The Top 100 European Software vendors

Profitability under pressure



  Profits  
2008 2009 2010 2011 2012 2013 % of revenues T 100
SAP 51% 46% 31% 52% 48% 52% 39%
TOP 3 62% 58% 40% 60% 58% 59% 47%
TOP 5 67% 66% 44% 66% 65% 67% 53%
TOP 10 67% 66% 52% 79% 79% 79% 63%
TOP 50 92% 91% 84% 96% 95% 97% 90%

The bigger, the more profitable
Profitability 2010 % of revenues 2011 2012 2013 Profits €M 2013
TOP 3 15.2% 22.9% 17.0% 18.5% 3788
TOP 25 12.0% 12.9% 5550
TOP 50 12.2% 13.5% 10.8% 12.1% 6216
BOTTOM 50 10.6% 5.2% 4.6% 2.6% 161
BOTTOM 25 13.4% 6.9% 6.8% 7.9% 142

Profit rate


Publicly traded


Capital markets loose attractiveness
# Software Revenues (€M) % of Truffle 100 R&D Spend (€M) % of Truffle 100 €M) Profits (€M) % of Truffle 100
Publicly traded 56 34 008.1 80.6% 5 271.7 76.3% 6 055.9 95.0%
Private 44 8 164.5 19.4% 1 635.2 23.7% 320.8 5.0%
Total 100 42 172.6 100% 6 906.9 100% 6 376.7 100%