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Quirin Privatbank Upgrades Serviceware SE to 'Buy' Amid Strong Performance

On October 24, 2025, Serviceware SE announced its Q3 2024/2025 financial results, showing a revenue growth of 16.6% year-on-year. This result exceeded Quirin Privatbank's expectations by 5.4%, driven primarily by a strong SaaS/service momentum. The company's transition from licensing to SaaS, alongside product innovations like the AI Process Engine, has facilitated the acquisition of new customers and expanded their international footprint.

The firm also reported an improvement in EBIT margin from 0.4% to 2.3%, attributed to a higher SaaS mix and enhanced operational leverage. The order backlog saw a 26.4% increase, reaching EUR 101.9 million, which strengthens their future revenue visibility. The bank has raised its target price for Serviceware to EUR 28.50 and maintains a 'Buy' recommendation, influenced by the company's continued product innovation and robust SaaS growth.

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