Axway Software SA Due Diligence

Run due diligence on Axway Software SA: check compliance and get alerts when suppliers change.

France · www.axway.com · 20 vendors

Axway is a global software company specializing in API management, Managed File Transfer (MFT), and B2B integration solutions. It helps organizations securely integrate and exchange enterprise data with their partner ecosystems, enabling secure, scalable, and reliable AI-ready ecosystems.

Resilience scores

Technology vendors

Services catalogue

6 services in catalogue across 3 categories; runs on 20 sub-vendors.

Insights

Last updated 2026-07-29 · revision 1

20 direct vendors, 189 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

13 in-scope frameworks identified; showing 3.

ISO 27001 (source) — Evidence found

Evidence: https://trust.axway.com/, https://www.axway.com/en/gdpr

ISO 9001 — Evidence found

Evidence: https://trust.axway.com/

GDPR (source) — Evidence found

Evidence: https://www.axway.com/en/gdpr, https://trust.axway.com/, https://www.axway.com/en/privacy-statement, https://www.axway.com/en/company/locations

Financials

Three-year financials

Financial Resilience Score: 7/10

74Software (formerly Axway) demonstrates solid financial resilience underpinned by a highly recurring revenue model (75% of 2025 revenue is recurring, 81% product revenue), a diversified base of over 12,000 customers across 100+ countries, and no single customer exceeding 10% of revenue. The company generated strong unlevered free cash flow of €80.4m in 2025 (11.4% of revenue, exceeding guidance), enabling meaningful deleveraging: net debt fell 23% from €250.3m to €193.0m and the leverage ratio dropped from 2.87x to 1.92x, comfortably within the 3.0x bank covenant. The reference shareholder Sopra GMT (41.70% of capital, 55.29% with concert parties) provides long-term strategic stability, and financial flexibility is supported by a €125m RCF (€73m undrawn). Counterbalancing these strengths are meaningful integration and profitability risks. The SBS acquisition (completed September 2024) still weighs on group margins, with SBS operating margin at only 10.2% vs Axway's 21.6%, and reaching the ~20% group margin target by 2028 depends on successful SBS turnaround. Post-acquisition debt is significant (€241m financial debt, €22.5m interest expense in 2025), restructuring charges of €13.2m hit 2025, and legacy maintenance (-8.6%) and license (-5.3%) revenues continue to decline as the business transitions to subscription/SaaS. FX exposure, integration dependencies via a transition services agreement with Sopra Steria through 2026, and €196m of uncapitalised tax losses further constrain resilience. Overall, the company shows a strengthening but transitional financial profile.

Key strengths: 75% recurring revenue with 81% product revenue mix, Strong FCF generation: €80.4m unlevered FCF (11.4% of revenue) in 2025, Deleveraging trajectory: net debt down 23% YoY, leverage 1.92x vs 3.0x covenant, >12,000 customers across 100+ countries with no single customer >10% of revenue, Stable reference shareholder Sopra GMT (55.29% with concert parties), €125m RCF with €73m undrawn, ample liquidity, Industry leadership (Gartner MQ Leader in API Management for 10th year), Improved group operating margin to 15.2% (from 13.6% pro forma 2024)

Risk factors: SBS integration risk with transition services agreement running through end-2026, SBS profitability gap: 10.2% margin vs Axway's 21.6%, Significant post-acquisition debt: €241m financial debt, €22.5m interest expense, FX exposure: €8.4m headwind in 2025 from EUR strength vs USD/GBP, €13.2m restructuring charge in 2025, mainly SBS Belgium (€8.9m), Legacy revenue decline: maintenance -8.6% organic, licenses -5.3%, €196m uncapitalised tax loss carry-forwards signaling historical losses, Concentrated shareholder structure limits free float dynamics, Related-party dependencies on Sopra GMT and Sopra India (~€10m in 2025), APAC revenue declined -13.9% organic in 2025

Revenue by geography

Revenue by product/service

Workforce by country

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