Vose Software
Vose Software develops quantitative risk analysis software (ModelRisk, ModelChoice, Tamara, Pelican IRM) that enables enterprises and government agencies to perform Monte Carlo simulation, decision-tree analysis, and integrated risk management within Microsoft Excel.
- Company typePrivate
- Founded2008
- HeadquartersSint-amandsberg, Belgium
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Vose Software does
Vose Software BV, headquartered in Ghent, Belgium, develops and sells quantitative risk analysis software used by enterprises and government agencies to replace qualitative "heat map" risk assessments with numerically rigorous probabilistic modelling. The company was founded in 2005 as a risk analysis consultancy and commercialised its first software product, ModelRisk, in 2008; it has since expanded to a four-product platform: ModelRisk (Monte Carlo simulation Excel add-in with 1,400+ functions, 136 probability distributions, 34 time-series models, and 14 copula correlation models), ModelChoice (decision-tree and MCDA Excel add-in launched to GA in 2026), Tamara (project cost and schedule risk analysis importing Oracle Primavera and Microsoft Project schedules), and Pelican (enterprise web-enabled risk register and Integrated Risk Management platform). The technology stack is anchored in Microsoft Excel integration, with selective use of .NET 8 / .NET 9 and Windows x64 desktop runtimes, and supports inter-product data exchange through the SIPMath/SID Standard 3.0 format.
The company monetises primarily through annual per-seat subscription licences (€950-€2,150 per user per year depending on product) sold via direct sales, online self-service, and demo-led enterprise engagement, with a freemium ModelRisk Basic tier and a discounted academic programme. A secondary revenue stream is provided by professional services: risk-analysis consulting and training. Go-to-market combines enterprise field sales, inside sales, and product-led growth (15-day free trials). Customers span more than 20 named large enterprises and government bodies including NASA, Boeing, UK Ministry of Defence, World Bank, Merck, Amazon, Deloitte, Verizon, Munich Re, and Schlumberger, distributed across aerospace, pharma, energy, financial services, chemicals, telco, and consulting verticals. The company is founder-owned (David Vose), bootstrapped, privately held, and operates with 11-50 employees from a single Belgian office.
Vose Software firmographics
Firmographics- Name
- Vose Software
- Legal name
- Vose Software BV
- Website
- https://vosesoftware.com
- Company type
- Private
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Vose Software develops quantitative risk analysis software (ModelRisk, ModelChoice, Tamara, Pelican IRM) that enables enterprises and government agencies to perform Monte Carlo simulation, decision-tree analysis, and integrated risk management within Microsoft Excel.
- Ownership category
- akta.pro rank
Vose Software industry classification
Industry- Product category
- Quantitative Risk Analysis Software
- NAICS
- Software Publishers (5132)
- SIC
- Services-Prepackaged Software (7372)
- akta.pro primary industry
- Model Risk Management (MRM) & Validation (FSAFAOAI)
- akta.pro secondary industries
- Risk Quantification, Modeling & Stress Testing (BPAHAFAH), Prudential & Market Risk Management (VaR, Stress, Limits) (FSACAJAF), Catastrophe Risk Modeling & Analytics Services (FSAOACAL)
Keywords
Where Vose Software is headquartered
LocationHeadquarters
- HQ city
- Sint-amandsberg
- HQ country
- Belgium
- HQ region
- Europe
Offices1 record
Markets served
Vose Software business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Software Licenses: Annual subscription licenses for ModelRisk, ModelChoice, and Tamara products. Prices range from €950 to €2,150 per user per year depending on product. Volume and time discounts available. Academic pricing substantially discounted or free for qualifying institutions.
- Professional Services: Risk analysis consulting and training services offered to clients. Training covers Monte Carlo simulation, risk analysis methodology, and software usage. Consulting engagements for complex risk analysis problems and model building assistance.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | ModelRisk commercial license |
| Subscription | Annual | ModelChoice commercial license |
| Subscription | Annual | Tamara commercial license |
| Subscription | Annual | Academic pricing - Individual |
| Subscription | Annual | Academic pricing - Network/Campus |
| Freemium | Pay-as-you-go | ModelRisk Basic (Free) |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels6 records
Vose Software product offering
Product offeringCore offering
Vose Software designs, develops, sells, and supports a suite of quantitative risk analysis software products that enable organisations to replace uncertainty in spreadsheet models with probability distributions and run Monte Carlo simulations. Its product portfolio comprises ModelRisk (Monte Carlo simulation Excel add-in), ModelChoice (decision tree analysis Excel add-in), Tamara (project cost and schedule risk analysis desktop application), and Pelican (enterprise risk register and Integrated Risk Management platform).
Product overview
Vose Software offers a suite of four quantitative risk analysis and management software products designed to work independently or together as a unified platform. ModelRisk is a Monte Carlo simulation Excel add-in for risk modelling across business, science, engineering and government. ModelChoice is a decision analysis Excel add-in that builds and solves decision trees with 16 analytical reports. Tamara is a standalone desktop application for project cost and schedule risk analysis that imports from Oracle Primavera P6 and Microsoft Project. Pelican Risk Register and Pelican IRM together form the enterprise-level risk register and integrated risk management platform, consolidating risk information from ModelRisk, Tamara, and the risk register into a holistic view of organisational risk. Pricing ranges from €950/user/year (ModelChoice) to €1,550/user/year (ModelRisk) to €2,150/user/year (Tamara).
Differentiator
Problem solved
Functional benefit
Brands
- ModelRisk: Monte Carlo simulation Excel add-in for risk analysis - the pre-eminent risk analysis tool for business, science, engineering and government.
- ModelChoice
- Tamara
- Pelican
Products and services
- ModelRisk Monte Carlo simulation Excel add-in for quantitative risk analysis. Replaces uncertain spreadsheet values with probability distribution functions and runs thousands of simulation iterations to produce probability distributions of outcomes. Includes over 1,400 functions, 136 probability distributions, 34 time series models, 14 correlation (copula) models, distribution fitting, sensitivity analysis, OptQuest optimisation, TVaR statistics, and built-in converters for @RISK and Crystal Ball models. Designed for risk analysts, financial modellers, cost estimators, engineers, actuaries and forecasters.
- ModelChoice Decision analysis Excel add-in for building and solving decision trees using continuous backward induction (rollback). Provides 16 analytical reports including sensitivity analysis, risk profiles, robustness scoring, EVPI/EVII, multi-criteria decision analysis (MCDA) with Weighted sum, Weighted geometric mean, and WASPAS aggregation, AHP weight elicitation, and integration with ModelRisk for Monte Carlo through decision trees. Ships with 60 industry example models, supports PrecisionTree one-click import, and exposes its engine via a Python/ModelContext Protocol (MCP) headless automation API.
- Tamara Standalone desktop application for project cost and schedule risk analysis. Imports schedules from Oracle Primavera P6 (XER) and Microsoft Project (MPP), performs a health-check Import Audit, runs Monte Carlo simulation to produce probability distributions of project completion dates and budgets, identifies key risk drivers via tornado charts, and exchanges simulation data with Pelican IRM via SID/SIPMath 3.0 files. Re-platformed to Windows x64 and .NET 8 in version 5.1.
- Pelican Risk Register Enterprise-level web-enabled risk register for documenting, managing, and tracking operational risks across large organisations. Uses quantitative methods for scaling risk estimates and providing consistency across financial loss, reputational loss, and ESG impact metrics, enabling proper aggregation of risks and comparison with risk appetite rather than relying on qualitative heat-map labels.
- Pelican IRM (Integrated Risk Management) Integrated risk management platform that consolidates risk information from spreadsheet risk models (ModelRisk), project risk analyses (Tamara) and the Pelican risk register into a unified, consistent and holistic view of organisational risk. Provides analytical tools for evaluating the effect of risk on key business objectives and supports risk-based decision making at the enterprise level.
- Risk Analysis Consulting Professional services engagement where Vose Software's risk analysis consultants work with clients on complex risk analysis problems and model building, drawing on over 30 years of consulting heritage.
- Risk Analysis Training Training services covering Monte Carlo simulation, risk analysis methodology, and software usage for ModelRisk, Tamara, ModelChoice, and Pelican, delivered to client teams for capability building.
Quantifiable outcome
- Typically saves 10-25% of money currently spent on risk management while improving risk posture through optimized resource allocation
- +2 more outcomes
Companies that use Vose Software
Customer profileNamed customers23 records
Segments6 records
Ideal customer profiles4 records
Vose Software technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
AI capability3 records
Feature7 records
Vose Software partnerships and signals
Strategic signalScale indicators2 records
Recent moves6 records
Expansion highlights5 records
Vose Software competitors and assessment
Company assessmentDirect peers
- Lumivero (formerly Palisade): Vendor of @RISK (Monte Carlo for Excel), PrecisionTree (decision trees), and the broader DecisionTools Suite — Vose's most direct competitor across both Monte Carlo simulation and decision analysis, and the incumbent whose installed base the migration tools are explicitly designed to convert.
- Oracle Crystal Ball: Oracle's Excel-based Monte Carlo simulation add-in originally developed by Decisioneering; competes head-to-head with ModelRisk in spreadsheet risk modelling and is one of the two legacy tools Vose offers built-in converters for.
- Frontline Systems (Analytic Solver): Provider of risk analysis, Monte Carlo simulation, and optimization add-ins for Excel (Analytic Solver / Risk Solver) — competes with ModelRisk in the same Excel-native Monte Carlo niche, often on price-performance for SMB and education.
- RiskAMP: Lightweight Monte Carlo simulation add-in for Excel targeting cost estimation and financial modelling; an emerging, lower-priced competitor in the same Excel-native simulation category as ModelRisk.
Emerging players
- Real Options SLS: Software and methodology provider for real options and decision analysis in Excel — overlaps with ModelChoice on decision trees and quantitative decision analysis for investment/project evaluation.
- TreeAge Software: Decision tree software widely used in healthcare/pharma decision analysis; competes with ModelChoice for the pharma R&D and clinical-trial decision-analysis use case (e.g., Hoffmann-La Roche).
Broad incumbents
- Arena Simulation (Rockwell Automation): Discrete-event and Monte Carlo simulation platform from Rockwell targeting manufacturing, logistics, and process industries — broader than ModelRisk but addresses overlapping Monte Carlo simulation use cases for engineering reliability and operations research.
- Simul8: Process and risk simulation platform used across healthcare, manufacturing, and consulting — broader incumbent that overlaps with Tamara for project/process risk modelling and with ModelRisk for general simulation work.
- MathWorks (MATLAB / Simulink): Engineering and scientific computing platform with Monte Carlo simulation, reliability, and risk modelling toolboxes — broader analytics incumbent that overlaps with ModelRisk for engineering reliability, aerospace, and pharma R&D customer segments (e.g., NASA, Boeing, Merck).
- SAS Institute (Risk & Fraud): Enterprise analytics vendor with risk modelling, stress testing, and credit risk modules used in banking and insurance — competes with Pelican IRM at the enterprise risk register / aggregated risk management layer for large CRO/board reporting workflows.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Vose Software social profiles
Digital presenceVose Software compliance and trust
Trust signalCompliance2 records
Vose Software financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vose Software leadership team
Management profileNumber of profiles
Profiles1 record
Vose Software funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vose Software M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Vose Software
What does Vose Software do?
Vose Software designs, develops, sells, and supports a suite of quantitative risk analysis software products that enable organisations to replace uncertainty in spreadsheet models with probability distributions and run Monte Carlo simulations. Its product portfolio comprises ModelRisk (Monte Carlo simulation Excel add-in), ModelChoice (decision tree analysis Excel add-in), Tamara (project cost and schedule risk analysis desktop application), and Pelican (enterprise risk register and Integrated Risk Management platform).
Is Vose Software a public or private company?
Vose Software is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Vose Software founded?
Vose Software was founded in 2008. It employs 11 to 50 people.
Where is Vose Software based?
Vose Software is headquartered in Sint-amandsberg, Belgium, in the Europe region.
How does Vose Software make money?
Two revenue lines are on record. Software Licenses are the primary driver. The others are professional Services.
Who are Vose Software's main competitors?
Direct peers on record are Lumivero (formerly Palisade), Oracle Crystal Ball, Frontline Systems (Analytic Solver) and RiskAMP. Emerging players are Real Options SLS and TreeAge Software. Broad incumbents are Arena Simulation (Rockwell Automation), Simul8, MathWorks (MATLAB / Simulink) and SAS Institute (Risk & Fraud).
Does Vose Software have an API?
Yes. ModelChoice includes a headless automation API accessible via Application.Run from any COM-aware host. Developers can build decision trees programmatically (or from JSON), run sensitivity analyses, MCDA, robustness checks, and Decision Brief generation — all without user interaction. The API supports batch portfolio analysis, regression testing, internal applications, and embedding ModelChoice in larger workflows. Excel UDFs expose every node value, probability, strategy EV, composite score, and criterion weight as callable formula functions. ModelChoice also offers a Model Context Protocol (MCP) integration: modelchoice-mcp run_decision_report (two_way_sensitivity), modelchoice-mcp import_precisiontree, modelchoice-mcp run_utility, and modelchoice-mcp build_mcda tools are available.
What industry is Vose Software in?
Vose Software's product category is Quantitative Risk Analysis Software. Its primary akta.pro industry code is FSAFAOAI, Model Risk Management (MRM) & Validation, with a secondary code of BPAHAFAH, Risk Quantification, Modeling & Stress Testing. Its NAICS code is 5132 and its SIC code is 7372.