GOOGLE GEMINI – Tier 1: The Regional Anchor Titans (1–15)

Heavy infrastructure, multi-billion-euro balance sheets, and major regional employment.

1. NV Nederlandse Gasunie (Groningen) — National natural gas, energy transport, and green hydrogen backbone operator.
2. Royal Wagenborg (Delfzijl) — Global maritime logistics, shipping, offshore support, and heavy lifting fleet operator.
3. Royal Avebe (Veendam) — Global cooperative producing high-tech starch and protein innovations from potato crops.
4. Royal Cosun / Suiker Unie (Hoogkerk / Groningen) — Major agri-industrial processing plant for sugar beet derivatives.
5. Nobian (Delfzijl) — Essential industrial chemicals, high-purity salt extraction, and chlor-alkali manufacturing.
6. RWE Generation NL (Eemshaven) — Massive power generation station and pioneer in utility-scale green hydrogen projects.
7. EBN – Energie Beheer Nederland (Groningen) — State-owned energy investment and transition management powerhouse.
8. Century Autogroep (Groningen) — Dominant regional automotive, mobility, and commercial vehicle sales/fleet group.
9. Groningen Seaports (Delfzijl / Eemshaven) — Port authority managing two major deepwater ports and industrial chemical parks.
10. Royal Niestern Sander (Farmsum / Delfzijl) — Major shipyard building specialized offshore support vessels, tugs, and icebreakers.
11. North Water (Delfzijl) — Industrial water utility supplying heavy chemical plants and energy hubs.
12. ESD-SIC (Delfzijl) — One of the world’s largest manufacturers of premium silicon carbide for industrial applications.
13. Vattenfall Eemshaven (Eemshaven) — Major power generation node anchoring regional wind and thermal power feeds.
14. Engie / Eemshaven Power (Eemshaven) — Utility-scale energy node servicing the Northern European electricity grid.
15. OCI / BioMCN (Delfzijl) — Industrial bio-methanol and circular chemistry production facility.

Tier 2: Industrial Manufacturing, Chemicals & Food Processing (16–35)

Mid-to-large capital plants, specialized export processing, and regional logistics hubs.

16. Nedmag B.V. (Veendam) — High-purity dead-burned synthetic magnesium oxide and brine miner.
17. Foresight / EEW Energy from Waste (Delfzijl) — Thermal waste-to-energy recovery plant fueling industrial steam grids.
18. Ausnutria Regional Logistics / Dairy Nodes (Groningen area) — High-spec dairy and infant formula production/logistics.
19. Pipelife Nederland (Enkhuizen/Groningen supply chains) — Heavy polymer piping infrastructure for utilities and civil engineering.
20. Resato Hydrogen Technology (Groningen/Assen border) — High-pressure waterjet technology and hydrogen refueling station manufacturing.
21. Oosterhof Holman (Grotegast) — Major civil engineering, infrastructural construction, and environmental technology firm.
22. Strukton Civiel Noord (Groningen) — Regional rail, road, and heavy civil infrastructure building division.
23. Conoship International (Groningen) — Renowned naval architecture firm designing zero-emission and modular short-sea cargo vessels.
24. Barkmeijer Shipyards (Groningen/Stroobos border) — Builders of heavy dredgers, specialized cargo hulls, and naval craft.
25. Delfzijl Cellulosic Biofuels (Delfzijl) — Next-generation renewable fuel refining operations.
26. Chemport Europe / Biobased Network (Delfzijl/Eemshaven) — Industrial cluster manager driving circular chemical innovation.
27. BD (Becton Dickinson) Logistics Node (Groningen) — Global medical device distribution and supply chain hub.
28. Exosyt / Photonis Spin-offs (Groningen tech hub) — Night-vision optics, specialized imaging, and sensory engineering.
29. Poortman Graan (Groningen) — Major regional grain, feed, and agricultural commodity trading house.
30. Koopman Logistics Group (Groningen region) — Automotive and freight logistics provider operating large transport fleets.
31. Boekholt Techniek / Machinefabriek (Veendam) — Heavy metal fabrication, machining, and industrial vessel construction.
32. Brouwer Machinefabriek (Delfzijl) — Precision mechanical engineering, repair, and maritime equipment servicing.
33. Combinatie Herepoort (Groningen) — Major civil consortium executing massive road and tunnel infrastructure upgrades.
34. Groningen Airport Eelde Ground Services (Eelde/Groningen) — Aviation maintenance, freight logistics, and ground services.
35. Kooikinga Techniek (Groningen) — Specialized electrical control systems and industrial automation panel builders.

Tier 3: Specialized Technical Services, B2B Trade & Construction (36–50)

36. Noordhuis Sleufloze Technieken (Groningen) — Trenchless underground cabling and utility pipeline engineering.
37. Lanting Reizen / Mobility Group (Groningen) — Regional transport, bus fleet, and passenger logistics operator.
38. Drenth Installatietechniek (Veendam) — Commercial MEP (mechanical, electrical, plumbing) building contractor.
39. Ploeg Steigerbouw (Delfzijl) — Industrial scaffolding contractor servicing heavy chemical and shipyard sites.
40. Geerts Groep (Groningen) — Commercial roofing, cladding, and industrial building envelope construction.
41. Buren Trading / Agri Machinery (Groningen) — Regional distributor of heavy agricultural tractors and implements.
42. Koster Marine Services (Delfzijl) — Offshore diving, hull maintenance, and underwater repair contractor.
43. Visser & Smit Hanab Noord (Groningen) — Underground high-voltage power line and pipeline installation specialists.
44. Groningsche Industriële Maatschappij (Groningen) — Industrial real estate development and asset holding group.
45. Hooghoudt Distilleerderij (Groningen) — Historic spirits and botanical beverage manufacturer operating nationally.
46. Mouton Steel / Metaalbouw (Groningen) — Structural steel fabrication for industrial halls and maritime facilities.
47. Tromp Bakkers / Industrial Bakery Hubs (Groningen) — Commercial high-volume food processing and bakery supply.
48. Krikke Deuren / Geveltechniek (Groningen) — Heavy door systems and commercial facade manufacturing.
49. Oosting Metaalrecycling (Veendam) — Industrial scrap metal, alloy sorting, and circular metallurgy logistics.
50. Sissing Installaties (Groningen) — Industrial HVAC, climate control, and refrigeration engineering.

Tier 4: Regional Scale-Ups, Tech & Niche Services (51–65)

51. Voys (Groningen) — Cloud telephony, telecom infrastructure, and VoIP technology provider.
52. Belsimpel / Gomibo Group (Groningen) — E-commerce giant headquartered in Groningen city specializing in mobile telecom.
53. Chordify (Groningen) — Global music-tech digital platform and algorithm developer.
54. New Nexus (Tynaarlo/Groningen) — Software development, IT consulting, and enterprise cloud solutions.
55. Tripper / Digital Leisure (Groningen) — E-commerce logistics and digital ticketing provider.
56. Target Holding (Groningen) — AI development, data science, and enterprise automation agency.
57. Mercator Launch / VentureLab Tech Spin-offs (Groningen) — Commercial incubator for university biotech and sensor technology.
58. FC Groningen (Groningen) — Professional football enterprise, stadium management, and media brand.
59. Boerma Luchtbehandeling (Groningen) — Custom air handling and industrial cleanroom filtration systems.
60. Nienhuis Aannemingsbedrijf (Groningen) — Civil engineering and urban paving contractor.
61. Oosterveld Elektrotechniek (Veendam) — Commercial high-voltage panels and industrial automation.
62. Smid & Hollander (Hoogkerk) — Bituminous roofing, waterproofing materials, and civil insulation products.
63. Westerwolde Transport (Veendam) — Bulk liquid, chemical, and agricultural road haulage operator.
64. Groningen Bio Energy (Eemshaven) — Localized biomass energy processing node.
65. Dienst Geodesie & Landmeten (Groningen) — Specialized land surveying, drone mapping, and geospatial infrastructure consulting.

To establish a transparent ranking without needing private balance sheets, this list weighs three core metrics equally (33.3% each):

1. Regional Employment Footprint (FTEs)
2. Estimated Annual Turnover / Revenue Scale
3. Capital Infrastructure & Asset Intensity (e.g., ports, processing plants, energy backbones, logistics fleets)

Thank you for reading. Baarda.ch

Reint Jelger on why higher voltages are used with power transmission

Gemini: Counterintuitively, the higher the voltage, the lower the loss over long distances.

This comes down to a fundamental law of electrical physics (P=I2R).

When electricity flows through a metal conductor (like copper or aluminum), the electrical current encounters natural resistance (R). That resistance converts part of the electrical energy into waste heat.

The formula for power loss (Ploss​) in a conductor is:

Ploss​=I2⋅R

Where:

• I = Current (Amperes / Amps)
• R = Resistance of the cable (Ohms)

Notice that current (I) is squared. If you double the current running through a cable, you don’t double the heat loss—you multiply it by 4 times. If you increase current by 10 times, heat loss increases by 100 times.

Why 525 kV Changes the Game

Total electrical power (P) being moved down the cable is:

P=V⋅I

Where:

• V = Voltage (Volts)
• I = Current (Amps)

To move a massive amount of power across a continent (say, 1,000 Megawatts from a North Sea wind farm to an industrial district):

1. Option A (Low Voltage, High Current): If you keep voltage low, you have to push a massive current (I) through the wire. Because of I2R, the cable gets extremely hot, melts its insulation, and loses a huge percentage of the electricity as heat before it reaches its destination.
2. Option B (High Voltage, Low Current – 525 kV): By stepping the voltage up to an extreme 525,000 Volts, you can move the exact same total power using a tiny current (I). Because I is now very small, I2R heat loss drops dramatically.

HVDC (Direct Current) vs. AC Over Long Distances

At 525 kV, long-distance lines almost always use High Voltage Direct Current (HVDC) rather than standard Alternating Current (AC).

• The AC Limitation: Alternating current continuously changes direction (50 times per second in Europe). Over long insulated cables (especially underwater), AC creates a heavy electromagnetic effect called capacitive charging loss, where the cable behaves like a giant capacitor and consumes its own power.
• The HVDC Advantage: Direct current flows continuously in one direction. There is no capacitive loss, meaning power can be pushed over 1,000+ kilometers of continuous subsea or underground cable with line losses as low as 3% to 4% per 1,000 km.

The Industrial & Business Takeaway

This physical reality is why companies like Prysmian and Nexans command high profit margins:

1. Insulation technology for 525 kV HVDC must withstand extreme electric field stress without breaking down.
2. Manufacturing a continuous conductor that can handle these stresses over hundreds of kilometers without a single structural flaw is a massive technical barrier to entry.

Friso Bouwgroep: The Anchor of Frisian Engineering and Construction

Google Gemini: Headquartered right here on the Pieter Zeemanstraat in Sneek, Friso Bouwgroep stands as one of the most versatile, independent, and structurally sound construction conglomerates in the northern Netherlands. Founded in the immediate post-war era of 1946—a period that demanded rapid resourcefulness, tight regional cooperation, and uncompromising durability—Friso has expanded from its roots in serially produced housing into a multifaceted heavy-hitter spanning residential development, commercial utiliteitsbouw (commercial/industrial real estate), civil engineering (beton- en waterbouw), and historic restoration.

Operating under its core triad of corporate DNA—betrouwbaar (reliable), bekwaam (competent), and bestendig (sustainable/resilient)—the group acts as both a traditional execution contractor and an integrated property developer (ontwikkelende bouwer) via divisions like Frisoplan.

Core Operational Pillars

• Residential & Inner-City Urban Development: Friso handles everything from large-scale serial housing (such as the massive Middelsee expansion in Leeuwarden or It Partoer) to complex inner-city transformations. Projects like Sneeckermeesters right in the heart of Sneek (transforming historic commercial properties along the Oude Koemarkt and Grootzand into sustainable residences) highlight their ability to blend heritage preservation with contemporary domestic comfort.
• Commercial & Industrial Real Estate (Utiliteitsbouw): The group builds structural facilities of scale—ranging from modern corporate headquarters, distribution hubs, and factories to specialized complexes like holiday resorts and healthcare facilities across the Netherlands.
• Civil Engineering & Water Infrastructure (Friso Civiel): Given its Frisian geography, water management and heavy concrete infrastructure are existential domains. Friso Civiel engineers complex sub- and above-ground infrastructure, including major national hydraulic works, aqueducts, bridges, tunnels, viaducts, and vital regional components like sections of the iconic Afsluitdijk fish migration river project (vismigratierivier).
• Historic Restoration (Restauratie): Employing specialized master craftsmen, Friso maintains a distinct division dedicated to the meticulous restoration of centuries-old monuments, windmills, and historic municipal properties (such as De Drie Haringen in Deventer), safeguarding structural integrity while preserving architectural heritage.
• Vertical Integration (Houkesloot Toelevering): To control quality, timelines, and supply chains, Friso operates its own manufacturing arm, Houkesloot Toelevering, which specializes in pre-fabricated timber frame (HSB) facades, wooden window frames, and pre-cast concrete elements.

Strategic Footprint

What makes Friso fascinating from an industrial perspective is its regional anchorage combined with supra-regional execution capacity. While deeply tied to the economic fabric of Fryslân and local employment hubs like De Hemrik, the firm regularly executes complex, multi-million-euro assignments across the Dutch provinces—partnering with major project developers, housing corporations, and institutional investors on high-density urban projects like the De Zwaan apartment complex in Zwolle.

Reint Jelger: Do you think Friso bouwgroep could build the Sneker office of Baarda.ch with a lunchroom downstairs?

Yes, absolutely. From an operational, technical, and structural perspective, Friso Bouwgroep is practically tailor-made for a project like that.

Whether the ambition is a sleek, modern corporate HQ on an industrial site like Houkesloot or a restored historic building with a ground-floor commercial layout in Sneek’s inner city, Friso possesses the exact combination of internal divisions needed to execute it seamlessly.

Why Friso Is Ideally Suited for the Job

1. Integrated Mixed-Use Construction (Commerciële Plint): Friso has extensive experience building structures that combine ground-floor commercial/hospitality spaces (horeca / retail / lunchrooms) with upper-level office suites or residences. Designing a ground floor optimized for public access, acoustic insulation, kitchen logistics, and grease-trap ventilation—while keeping upper-floor research offices quiet and secure—is standard practice for their Utiliteitsbouw division.
2. Supply Chain & Pre-fabrication Advantage:Through their supply arm Houkesloot Toelevering (located right on the Tingieterstraat in Sneek), Friso manufactures its own Timber Frame Construction (HSB) elements, high-performance window frames, and pre-cast concrete modules. This allows for high-speed, energy-neutral, and acoustically isolated construction.
3. In-House Project Development (Frisoplan):If you bring a conceptual brief—a multi-story office building with a ground-floor hospitality space—Frisoplan can handle land acquisition assistance, zoning permits (omgevingsvergunning), architectural coordination, and BIM structural modeling from scratch. Friso Bouwgroep
4. Heritage Restoration Option (Jurriëns Noord):If the goal for the office is to repurpose a historic monument or canal-side property in downtown Sneek (e.g., along the Grootzand or Kleinzand) rather than building a new shell, Friso’s specialized restoration division, Jurriëns Noord, specializes in retrofitting heritage structures with modern climate installations without destroying historic aesthetics. Echte Bouwers

Architectural & Operational Layout Considerations

If Friso were to construct this multi-purpose facility, the structural split would typically be organized into three functional layers:

1. You exist: You always have and always will; your form changes, but consciousness remains
2. The One is All, and All is One: Everything is interconnected aspects of single consciousness
3. What you put out is what you get back: Physical reality functions like a mirror to your internal state and beliefs
4. Everything changes except the first three laws: Change is the only constant in creation
5. Everything is Here and Now: Time and space are illusions created to navigate physical reality

Reint Jelger: Would you say as to when baarda.ch gets lauched as an GmbH, and would own such a property as is pictured on the image, it could have it insured by Chubb? What would they insure it against?

Google Gemini: Yes, absolutely. Once baarda.ch is incorporated as a legal entity (such as a Swiss GmbH or AG) and owns or leases a physical flagship property like the architectural headquarters shown in the image, Chubb Limited is precisely the type of top-tier global commercial property and casualty (P&C) insurer that underwriters look to for such real estate assets.

Because Chubb is headquartered in Switzerland and is a worldwide leader in commercial real estate insurance, they underwrite mid-to-large-scale architectural facilities, corporate offices, and eco-innovative commercial properties.

Key Areas Chubb Would Insure the baarda.ch HQ Against

If Chubb were underwriting a modern, multi-story office building featuring extensive glasswork, tier-level landscaping, and high-tech infrastructure like the one in the render, the policy would typically cover four major operational categories:

1. Physical Property & Structural Damage

• Fire, Lightning & Explosion: Standard physical protection for the core concrete, glass, and steel superstructure.
• Severe Weather & Natural Hazards: Windstorm, hail, heavy rain, or storm-driven water damage affecting external structural elements.
• Specialized Architectural Elements: Coverage tailored to non-standard structural features—such as the building’s curved glass facade, balcony railings, integrated planter boxes, and rooftop installations.

2. Specialized Green Building & Botanical Coverage

• Landscaping & Greenery Protection: Policies specifically covering outdoor plants, living green walls, trees, and balcony foliage against windstorms, frost, or pest/disease damage.
• Green Rebuilding Standards: Chubb offers «Green Building» riders that cover the increased cost of restoring eco-friendly materials, low-emission glass, or energy-efficient climate control systems back to sustainable standards after a loss.

3. Equipment Breakdown & Internal Infrastructure

• HVAC, Irrigation & Electrical Systems: Protection against internal mechanical or electrical failures, such as automated balcony irrigation pumps, air filtration units, or power surge damage to servers and lighting.
• Water Escape & Pipe Leakage: Coverage for accidental burst pipes or leakage from internal drainage, greywater systems, or balcony planter drainage.

4. Business Interruption & Liability

• Business Income Protection: If physical damage (like a fire or major flood) temporarily renders parts of baarda.ch HQ unusable, Chubb compensates for lost rental income or operational disruption during the restoration phase.
• Premises General Liability: Protection against third-party claims if visitors, employees, or passersby suffer bodily injury or property damage on the plaza, walkways, or balconies.

Reint Jelger: Do you think it is true that Swisscom controls 50% of the broadband Internet in Switzerland?

Gemini: Yes, it is factually accurate.

Both core parts of that statement reflect official Swiss telecommunications market data and federal ownership structure:

• The Numbers: Swisscom consistently maintains a ~50% market share in the fixed retail broadband internet market across Switzerland.
• The Competition: The remaining half of the market is split primarily between Sunrise (following its acquisition/merger with UPC Switzerland), regional cable/utility network providers (such as Quickline), and smaller internet service providers (ISPs).
• Network Wholesale: Beyond its direct retail market share, Swisscom also owns and maintains a significant portion of the underlying physical copper and fiber infrastructure across the country, leasing wholesale access lines to third-party resellers.

• Federal Requirement: Under the Swiss Telecommunications Enterprise Act (Telekommunikationsunternehmensgesetz, TUG), the Swiss Confederation (Confoederatio Helvetica) is legally mandated to hold a majority stake—specifically at least 51% of the voting capital in Swisscom AG.
• Public-Private Hybrid: The remaining 49% of shares are publicly traded on the SIX Swiss Exchange (ticker: SCMN).

This setup gives Switzerland a unique market dynamic: its primary telecommunications operator functions as a commercially competitive stock company while remaining controlled by the sovereign state to guarantee universal service across all cantons.

The text in the image touches on a classic intersection of national infrastructure security, state ownership, and economic sovereignty.

• The 51% Majority Stake: Confoederatio Helvetica (the official Latin name and formal designation for the Swiss Confederation) maintains a majority state ownership stake—specifically 51%—in Swisscom, Switzerland’s leading telecommunications and broadband provider.
• Strategic Control: By retaining that critical 51% threshold, the federal government ensures that control over vital national infrastructure—telecommunications, data networks, and internet backbones—remains anchored in domestic, public hands rather than being fully privatized or vulnerable to foreign corporate takeovers.
• The Sentiment («Thank Helvetia»): The phrase expresses a strong sense of relief and national reassurance. In an era where critical digital infrastructure worldwide is increasingly financialized, consolidated by multinational conglomerates, or exposed to external geo-economic pressures, having the sovereign state hold the controlling steering wheel provides a structural safeguard for national resilience.

Reint Jelger: Is Helvetia a Swiss goddess?

Gemini: No, Helvetia is not a goddess in the mythological or religious sense.

Instead, she is a national personification and an allegorical symbol of Switzerland—much like Lady Liberty is to the United States or Marianne is to France.

Here is a bit more context on who she is and where the name comes from:

• The Name: The name Helvetia is derived from the Helvetii, a Celtic tribe that inhabited the Swiss Plateau before the Roman conquest. This is also why Switzerland’s official Latin name is Confoederatio Helvetica (hence the country code .ch).
• Artistic Origin: While ancient tribes had their own deities, the figure of Helvetia as an iconic woman with a flowing dress, a spear, and a shield (often accompanied by a wreath or the Swiss cross) wasn’t an ancient goddess. She was created by artists and politicians during the 17th and 19th centuries to help forge a unified national identity out of a diverse confederation of cantons.
• Where You’ll See Her: She is deeply embedded in Swiss culture—gracing postage stamps, government buildings, and the classic designs of Swiss Franc coins (like the standing Helvetia or the related Vreneli gold coins).

So «Thank Helvetia» is a poetic, patriotic figure of speech—kind of like saying «Thank goodness for the spirit of the nation» or tipping your hat to the homeland itself.

Google Gemini: Yes, Sweden’s economy is significantly larger than the economy of the province of Fryslân.

In fact, Sweden’s economy is roughly 20 times larger than that of Fryslân.

Economic Comparison Overview

Key Takeaways

• Scale: Sweden is a sovereign nation with a population over 16 times larger than Fryslân’s, anchored by massive global export industries (automotive, heavy machinery, telecom, and forestry).
• National vs. Regional: While the total economy of the Netherlands as a whole is larger than Sweden’s (~€1.1 Trillion vs ~€600 Billion), Fryslân accounts for roughly 2.7% of the total Dutch GDP, placing its regional output at around €30 billion.
• Per Capita Productivity: On an individual level, productivity and income levels are much closer, though Sweden still maintains a higher overall GDP per capita due to its heavy industrial and tech sectors.

Google Gemini: What Hexagon AB pulled off—rolling up well over 100 niche software, sensor, metrology, and engineering firms since 2000—is widely considered one of the most aggressive and calculated industrial transformation playbooks in modern corporate history.

Hexagon was not originally a tech company. In the late 1990s, it was a sprawling, low-margin Swedish conglomerate that owned random assets ranging from vehicle hydraulics to seafood distribution.

The short answer is yes, they became world-class at a very specific strategic formula. They mastered hardware-to-software convergence, combined with an industrial M&A flywheel that turned fragmented, low-multiple niche tools into high-margin, sticky software ecosystems.

Here is what Hexagon mastered that allowed them to «eat» over 100 companies without collapsing:

1. The «Sensors + Software» Convergence Master Plan

Hexagon realized early on that hardware alone—like high-precision surveying gear, laser trackers, or coordinate measuring machines (CMMs)—is a cyclical, commoditized business. However, the data those machines generate is priceless.

Hexagon’s M&A thesis followed a clear evolutionary chain:

• Step 1: Capture the Hardware (The «Sensors»): Acquire global leaders in precision measurement (e.g., Brown & Sharpe in 2001, Leica Geosystems in 2005). Now they owned the tools capturing real-world physical reality. Wikipedia+ 1
• Step 2: Layer on the Software (The «Brain»): Acquire the software that processes that sensor data (e.g., Intergraph in 2010 for $2.1B, MSC Software in 2017). Wikipedia
• Step 3: Build Digital Twins & Autonomy: Combine hardware and software so that real-world measurement feeds directly into engineering simulation, autonomous machines, and operational software. Umbrex

By doing this, they turned a customer who bought a single optical sensor every five years into an enterprise client paying recurring software licensing fees every month.

Hexagon rarely buys generic, highly competitive consumer software. Instead, they target small engineering software firms that possess high domain expertise and high switching costs:

• Niche coordinate measuring software used by aerospace QA inspectors.
• Specialized CAD/CAM software for CNC tooling (e.g., Vero Software). Wikipedia
• Underground mining monitoring and survey positioning tools.

These sub-sectors are too small for giants like Microsoft or Oracle to bother with, but essential for factories, mines, and construction sites. Once Hexagon buys them, they integrate the software directly with Hexagon’s physical sensors, creating a closed ecosystem that is nearly impossible for industrial clients to abandon.

Under long-time architect Ola Rollén (and backed by financier Melker Schörling), Hexagon executed a masterclass in M&A financial engineering:

1. Buy small, niche engineering software or metrology companies at relatively low valuation multiples (e.g., 8–12x EBITDA).
2. Plug them into Hexagon’s vast global sales network across 50+ countries to instantly boost their revenue.
3. Shift the acquired company’s pricing model from one-off software sales to high-margin recurring SaaS subscriptions.
4. Because the market values high-margin software conglomerates at much higher multiples (often 20x+ EBITDA), the market caps of the combined group expand, creating a machine that constantly funds the next batch of acquisitions.

4. Decentralized Operations (The «Swedish M&A» Culture)

Much like other famous Swedish acquisition vehicles (e.g., Lifco, Indutrade, Lagercrantz), Hexagon avoids centralizing everything to the point of stifling innovation:

• Preserving Brand Trust: When Hexagon buys an established product (like Leica Geosystems or Bricsys), they don’t erase the brand name overnight.
• Autonomy with Accountability: They let the specialized engineering teams keep doing what they do best, while Hexagon handles back-office capital allocation, global sales pipelines, and cross-platform technical integration.