Value creation at Pegula Capital starts with a precise investment thesis and a short list of priorities.
For each company, we agree a focused plan around growth, margins, technology and organisation, then track a small set of KPIs that link directly to equity value.
Typical Levers Include:
This page shares anonymised examples of how Pegula Capital works with European software and technology businesses to drive measurable results.
Disclaimer: Due to the private nature of many of our investments, we do not publicly disclose all portfolio companies. Selected representative case studies are shown.
Geography: UK, with European Customers
Entry scale: £8.7m Revenue | 14.5% EBITDA Margin
Context: Founder Succession Buyout
The Situation
After a decade of organic growth, the company had established a deeply embedded cybersecurity platform. While retention was exceptionally high, growth was capped by a lack of commercial infrastructure. Following the founder’s decision to de-risk, the priority shifted to professionalising the business while maintaining its reputation for reliability.
The Pegula Partnership
Pegula Capital led a succession buyout, appointing a veteran Chair to work alongside the existing CEO. The strategy focused on a single observation: the product was fundamental in one vertical but entirely invisible in four adjacent sectors with identical requirements.
The Outcome
The team established an outbound sales function and a formal partner program within the first year. Pricing was restructured to move away from time-spent models toward value-based tiers. Four targeted acquisitions were integrated, each within a 12-month window. Over the hold period, revenue grew 2.1x and recurring revenue reached 82%.
Geography: DACH, expanding across Europe
Entry scale: £12.2m ARR | Rule of 40: 32
Context: Partner Track Record
The Situation
This platform held a defensible position in a fragmented, regulated segment. While the software was essential to daily workflows, logo churn sat at 9.6% – higher than the product quality justified. The founder required a partner to execute a consolidation strategy that the business was not yet commercially mature enough to handle.
The Pegula Partnership
The intervention focused on two fronts: churn and consolidation. A rebuilt customer success function and structured onboarding reduced logo churn to 4.3% within 24 months. Simultaneously, a pipeline of six potential add-ons was mapped, with three identified as immediate priorities for geographic expansion.
The Outcome
New packaging and value-based tiers were introduced to better reflect customer segments. By the end of the holding period, ARR grew 2.4x and the Rule of 40 improved to 46. The business successfully expanded from its DACH core into three distinct European regions.
Geography: Nordics, serving banks and fintechs
Entry scale: £7.4m Revenue | Transaction Volume Index 1.0
Context: Growth Recapitalisation
The Situation
Positioned as a specialised infrastructure provider for banks, the company was growing steadily but remained reactive. The product portfolio was narrow, and the sales motion relied on inbound relationships rather than proactive account management.
The Pegula Partnership
Capital was deployed for both product R&D and a commercial build-out. We defined a roadmap anchored in three use cases that existing clients had already requested. The thesis: the most efficient path to growth ran through the existing customer base rather than new logo acquisition.
The Outcome
An enterprise sales team was assembled to manage strategic accounts, leading to a 51% increase in products per customer. Revenue grew at a CAGR of 26% through year four. Transaction volumes tripled as the business entered two additional markets, supported by existing clients operating across borders.
Geography: Benelux, with UK expansion
Entry scale: £6.2m ARR | 78% Gross Margin
Context: Management Buyout and Commercial Maturity
The Situation
Founded by an innovative engineering team, this AI tool automated laborious underwriting workflows for mid-market insurers. While the ROI was fast, the management team was commercially under-resourced. The sales cycle was inefficient, and the pricing lacked the structure required to win enterprise-level contracts.
The Pegula Partnership
The mandate was to professionalise the commercial function. A sector-specialist VP of Sales and a dedicated CFO were recruited within the first five months. We utilised our network to accelerate introductions to Tier-1 insurance groups across the UK and the Netherlands.
The Outcome
ARR expanded from £6.2m to £16.4m. Gross margins improved to 84% through the rationalisation of infrastructure costs following two acquisitions. Average contract value (ACV) increased by 65% as the business successfully moved upmarket into larger enterprise accounts.
