Enterprise Software

Enterprise Software Vertical SaaS

Vertical vs Horizontal SaaS Economics

Median trailing-twelve-month metrics for these six industry-specific vendors against thirteen horizontal seat-based vendors, computed from filings. Verticals give up some gross margin and take far more operating margin: the moat shows up in the profit and loss statement.

Vertical Leaders by End Market

Who owns which vertical, and the moat that keeps it owned: procurement in govtech, validated systems in life sciences, core-system replacement risk in insurance.

Company	End market	Moat	TTM revenue	Growth	Op margin
Tyler TechnologiesTYL	Government (courts, permitting, payments)	13,000+ US state and local clients; FedRAMP and procurement moats; decades-long contracts	$2.43B	8.2%	15.1%
VeevaVEEV	Life sciences (CRM, clinical, regulatory)	Category-defining share among global pharma; Vault is the industry system of record	$3.32B	16.3%	28.8%
GuidewireGWRE	P&C insurance core systems	PolicyCenter and ClaimCenter replacements are decade-scale decisions; wins nearly irreversible	$1.42B	25%	8.3%
ProcorePCOR	Construction management	Connects owners, GCs and subs on one project record in an under-digitized industry	$1.42B	15.3%	-4.6%
nCinoNCNO	Banking (loan origination)	Cloud banking OS built on Salesforce; the workflow layer of regional-bank lending	$0.61B	9.7%	4.6%
FICOFICO	Credit decisioning	The FICO score is monopoly-adjacent infrastructure; VantageScore 4.0 (FHFA, 2025) is the first sanctioned substitute	$2.39B	24.1%	51.6%

Tyler Technologies: The Govtech Compounder

Tyler's annual revenue. Multi-decade government contracts, procurement moats, and payments attach; the model vertical SaaS franchise.

Veeva: Category-Defining Vertical Share

Veeva's annual revenue and GAAP operating margin. Own one industry's system of record and margins scale with share: the proof case for the vertical thesis.

The Acquisition Engines

Annual revenue for Constellation (1,000+ acquisitions), Roper, and Descartes. Growth that is bought deliberately: the public-market version of the PE playbook.

FICO: What Pricing Power Looks Like

FICO's revenue and operating margin, driven by repeated mortgage-score price increases. The countervailing event: FHFA sanctioned VantageScore 4.0 for GSE underwriting in July 2025, the franchise's first approved substitute in decades.

Guidewire: property and casualty core-system annual recurring revenue

Year-end ARR revalued to then-current FX. Fiscal year ends July 31. ARR is contracted recurring value, not GAAP revenue. FY2025 year-end ARR was $1.041 billion.

Procore: Construction's System of Record

GAAP revenue and organic customers above $100,000 of ARR. Remaining performance obligations were $1.59 billion at year-end 2025.

nCino: Banking's Loan Origination Cloud

Subscription revenue for fiscal years ended January 31. The vertical SaaS franchise in US bank origination.

Constellation: Total vs Organic Growth

Reported revenue growth against CSI's organic growth measure. The gap is acquisition contribution plus FX; CSI does not publish a single acquired-growth percentage. 2025 organic was 4% as reported and 3% after FX.

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