SoftwareOne revenue soars in FY25, boosted by Crayon merger

Channel growth partially offset direct business headwinds

SoftwareOne has reported strong FY25 results, with revenue boosted by its acquisition of Crayon.

Top line rose 22.5 per cent to CHF 1.24bn (£1.17bn), up from CHF 1bn the previous year.

On a combined like-for-like basis, revenue increased 1.4 per cent, driven by continued strength in channel and services.

Direct performance was impacted by changes to Microsoft incentives, although this reportedly eased towards the end of the year.

Adjusted EBITDA climbed 24 per cent to CHF 277m, up from CHF 223.4m.

Growth in EMEA, mixed results abroad

In DACH, earnings increased 2.8 per cent year on year to CHF 346.7m, supported by growth in multivendor and public sector business, as well as a shift from enterprise agreements to CSP.

West EMEA turnover rose 3.3 per cent to CHF 317.2m, driven by strong double-digit growth in multivendor sales and services, partially offset by Microsoft incentive changes.

Growth in the Nordics was broadly flat at 0.7 per cent, with softer demand in services offsetting stronger direct performance, which accelerated in the fourth quarter.

Central and Eastern Europe delivered the strongest regional momentum in Europe, with revenue up 14 per cent to CHF 77.9m.

Outside Europe, APAC grew 11.4 per cent, while LATAM and North America dropped 4.4 per cent and 12.6 per cent respectively.

Division breakdown

Globally, upward evolution was driven by SoftwareOne’s software and cloud services unit, which increased 5.3 per cent to CHF 726.4m.

Performance was supported by demand in cybersecurity, AWS services, multivendor support and managed services.

Software and cloud channel revenue rose 18.3 per cent to CHF 120.4m, with strong contributions from APAC, North America and DACH.

On the other hand, the software and cloud direct division dipped five per cent to CHF 671.3m, reflecting changes to Microsoft enterprise agreement incentives.

“We closed the year with strong fourth-quarter growth across all our business lines, demonstrating the impact of disciplined execution in a transformational year for SoftwareOne,” said Raphael Erb and Melissa Mulholland, co-CEOs of SoftwareOne, in a joint statement.

“Our FY25 growth ended at 1.4 per cent on a combined basis, ahead of the flat growth we had expected, as we successfully navigated changes in vendor incentive programmes, completed the acquisition of Crayon, initiated integration and delivered on our synergy targets.”

Allegations dismissed and C-suite change

SoftwareOne’s year was also marked by allegations of insider trading involving five current or former employees.

Searches were conducted at the firm’s headquarters in Stans, Switzerland, as well as in Leipzig, Germany and in the UK on 2 December.

Private residences were also searched.

At the time, the Swiss Attorney General’s Office (OAG) alleged that individuals had used confidential information ahead of two pre-market announcements to sell shares and avoid losses of up to CHF 2.49m (£2.35m).

The company said it is not under investigation.

It added that internal and external reviews found the allegations to be without merit, confirming that receivables and related provisions were accurately recorded and compliant with accounting standards.

The organisation said it will continue to cooperate with authorities and will update the market if required.

Separately, Nina Janorschke will step up as chief HR officer, replacing Julia Braun, who is stepping down due to a medical condition.

Outlook

SoftwareOne now expects mid-single-digit revenue increase on a combined like-for-like basis in FY26.

The company said momentum will be driven by the shift towards cloud-based subscription and consumption models, alongside continued expansion in multivendor offerings.

Services growth is expected to be supported by demand for cloud optimisation, software estate management and data and AI.

“As we enter 2026, we see meaningful growth opportunities ahead and have strengthened our ability to execute on our strategic priorities,” added Erb and Mulholland.

“AI is becoming an increasingly important driver of demand across all our portfolio.

“As AI workloads scale, cloud consumption increases, supporting growth as customers procure the platforms, licenses and tools required to enable AI.”