market performance.


European Software: Fortnox (FNOX SS) Going Private – Might Makes Right