Personio bills per employee per month, so when a customer grows from 80 people to 160, its bill roughly doubles with no new sale. That one choice, plus the stickiness of payroll-grade software, is why a company in an unglamorous category carries a multi-billion valuation, and why the same meter cut the other way when European hiring froze.
Read the breakdown →A relentless, large-scale direct-sales machine selling solar on subscription. In a category of confused buyers and expensive purchases, distribution, not the panels, is the product advantage.
Read the breakdown →Employer-of-Record platforms sell a per-employee HR subscription, but at scale they're moving money across dozens of currencies. The most interesting economics aren't in the subscription; they're in the float and the FX.
Read the breakdown →Buy small, durable vertical software companies, never sell, reinvest the cash at a hurdle rate that never moves. A study in why what you do with the cash eventually matters more than operations.
Read the breakdown →South Africa's digital bank acquires customers for a few dollars at grocery-store kiosks. The earning happens behind the account: the deposit float, and a merchant lending book where how fast the capital recycles, not the fee on any one advance, sets the yield.
Read the breakdown →The fastest revenue curve software has produced, attached to a cost structure software has never had: paid inference on every prompt. Why the deciding number is contribution per active builder, not the growth rate.
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