Tech-enabled services · Zurich, Switzerland
Tern Systems
Managed services · Corporate-owned · Founded 1998
Revenue€246mIllustrative LTM
EBITDA€25m10% margin
Revenue growth+6%Year on year
Recurring revenue64%Estimated share
Employees1,180+2% year on year
Company view
High confidenceListed cloud-operations and managed-infrastructure provider serving large European enterprises.
Cloud operationsManaged servicesDACHCorporate-owned
Synthetic source fields
No live client dataBusiness modelManaged services
OwnershipCorporate-owned
Revenue€246m
EBITDA€25m
Recurring revenue64%
International revenue72%
Investment thesis
What could be true- Large recurring book and broad European delivery footprint.
Risks to resolve
Before advancing- Listed status and scale fall outside the illustrative mandate.
- Services-heavy delivery limits product differentiation.
Screening dimensions
Deterministic v1.0Revenue quality1.1 / 2.0
64% recurring revenue leaves material exposure to transactional or services revenue.
Scale0.6 / 1.5
€24.6m EBITDA sits outside the preferred platform range.
Growth0.4 / 1.5
6% revenue growth is below the level expected for a growth-led case.
Profitability0.4 / 1.5
10% EBITDA margin requires a clear path to stronger unit economics.
Market focus0.75 / 1.25
The addressable market is broad enough to weaken specialist positioning.
Product depth0.4 / 1.0
Services or platform dependencies may limit defensibility.
International0.75 / 0.75
72% international revenue demonstrates a repeatable cross-border proposition.
Dealability0.1 / 0.5
Corporate-owned status introduces carve-out or strategic-owner complexity.