8 published case studies
PTC grew ARR from $1.3B to $2.2B by replacing perpetual CAD and PLM licenses with subscriptions over seven years.
PTC Grew ARR to $2.2B at 15% CAGR by Completing CAD and PLM Perpetual-to-Subscription Migration
Q2 Holdings grew subscription ARR 36% to $682M by expanding into commercial treasury and embedded fintech services.
Q2 Holdings grew subscription ARR 36% to $682M through digital banking platform expansion
Bentley Systems grew revenue from $804M to $1.23B by converting perpetual licenses to pool-based ELS subscriptions.
Bentley Systems Grew Revenues from $804M to $1.23B by Converting Engineering Software Perpetual Licenses to Subscription
AppFolio grew revenue per managed unit 41% to $91 in two years with AI pricing tools in its property platform.
AppFolio Grew Revenue Per Managed Unit 41% from $65 to $91 Through AI-Powered Automation and Tiered Pricing in Property Management SaaS
Instructure cut GAAP losses from -33% to -12% in 15 months under Thoma Bravo, growing Canvas LMS revenue to $530M.
Instructure Holdings Narrowed GAAP Operating Margin from -33% to -12% in 15 Months and Grew Revenue to $530M Through PE-Driven Operational Restructuring of Canvas LMS
Guidewire doubled ARR to $1.03B via perpetual-to-cloud conversion of 570 P&C carriers over five years.
Guidewire Software Doubled ARR to $1.03 Billion Through Perpetual-to-Cloud Migration for P&C Insurers
Trimble nearly doubled ARR to $2.26B by migrating to cloud via its Connect and Scale program.
Trimble doubled ARR to $2.26B and expanded gross margins 1,000 bps through Connect and Scale SaaS model shift
Constellation Software grew revenue 360% to $8.41B over 8 years by compounding serial M&A with strict ROIC discipline.
Serial M&A with ROIC Discipline in Vertical Market Software