2024年欧洲商业技术状况-人工智能是SaaS的催化剂，需求恢复增长，英国继续占据主导地位

AI is a catalyst for SaaS, growth is back in demand and UK continues to dominate Introduction FinchCapitalpartnerswithambitiousfoundersinbusinessandfinancialtechnologyverticalsbybackingteamstobuildandgrowcapitalefficiently.Weinvest€5-15m in companies generating€2-15m in ARR.We helpacceleratethepathtoprofitablescalebyallowingfoundersandteamtomaintaincontrolandprovideliquidityforcertainstakeholdersaswell.We’veinvestedin±50companiesincludingFourthline,Goodlord,eFlow,ZOPA,AccountsIQ,NomuPayandLavanda. WelcometoFinchCapitals1steditionoftheStateofEuropeanBusinessTechreportinwhichwefocusonthemacrotrendsanddoadeepdiveontheimpactofAIonthebroaderbusinesstechnologysector,andtheroleEuropewillhavetoplayindevelopingthisecosystem. Ourreportisstructuredasfollows:chapter1.StateofEuropeanBusinessTech,chapter2.State of Key European Countries and finally,chapter 3 TrendsShapingBusinessTech FinchCapitalconsistsofateamof12investmentprofessionalswithwideentrepreneurialexperiencelocatedacrossofficesinAmsterdam,LondonandDublin.Formoreinformationseewww.finchcapital.comandsubscribetoournewsletter. WedefineBusinessTechnologyas4sectorsbeing:HR&Payroll,Accounting&Tax,Regulatory,Legal and Compliance and Business Process AutomationSoftware WefocusourdeepdiveonAI,asitisredefiningthetrajectoryofBusinessTechnologysoftware businesses,enabling them to deliver unprecedentedefficiencies,automatecomplexworkflows,andextractactionableinsightsfromvastdatapools. RadboudVlaarManagingPartnerradboud@finchcapital.com OlivierKesberAssociateolivier@finchcapital.com AmanGheiPartneraman@finchcapital.com State ofBusinessTechcovers4 sectors of softwarethat we focus on The key B2B SaaS markets includingBusinessTechsectors Human Resources (HR)and Payroll Case management, documentreview, access control,regulatory compliance. Tailored solutions for specificindustries (e.g., construction,hospitality). Video conferencing, teammessaging, voice communication Executive Summary:AI is a catalyst for SaaS, growth is back indemand and UK continues to dominate Business Technology has seeing seismic macro tailwinds.Althoughfunding is down compared to last year, the excitement of AIrevolutionizing the sector is starting to reap rewards. An increase in AIspend is driving businesses to adopt AI in their vertical SaaS toolkit, with80% of enterprise expected to use AI APIs by 2026. Growth is starting tobecome important again and while large M&A lags, local European M&Ais very much alive. UK Dominates, while Netherlands and Nordics remain resilient, and Governments arestepping up their role to continue to provide funding to the ecosystem. •The UK accounted for more than 50% of all capital raised•France is positioning itself as a leader in AI with ambitious local companies•Germany is falling behind and needs programs to invest in local ecosystem The theme of AI killing SaaS is overhyped. We believe AI will be a catalyst for SaaS. Outlook for 2025: AI driven software solutions with clear ROI Please find some of the key observations: •Sustainable business models: This will continue to be the theme for the foreseeablefuture, and we expect investors to keep pushing for capital efficient growth•Key areas we foresee strong momentum the next 6 to 12 months are:•Deskless workers are being left behind by lack of software•Drive to unify at enterprise will see more M&A particularly with HRIS and Payroll•AI spend is starting to be attacked by FinOps teams•CFO is now on par with the CEO in terms of important for software•Compliance tooling proliferating the SMBs•Companies want more from supplier relationships•How to beat SAP: cash flow forecasting and automated reporting •Funding has dropped by 25% but the HR/Payroll vertical has taken alarge share of vertical share of wallet•Gen AI is driving infrastructure spend growth consistently at 30%,approaching $1T, but SaaS spend of growth is not getting hurt andstill growing•SaaS companies are becoming AI powered, with 2024 seeingincreased adoption rates in products•UK share of wallet is back to pre-COVID levels, 2x’ing to 50% butEurope has a lot of catching up to do on AI•After a period of focus on profitability, the lack of high growthcompanies is leading to a premium being placed on growth;•No large VC backed exits since 2022; State ofEuropeanBusinessTech EuropeanBusinessTechis on the brink of anew AI fueled chapter Macro Insights 50%Up from 28% in H1 2023 €6.4BnDown 26% from €5.1n in H1 2023 Capital invested in EuropeanBusinessTechin H1 2024. UK dominating share of capital raise. 25.2%Up from 19.7% in H1 2023 395Down by-28% from 546 in H1 2023 Flat and down rounds rise in H1 2024as valuations have not picked up. Number of fundraising deals in H12024. 80%Up from 5% in 2023 36%Down from 45% in 2023 Share of <€500m global M&A exithappening in Europe; Less deals butresilient market. of enterprises will have integratedGenAIAPIs by 2026 5.9%And 13% for the top10 enterprises +47%Expected over the coming 2 years