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Truffle Capital Unveils the Results of the 14th Truffle 100 Ranking: Software Companies Approach the Next Investment Cycle With Confidence


Truffle Capital unveils the results of its 14th Truffle 100 ranking. This is the barometer that is most frequently followed by software companies, and the most consistent software trends observatory.

Carried out in partnership with Teknowlogy, the study paints a picture of a group of French companies in good health, with good growth prospects, looking to the future with confidence.

  • Confidence in the future, because software companies are continuing to invest heavily in R&D and, in anticipation of future growth, are recruiting researchers.
  • Confidence in the potential of the French ecosystem, as 75% of managers surveyed do not expect to relocate their business (compared to 70% last year).
  • Confidence in their capacity to find finance for their growth plans. The numerous delistings show that software companies are finding the investment resources they need in other finance niches, where procedures take better account of the valuations and specific features of their operations.

While growth in turnover was only 3%, taking it to €9.3 billion, with investment of €1.2 billion in R&D over the year, profits increased by 4.6%. These figures show that the long history of almost uninterrupted growth highlighted by the Truffle 100 since 2004 is continuing.

Dassault Systèmes, Sopra Steria and Murex take the top three spots in the ranking, accounting between them for total turnover from publishing of €5.4 billion, and reflecting a trend towards consolidation within the sector.

Disaffection with the stock exchange is apparent. Since 1 January 2019, we have seen the exit of Harvest (in 52nd place) and Coheris (in 78th place), bringing the number of listed companies down to 14, its lowest historic level since the creation of the Truffle 100.

Bernard-Louis Roques, General Manager and Co-founder of Truffle, commented on the results: 'Business growth demonstrates that the sector is highly resilient. Not only are French software companies growing more rapidly than GDP, but their investment in jobs and R&D is growing faster than their sales. This continuous focus on investment, particularly in research, and the resistance to relocation are helping French technology to flourish, translating into confidence in its ability to build future growth. From this viewpoint, the fact that ten of them have been delisted over two years reflects two things: software companies are not satisfied with the valuation the market gives them, and they know they are supported by strategic shareholders, particularly from the private equity sphere, who are ready to invest. No doubt many surprises lie in store over the coming years, and Truffle Capital, through the Truffle 100, will be best placed to monitor them.'

The 14th edition of the Truffle 100, and rankings from previous years, are available at:


About Truffle Capital

Established in 2001, Truffle Capital is an independent European venture capital company, specializing in life sciences (BioTech and MedTech) and breakthrough technologies in the IT sectors (FinTech and InsurTech). Truffle Capital’s mission is to support the creation and development of young innovative companies capable of becoming tomorrow’s leaders. Headed by Patrick Kron, alongside Dr Philippe Pouletty and Bernard-Louis Roques, Co-founders and General Managers, Truffle Capital manages assets of €500 million. Since it was created, it has raised nearly €1 billion and has supported over 75 companies in the digital technology and life sciences sectors. At the end of 2017, Truffle Capital successfully closed its first two new institutional funds, Truffle Financial Innovation Fund and Truffle BioMedTech Fund, and also closed an RIF (retirement income fund).

For more information: – Twitter: @trufflecapital

The original source-language text of this announcement is the official, authoritative version. Translations are provided as an accommodation only, and should be cross-referenced with the source-language text, which is the only version of the text intended to have legal effect.

Contact information

Maud Lazare |

DGM Conseil | +33 1 40 70 11 89

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