Forager
Our archive holds 8 letters from Forager, behind 14 investment theses. Every quote below is copied verbatim from the letter it came from.
Forager’s own letters pageTheses · 14
- March 2026
Sage Group is an accounting and financial management software company with sticky, low-cost products, strong cash generation and shareholder returns.
Read the full thesis - March 2026
Auto Trader is the dominant UK used-car classifieds platform with high margins, minimal capital needs and strong cash returns to shareholders.
Read the full thesis - March 2026
Bravura Solutions provides core software for wealth managers and super funds, with high switching costs and durable customer inertia.
Read the full thesis - March 2026
CAR Group operates a network-effect classifieds platform for cars, where value comes from ecosystem position rather than the code itself.
Read the full thesis - March 2026
Broadleaf provides automotive aftermarket software and is benefiting from cloud migration, margin expansion and structural digital transformation tailwinds.
Read the full thesis - March 2026
TechnologyOne provides mission-critical software to government and education customers, supported by high switching costs and trusted long-term relationships.
Read the full thesis - December 2025
Aroa Biosurgery is a regenerative tissue company with high-margin partner sales and accelerating direct distribution that is driving operating leverage and cash generation.
Read the full thesis - June 2025
ReadyTech is a resilient vertical software business with strong recurring revenue and low churn, though growth has moderated and its share price has declined, presenting a potential acquisition opportunity.
Read the full thesis - June 2025
With a rapidly growing subscription business, strategic positioning for sale, and clear acquisition comparables, RPMGlobal stands out as a prime software asset likely to attract a premium bid.
Read the full thesis - June 2025
With strong financial momentum, strategic infrastructure, and renewed acquisition interest—including from global player Stripe—Tyro Payments appears primed for a potential takeover.
Read the full thesis - March 2025
Nutex is transforming from a struggling company facing challenges in the healthcare sector to a potentially profitable business with strong cash flow and growth prospects, despite ongoing risks and market volatility.
Read the full thesis - March 2025
With dominant market share, razor-blade economics, and a high-margin growth engine in Trophon, Nanosonics offers strong fundamentals—while Coris adds a powerful long-term kicker.
Read the full thesis
Letter archive · 8
2026
2025
2024
Funds · 3
- Forager Funds6
- Forager (Takeover Candidates)1
- Forager Nutex1
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