---
title: "Qt and Revenio delivered a beating | Kevin van Dessel | Negotiator 207"
titleOriginal: "Qt ja Revenio toi turskaa | Kevin van Dessel | Neuvottelija 207"
episodeNumber: "207"
guest: "Kevin van Dessel"
datePublished: 2023-08-16
duration: "17:19"
youtube: "https://www.youtube.com/watch?v=WQczjsorlAk"
originalLanguage: "fi"
topics: ["investing_markets","saas_software"]
subtitleMethod: "none"
provenance: "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and the publisher's own chapter marks, translated one for one; their spacing is irregular and matches the recording. No transcript is published here — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. Both participants discuss shares they may hold and nothing in the episode is investment advice, which the long-form write-up in the Neuvottelija AI editions states."
fiCanonical: "https://www.neuvottelija.fi/fi/episodes/466-qt-ja-revenio-toi-turskaa-kevin-van-dessel-neuvottelija-207"
canonical: https://www.neuvottelija.com/podcast/episodes/ep207-qt-ja-revenio-toi-turskaa-kevin-van-dessel/
---
# Qt and Revenio delivered a beating | Kevin van Dessel | Negotiator 207

English subtitles are not available on this page. This is an episode summary, not a curated transcript.

## Chapters

- [00:00](https://www.youtube.com/watch?v=WQczjsorlAk&t=0s) Kevin van Dessel of Sijoituskästi, for the second time
- [00:41](https://www.youtube.com/watch?v=WQczjsorlAk&t=41s) A bull market a year ago, and Finland's bargain bin
- [01:44](https://www.youtube.com/watch?v=WQczjsorlAk&t=104s) Qt and Revenio punished for their Q2 results
- [02:21](https://www.youtube.com/watch?v=WQczjsorlAk&t=141s) What Qt is: a tool for software developers
- [03:34](https://www.youtube.com/watch?v=WQczjsorlAk&t=214s) Developer licences, distribution licences and consulting
- [05:17](https://www.youtube.com/watch?v=WQczjsorlAk&t=317s) Value moves from hardware to software
- [07:01](https://www.youtube.com/watch?v=WQczjsorlAk&t=421s) Qt's valuation from 170 euros to 66
- [08:56](https://www.youtube.com/watch?v=WQczjsorlAk&t=536s) Revenio: eye pressure meters and niche dominance
- [10:20](https://www.youtube.com/watch?v=WQczjsorlAk&t=620s) Qt and Revenio are each other's opposites
- [11:01](https://www.youtube.com/watch?v=WQczjsorlAk&t=661s) Hardware-enabled SaaS from an adviser's point of view
- [12:03](https://www.youtube.com/watch?v=WQczjsorlAk&t=723s) The risk of walking over your customers
- [13:09](https://www.youtube.com/watch?v=WQczjsorlAk&t=789s) Investor psychology at a 50 per cent loss
- [13:58](https://www.youtube.com/watch?v=WQczjsorlAk&t=838s) Rates, and the bull case for growth companies
- [14:47](https://www.youtube.com/watch?v=WQczjsorlAk&t=887s) US Treasuries and the inverted yield curve
- [15:58](https://www.youtube.com/watch?v=WQczjsorlAk&t=958s) A young investor and the grandfather business of bonds
- [16:46](https://www.youtube.com/watch?v=WQczjsorlAk&t=1006s) Inner Circle: will Sijoituskästi overtake Rahapodi

## Summary

Kevin van Dessel joins Sami Miettinen for a short episode on two crowd favourites of the Finnish bargain bin, Qt and Revenio, both punished with heavy share price falls after the second quarter. It explains Qt's licensing model — developer licences, distribution licences and consulting — and why Revenio is the mirror image of Qt in the same hardware-to-software transition. It closes on a thesis about rates: an inverted yield curve offers the same multiple reversal without company-specific risk. Nothing in it is investment advice.

## Two companies, one transition

Qt sells developer licences, distribution licences and consulting; Revenio sells eye
pressure meters with software attached. They are opposite ends of the same
hardware-to-software shift, which is why a single quarter punished both and for different
reasons — and why the licensing model has to be understood line by line before the
valuation means anything.

## The closing argument

If what you are buying is a multiple reversal, an inverted yield curve offers something
similar without company-specific risk. That is the most transferable idea in a short
episode, and it is a thesis rather than advice.


## Watch

The recording lives on the Neuvottelija channel: [Qt ja Revenio toi turskaa | Kevin van Dessel | Neuvottelija 207](https://www.youtube.com/watch?v=WQczjsorlAk).
A Finnish edition of this episode is published at [www.neuvottelija.fi](https://www.neuvottelija.fi/fi/episodes/466-qt-ja-revenio-toi-turskaa-kevin-van-dessel-neuvottelija-207).

## In depth

The Neuvottelija AI editions carry a long-form write-up of this episode:
[English](https://www.neuvottelija.com/ai/ep207-qt-ja-revenio-toi-turskaa-kevin-van-dessel/) · [suomeksi](https://www.neuvottelija.fi/economy/ep207-qt-ja-revenio-toi-turskaa-kevin-van-dessel/).

## Explore the ideas in depth

- [Enterprise AI Agents: Economics, Governance and the Shift From Tools to Workers](https://www.neuvottelija.com/guides/enterprise-ai-agents-economics-and-governance/): A guide to enterprise AI agents — the real cost model behind agent work, why owning your own stack is becoming a strategic question, a working governance framework with approval gates and audit trails, the agent risk matrix, the EU AI Act timeline as it stands, and who captures the productivity gains. Grounded in a real multi-agent lab, two 2026 keynotes, and Neuvottelija conversations.
- [Nordic SaaS Valuation & M&A: How AI Reprices Software Companies](https://www.neuvottelija.com/guides/nordic-saas-valuation-and-ma/): How software companies in the Nordics are valued and sold as AI moves inference into the cost of goods sold — where multiples stand in mid-2026, the metrics that get repriced, why vertical SaaS defends its premium, AI due diligence, and the shift from seats to outcomes. Grounded in Translink's SaaS valuation work and Neuvottelija conversations.

---

Cite as: Sami Miettinen, Neuvottelija — Qt and Revenio delivered a beating | Kevin van Dessel | Negotiator 207, https://www.neuvottelija.com/podcast/episodes/ep207-qt-ja-revenio-toi-turskaa-kevin-van-dessel/, 2023-08-16. For quotes include episode 207 and timestamp.