Vertical software · Manchester, United Kingdom
Alder & Pine Systems
Vertical SaaS · Founder-owned · Founded 2011
Revenue€42mIllustrative LTM
EBITDA€9.2m22% margin
Revenue growth+18%Year on year
Recurring revenue86%Estimated share
Employees184+12% year on year
Company view
High confidenceWorkflow software for specialist contractors, covering bid management, field delivery and project margin control.
Construction operationsVertical SaaSUK & IrelandFounder-owned
Synthetic source fields
No live client dataBusiness modelVertical SaaS
OwnershipFounder-owned
Revenue€42m
EBITDA€9.2m
Recurring revenue86%
International revenue52%
Investment thesis
What could be true- High recurring revenue with a credible cross-border customer base.
- Embedded operational workflows create meaningful switching costs.
- Founder ownership leaves several partnership structures available.
Risks to resolve
Before advancing- Construction exposure may make bookings cyclical.
- International go-to-market maturity remains untested outside Northern Europe.
Screening dimensions
Deterministic v1.0Revenue quality2.0 / 2.0
86% recurring revenue supports strong visibility.
Scale1.5 / 1.5
€9.2m EBITDA sits inside the illustrative platform range.
Growth1.2 / 1.5
18% revenue growth indicates meaningful organic momentum.
Profitability1.2 / 1.5
22% EBITDA margin shows attractive operating leverage.
Market focus1.25 / 1.25
A sharply defined construction operations niche supports specialist positioning.
Product depth1.0 / 1.0
Named workflow coverage and proprietary data indicate deep product value.
International0.55 / 0.75
52% international revenue provides evidence of early cross-border repeatability.
Dealability0.5 / 0.5
Founder-owned status could support flexible bilateral engagement.