Vertical software · Bologna, Italy
Fieldnote Systems
Vertical SaaS · Family-owned · Founded 2001
Revenue€14mIllustrative LTM
EBITDA€1.8m13% margin
Revenue growth+11%Year on year
Recurring revenue70%Estimated share
Employees73+6% year on year
Company view
Medium confidenceCrop-planning, compliance and procurement software for specialist growers and cooperatives.
Agricultural operationsVertical SaaSSouthern EuropeFamily-owned
Synthetic source fields
No live client dataBusiness modelVertical SaaS
OwnershipFamily-owned
Revenue€14m
EBITDA€1.8m
Recurring revenue70%
International revenue18%
Investment thesis
What could be true- Deep vertical fit and long-tenured customer relationships.
- Fragmented Southern European market offers consolidation potential.
Risks to resolve
Before advancing- Limited international revenue and modest current scale.
- Product architecture requires technical diligence.
Screening dimensions
Deterministic v1.0Revenue quality1.6 / 2.0
70% recurring revenue provides a solid contracted base.
Scale0.6 / 1.5
€1.8m EBITDA sits outside the preferred platform range.
Growth0.8 / 1.5
11% revenue growth is healthy but requires a specific acceleration thesis.
Profitability0.8 / 1.5
13% EBITDA margin is credible with room for further leverage.
Market focus1.25 / 1.25
A sharply defined agricultural operations niche supports specialist positioning.
Product depth0.6 / 1.0
Services or platform dependencies may limit defensibility.
International0.15 / 0.75
18% international revenue leaves geographic expansion largely unproven.
Dealability0.5 / 0.5
Family-owned status could support flexible bilateral engagement.