Introduction
Your partner for growth
Main Capital Partners
2
Confidential & Proprietary |
Regional offices
THE HAGUE, DÜSSELDORF,
ANTWERP, STOCKHOLM AND
BOSTON
5
Employees
IN 5 COUNTRIES
Years of investing
ESTABLISHED IN 2003
>75
20+
Current portfolio
Portfolio figures
Main VIII fund
Current Assets Under
Management
>$6.4b
$2.0b
Main Foundation II fund
$520m
CLOSED IN 2024
CLOSED IN 2024
Main Capital at a glance
ABOUT MAIN CAPITAL
50
Active platform
companies
> 100
Active add-ons
34
Platform exits
> $900m
Total revenues
of portfolio
> 70%
% recurring revenues
of portfolio
> 25%
Yearly revenue
growth of portfolio
3
Confidential & Proprietary |
Focus & scope
ABOUT MAIN CAPITAL
Northwestern Europe &
North America
Robust, profitable Enterprise
Software companies
Growth strategies
1
2
3
5
4
Enterprise (B2B)
Software
companies
Profitable growth
strategy
High % Recurring
Revenues
Strong
Management
Team
Data driven
strategy
Performance
Excellence
Land & Expand;
Internationalization
Scalable & potential
for buy-and-build
Strategic &
channel
Partnerships
(Selective,
strategic)
Buy-and-Build
1
2
3
5
4
4
Confidential & Proprietary |
21
14
21
29
19
12
6
2
7
6
10
7
Local add-on acquisitions
International add-on acquisitions
Building leading cross-border groups in core software markets
ABOUT MAIN CAPITAL
2020
…
#39
# 36
# 23
# 50
# 50
# add-on acquisitions
2021
2023
2022
YTD 2024
#31
5
Confidential & Proprietary |
Delivering value through a mix of three interconnected teams
Market Intelligence
- strategic approach
Dedicated team with research, IT
consultancy, strategy, data analytics
and programming experience
• Proprietary data- & knowledge
base
• > 12,000 companies in scope
•
Insight sharing with management
teams
• Competitor and legislation
analysis
• Data-driven support for strategy
making
Performance Excellence
- functional approach
Dedicated team with industry,
strategy, management consultancy
and project management experience
• Standardization: >25 playbooks
and templates for best practices
• Company specific projects:
• Top-line growth (G2M
effectiveness, pricing &
packaging)
• Operational excellence
(defining, executing, measuring
and improving operating
procedures)
Investment
Team
Market
Intelligence
Performance
Excellence
Capital
& Scale
Knowledge
& Support
Network &
Communities
Investment Team
- operational approach
Dedicated deal team consisting of 4-5 members with an operational approach towards day-to-day
sparring with the management team coupled with continuous organic and inorganic value creation
ABOUT MAIN CAPITAL
6
Confidential & Proprietary |
•
JobRouter is a German workflow system provider offering an
integrated document management system
that allows
customers to model, simplify and automate processes, as
well as archiving documents and communicate with the ERP
system.
• The company services +800 customers in 18 languages
across 7 countries, with a strong partner network of 100+
partners facilitating license revenue. JobRouter currently
employs 140+ FTEs.
• The partners have been a scalable way to grow license sales
by 16% since Main’s investment in 2017, while growing
profitability to 23% at the same time.
Overview
Key figures
Geographical presence & customers
At exit
2024
At investment
2017
KPI’s
~ 18.5m EUR
~ 7.1m EUR
Revenues
~64%
~ 44%
Recurring (in %)
16%
40-45%
Recurring growth
20-25%
20-25%
EBITDA margin
1
0
# acquisitions
Financial performance
EURm
JobRouter – Workflow System
ABOUT JOBROUTER
2017
2023
2024LE
~7.1m
~18.5m
+15% CAGR
Recurring
Non-Recurring
Acquisitions
EBITDA
Subsidiary
Partner
Core markets
International markets
7
Confidential & Proprietary |
• SoftProject is a German software company providing a low-
code platform that enables its customers to digitize and
automate internal and external processes. SoftProject’s BPM
platform offers functionalities including Process Modelling,
Automation, and Monitoring, as well as Data Connection and
Dashboarding.
• The company services +300 customers across four primary
markets (insurance, energy, insurance-related surveyors, and
industrial companies). SoftProject current employs 150+ FTEs.
• At the time of investment, SoftProject has a strong presence in
the DACH region. Main has plans to continue expansion into
other core markets including the Nordics, Benelux, as well as
North America.
Overview
Key figures
Geographical presence & customers
At investment
2024
KPI’s
~ 21m EUR
Revenues
~ 55%
Recurring (in %)
~ 35%
Recurring growth
25-30%
EBITDA margin
0
# acquisitions
Financial performance
EURm
SoftProject – Workflow Automation
ABOUT SOFTPROJECT
Core markets
International markets
0%
10%
20%
30%
40%
50%
5.7
8.0
2021A
6.4
9.4
2022A
8.3
9.8
2023A
11.1
9.5
2024B
13.7
15.8
18.1
20.6
+15% CAGR
Normalized Cash EBITDA
Recurring revenue
Non-recurring revenue
8
Confidential & Proprietary |
• Whitevision is a Dutch developer and provider of software
solutions to collect and process documents in a digital and
efficient manner, serving 1,200+ customers globally.
• The company provides software solutions across
the
construction,
installation, automotive, education, cleaning,
and healthcare industries, among others, with stronger
presence in the
former two verticals. Whitevision currently
employs 46 FTEs.
• Whitevision collaborates with an extensive partner network,
integrating with various ERP vendors including 4PS, AFAS,
Centric, Bouw Infosys and Exact.
• Whitevision offers a multi-tenant SaaS suite based on .NET.
Overview
Key figures
Customers
At investment
2024
KPI’s
~ 10.7m EUR
Revenues
85-90%
Recurring (in %)
20-25%
Recurring growth
30-40%
Cash EBITDA margin
0
# acquisitions
Financial performance
EURm
Whitevision – Document Processing
ABOUT WHITEVISION
4.2
1.0
2021A
5.5
1.1
2022A
7.6
1.2
2023A
9.5
1.2
2024LE
5.2
6.5
8.8
10.7
+27%
Cash EBITDA margin
Recurring revenue
Non-recurring revenue
The Netherlands
Paleisstraat 6
2514 JA The Hague
Germany
Rathausufer 17
40213 Düsseldorf
Sweden
Birger Jarlsgatan 12
114 34 Stockholm
Belgium
Frankrijklei 5
2000 Antwerpen
United States
38 Newbury St, Floor 5
Boston, MA 02116
MAIN CAPITAL PARTNERS