COM:RELEXSOLUTIONS
RELEX
- Privately Held
Strong revenue growth with 31.8% YoY increase in 2023
Consistent ARR growth for 66 consecutive quarters
High customer satisfaction with above-average NPS scores
Expanding customer base with 73 net-new customers in 2023
Successful expansion strategy with 31% increase in existing customer business
Negative EBITDA, although improving from -13.5% to -8.2% YoY
Relatively low gross margin at 19.2% in 2023
High operating expenses leading to negative EBIT
Optimity
Date: 2024-01-03
Rationale: To enhance retail and supply chain platform by integrating daily production planning, optimization, and scheduling capabilities.
Impact: Adds over 80 customers in food, beverage, and complex manufacturing sectors, enhancing production planning and supply chain optimization.
Formulate
Date: 2022-05-12
Rationale: To advance promotional planning solutions as part of RELEX's unified platform.
Impact: Demonstrated a 15% profit improvement on promoted items for customers.
Athena Retail
Date: 2022-05-24
Rationale: To amplify space and category management expertise.
Impact: Strengthens RELEX's space planning solutions for retailers and CPG companies.
Galleria RTS
Date: 2019-11-20
Rationale: To enhance retail optimization software offerings.
Impact: Strengthens RELEX's capabilities in supply chain management.
Zenopt
Date: 2019-06-27
Rationale: To add workforce optimization and management solutions to RELEX's offerings.
Impact: Aims to optimize work shifts based on store-level demand.
Forecast Solutions
Date: 2018-01-11
Rationale: To enhance presence in the Spanish market and prepare for expansion into Latin America.
Impact: Will serve as RELEX's 11th international office, providing advanced forecasting, replenishment, space, and assortment solutions.
Growth
Revenue Organic
42% YoY growth in subscription revenue and 66 consecutive quarters of ARR growth indicate strong organic growth.
Revenue Overall
31.8% YoY revenue growth from €173.6M in 2022 to €228.9M in 2023 demonstrates excellent overall growth.
Profile
Multinational
Global presence evident from diverse customer base including companies from various countries.
Clear Market Leader
Strong customer base including major retailers and consistent above-average NPS scores indicate market leadership.
Buy-and-Build Platform
Recent acquisition of Optimity shows potential for growth through acquisitions, but limited information on overall strategy.
Resilience
Non-cyclical
RELEX's AI-based supply chain solutions are essential for retail operations, providing stability across economic cycles.
Revenue Visibility
66 consecutive quarters of ARR growth and 42% YoY subscription revenue growth in 2023 indicate strong revenue visibility.
Profitability
Gross Margin
Gross margin improved from 17.8% in 2022 to 19.2% in 2023, showing positive trend but room for improvement.
EBITDA Margin
Negative EBITDA in 2022 and 2023, but showing improvement from -13.5% to -8.2% year-over-year.
Cash Conversion
Insufficient information to assess cash conversion.