Vertical software · Ghent, Belgium
Fenwick Field Services
Vertical SaaS · Family-owned · Founded 2003
Revenue€15mIllustrative LTM
EBITDA€2.5m17% margin
Revenue growth+17%Year on year
Recurring revenue81%Estimated share
Employees88+10% year on year
Company view
High confidenceScheduling, dispatch and asset-history software for specialist maintenance providers.
Field service managementVertical SaaSBeneluxFamily-owned
Synthetic source fields
No live client dataBusiness modelVertical SaaS
OwnershipFamily-owned
Revenue€15m
EBITDA€2.5m
Recurring revenue81%
International revenue34%
Investment thesis
What could be true- Focused product with strong retention and low customer concentration.
- Family ownership may support a patient bilateral process.
Risks to resolve
Before advancing- Management depth below the founder requires validation.
- Current scale is below the preferred platform range.
Screening dimensions
Deterministic v1.0Revenue quality1.6 / 2.0
81% recurring revenue provides a solid contracted base.
Scale1.1 / 1.5
€2.5m EBITDA is investable but near an edge of the preferred range.
Growth1.2 / 1.5
17% revenue growth indicates meaningful organic momentum.
Profitability0.8 / 1.5
17% EBITDA margin is credible with room for further leverage.
Market focus1.25 / 1.25
A sharply defined field service management niche supports specialist positioning.
Product depth0.8 / 1.0
The product appears embedded, although technical differentiation needs validation.
International0.35 / 0.75
34% international revenue leaves geographic expansion largely unproven.
Dealability0.5 / 0.5
Family-owned status could support flexible bilateral engagement.