QPR Software - The Unsexy Veteran of Enterprise Software

Pullorahat · October 10, 2025, 7:31am

The process mining market is buzzing: Salesforce acquired Australian Apromore. QPR was also mentioned among the competitors listed at the end of the article.

I don’t personally know Apromore’s product and/or scale, but they had raised at least USD 30 M for development along the way. Among the funders was Main Capital (via CBTEC), whose track record in unlisted technology investments is indeed very strong. Who knows, maybe they’ll acquire QPR next to fill a process mining void in their portfolio /s.

JR-65 · October 22, 2025, 1:44pm

QPR SOFTWARE OYJ PRESS RELEASE 22 October 2025 at 9 a.m.

A significant public sector organization in Saudi Arabia has chosen QPR Software as its partner for performance management and will implement QPR Metrics software. The solution will be used for monitoring strategic objectives, metrics, and projects, as well as for developing the organization’s performance.

QPR will deliver the solution together with its long-standing local partner, Leaders Solutions. This ensures that the customer gains access to both QPR’s industry-leading software and the partner’s strong expertise, guaranteeing smooth implementation and continuous support.

“It is great that the organization recognizes the added value brought by QPR Metrics. The software is a key tool for monitoring and guiding the customer’s strategy execution and managing performance. Together with Leaders Solutions, we ensure that the customer gets the full benefit of the software and can manage its operations even more effectively,” says QPR Software’s VP Middle East, Tero Aspinen.

“We are very pleased with this trust. Our solution helps transform strategic goals into concrete results. We look forward to a long-term and successful collaboration,” says QPR Software’s CEO Heikki Veijola.

Sijoittaja-alokas · October 23, 2025, 4:30am

Atte and Roni have given their comments on this fresh news.

Sijoittaja-alokas · October 27, 2025, 6:42am

Here are pre-earnings comments from Ate and Roni, as QPR reports its Q3 results on Friday.

We expect the company’s revenue to have remained in decline due to the termination of certain old contracts, the weakening of the dollar, and an otherwise subdued sales outlook. We also expect the earnings level to have weakened slightly due to declining revenue and growth investments made earlier in the year. Compared to the guidance, the company is behind, especially in terms of earnings, but we see the prerequisites to reach it with H2 being a stronger period for earnings, in addition to which the result is supported by recent cost savings. In the report, we aim to shed more light on the company’s sales outlook, as the end of the year is the most important period for the company in terms of sales. The comprehensive analysis report on QPR published in September can be read here.

Ripelein · October 27, 2025, 3:16pm

A new partner found near London. Appears to be a relatively small consulting firm established this year.

Atte_Riikola · October 31, 2025, 7:21am

QPR’s Q3 figures were better than our expectations regarding the top line, which is explained by license deals that occurred during the quarter. However, SaaS growth (+3%) fell short of our expectations (+7%), and compared to the previous quarter, SaaS revenue decreased by just under 3%. This reflects customer churn that occurred in older products at the beginning of the year. To compensate for this, the growth of the process mining software should be further accelerated, even though the product is already growing at a double-digit pace according to the company.

Regarding the sales outlook for the rest of the year, we now need to ask Heikki directly, as he will arrive here in Ruoholahti for an interview in just a few minutes.

Sijoittaja-alokas · October 31, 2025, 12:01pm

Atte interviewed QPR’s CEO Heikki Veijola

Topics:

00:00 Introduction
00:12 Q3 highlights
01:35 SaaS revenue grew by 3%
02:21 Snowflake marketplace
03:46 Cost-saving program
04:25 Organizational changes
05:40 Year-end has generally been strong
06:55 Process mining market
09:14 Guidance unchanged

Ripelein · November 1, 2025, 6:21am

The report was surprisingly good in terms of numbers, as revenue gained momentum from license deals. Based on the interview, deals could well be realized in the last quarter, but from the outside, it is difficult to estimate how license deals will develop and be timed.

The ratio of materials and services to revenue decreased slightly compared to previous quarters. A lower level may, of course, also be related to the higher level of license deals.

Employee benefit expenses per person were at a lower level than in the comparison period. For other recent quarters, they have been quite high. Other operating expenses were slightly below the comparison period, so significantly larger investments in sales and marketing were apparently not made.

EBITDA is positive for the current year, so if desired, significant investments can be made in sales and marketing during the last quarter. Investments have indeed been made in at least a few events right at the beginning of the quarter.

R&D expenses were capitalized slightly less than in the comparison period, so the result is on a slightly stronger footing in that regard. The difference between R&D depreciation and capitalization was 129 thousand. At least I like to think that the adjusted operating profit is better by the same amount. After next year, depreciation should decrease to approximately the level of capitalization, which will also make the reported figures better.

Depreciation was almost 50 thousand lower than in the last quarter. After next year, I understand they will roughly halve from the current level. Adjusted operating profit for the quarter was 97 + 129 = 226 thousand, or 15.3% of revenue.

Financial expenses were 16 thousand, and the final repayment of 500 thousand euros related to them will be made at the end of January. After this, operating profit and net profit should be approximately at the same level, as hardly any taxes on profit should be paid for a while due to previous losses.

R&D intangibles on the balance sheet are gradually decreasing, and the balance sheet is starting to be in very good shape. Accumulated losses are 4,852 thousand, which is slightly more than the total assets found on the balance sheet.

Operating cash flow should be quite good for the rest of the year, as a large portion of the cash flow will come into the cash account around the turn of the year. Last year, 1,032 thousand flowed into cash in the last quarter. Now, at the end of Q3, 180 thousand more is tied up in working capital than in the comparison period, so cash flow could be even better.

Sijoittaja-alokas · November 2, 2025, 8:45pm

Here is a new company report on QPR from Ate and Roni.

We reiterate our Reduce recommendation for QPR and a target price of 0.58 euros. The company’s Q3 figures were slightly better than our expectations due to license deals made during the quarter. However, SaaS revenue, which is central to the strategy, fell short of expectations, and the sales outlook remains cloudy. In the big picture, with our forecasts remaining almost unchanged, QPR’s combination of growth and profitability will remain subdued in the coming years. Given this, the stock’s valuation (2025e EV/S 1.9x) is elevated and keeps us cautious.

Quoted from the report:

For 2026-2028, we forecast SaaS growth to accelerate to 10-20%, which would boost QPR’s total revenue growth to 5-10%. At this point, visibility into accelerated growth is still weak. We forecast EBITDA to be around 5.6-8.9% at that time, with the focus still largely on growth. Operating profit would still be negative in 2026, around zero in 2027, and turn slightly positive in 2028.

https://www.inderes.fi/research/qpr-q325-saas-kasvuun-toivoisi-lisaa-vauhtia

Northern_Crow · November 5, 2025, 8:23am

The company’s CEO has a funny way of focusing on percentage changes in revenue in their speeches. The purpose seems clear: to obscure the picture of absolute numbers, which are not at a sustainable level for running an international software business. I would hope that investors would also primarily focus on absolute numbers, because when discussing business figures within a few million or a few hundred thousand, even random variation is very significant for small percentage changes. Similarly, regarding profitability in the coming years, absolute figures matter; percentage margins do not mean much if the business is destined to either achieve a significant growth leap or wither away.

@Atte_Riikola’s writing also conveys a reasonably pessimistic view on the probability of the company’s growth curve accelerating. However, I have a question related to the analysis. The update states that customer decision-making has been delayed and will continue to be delayed, which slows down the company’s deal-making. This is a recurring theme referenced in many smaller companies’ reports. This is in itself a reason that small companies often use publicly, in addition to a weak global market situation. On what analysis is Inderes’ view based that this reason is relevant? The company sells its products to large players, and the scale of individual deals is marginal from the perspective of these buyers’ business operations. The purchasing decision thus falls within the scope of continuous minor business development, not large capex investments. The momentum for this type of business development has been very strong in several customer industries for a longer time. The question thus arises whether the actual reason for the stagnation in growth is something entirely different from customers’ slowed decision-making ability. This theme is also a broader comment from me to Inderes, which comes up in the analysis of several smaller companies. In analyses, sufficient subtlety must be maintained even from the perspective of customer relationships, but this creates a conflict as to whether investors are given a true picture of the analyst’s thoughts or if they need to be read between the lines. This may not be a particular problem for me, but it might conflict somewhat with the philosophy that analysis belongs to everyone.

It is also natural that when the company’s business scale is of this magnitude, assessing competitiveness and customer relationships can sometimes be very difficult. This is quite natural, and in such cases, investors could be told that Inderes lacks transparency on topic x. This would then distinguish what is management commentary and justified, and what part of it the analyst has been able to validate/evaluate.

Atte_Riikola · November 7, 2025, 12:49pm

That’s a good point from you! And as you state, for many companies, weak growth is explained by the market situation and delays in customer decision-making. It’s rarer to then later state that customers eventually made decisions and bought from a competitor It could very well be that in certain sales cases, QPR is still in the final stretch, but ultimately ends up with silver or bronze. But in itself, that comment about delayed decision-making cannot really be validated externally. In QPR’s case, the company’s very small size also makes it difficult to draw completely watertight conclusions, as with a few larger deals, development could momentarily look significantly better than what has been seen recently. In the long run, if growth does not accelerate, problems in the company’s competitiveness can also be more strongly stated. In recent years, the company has reported new customer wins, and globally significant companies use QPR’s process mining solution. In that sense, the product would appear to be technically competitive. However, reports have repeatedly highlighted that the company’s small size and limited resources are a competitive disadvantage for the company, as it cannot invest in sales and marketing in the same way as large giant competitors.

Ripelein · November 7, 2025, 3:05pm

AI becoming an increasingly integral part of process mining.

JR-65 · November 11, 2025, 8:01am

QPR introduces AI-powered analysis that reveals the root causes of phenomena related to business processes in minutes QPR esittelee tekoälypohjaisen analyysin, joka paljastaa liiketoimintaprosesseihin liittyvien ilmiöiden juurisyyt minuuteissa | Kauppalehti

Atte_Riikola · November 11, 2025, 8:05am

Excerpt from the press release:

“For a long time, we have offered a unique root cause analysis that numerous customers have praised. Now, with the help of AI, we are taking this analysis to a whole new level. AI enables the automatic segmentation of several influencing factors and the identification of cause-and-effect relationships,” says Matti Erkheikki, Chief Product Officer at QPR Software.

The solution leverages Snowflake’s machine learning capabilities, which enable the quick and effortless identification of root causes for any process phenomenon. This reduces manual work and accelerates data-driven decision-making.

With this AI feature, the current root cause analysis can be significantly improved and deepened. The company will soon be publishing blog posts and webinars explaining what this concretely means.

Atte_Riikola · November 13, 2025, 10:36am

Here’s a fresh blog post from QPR related to that AI-powered root cause analysis:

What This Means for Your Business

Imagine answering questions like these in minutes, instead of weeks:

Manufacturing: Why are 30% of shipments delayed even though production times are the same?

Financial Services: Why do certain loan applications take three times longer even though all follow the same process?

Supply Chain: Why are supplier payments delayed even though invoices are approved on time?

These are the types of questions where the answers are now available at the click of a button.

Sijoittaja-alokas · November 18, 2025, 10:24am

Here are Ate’s and Ron’s comments on how QPR has won an American asset management and investment services provider as a client.

Sijoittaja-alokas · November 25, 2025, 9:22am

Then there are comments from the same guys about how QPR won Santander Bank Poland’s process mining as a customer.

Sijoittaja-alokas · December 17, 2025, 9:45am

The stock is up over 10% thanks to the announcement below

QPR SOFTWARE PLC PRESS RELEASE 17 DECEMBER 2025 AT 11 AM

QPR Software Plc has signed a three-year extension agreement with one of the world’s leading pharmaceutical companies. The agreement includes licenses, SaaS services, and maintenance and support services for the QPR ProcessAnalyzer process mining software.

In a long-term collaboration, the customer has utilized QPR ProcessAnalyzer to develop and streamline its global business processes. With the solution, the customer has identified significant areas for improvement, harmonized processes across different locations, and made data-driven decisions, leading to more cost-effective and transparent operations.

"We are pleased with the trust of our long-term customer. The extension agreement confirms that our solutions support the critical processes of large organizations and generate genuine business value. Through our collaboration, we promote innovation, change, and better results – ultimately for the benefit of the entire industry and the people it serves," says Heikki Veijola, CEO of QPR Software.