MiddleNext

What MiddleNext does

MiddleNext is funded through a subscription/membership-fee revenue model: members pay recurring dues and gain access to working groups, documentation, peer networking, and reduced-rate training, while some specialized publications and advanced training programs are offered as paid add-ons. The association is governed by an 8-member board drawn from listed company executives and operated by a lean permanent team of 4 staff members led by Directrice Générale Caroline Weber (since 2007) and President Olivier Obst (since June 2024). Two affiliated institutes support the core model: the Institut de l'Entreprise Cotée (training, Datadock-certified, established 2007) and the Institut de Recherche Middlenext (independent academic research, established 2010 in partnership with IFGE/EM Lyon Business School). Pricing is not publicly disclosed, distribution is direct and relationship-driven, and the value proposition rests on regulatory advocacy, peer exchange, and practical governance/ESG guidance tailored to mid-cap realities — a niche no other French association exclusively serves.

Name

MiddleNext

Legal name

Middlenext

Website

https://middlenext.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

1–10 employees

Short description

MiddleNext is the independent French professional association founded in 1987 that represents and federates over 150 listed mid-cap companies on Euronext and Euronext Growth, providing governance codes, ESG/RSE recommendations, training, and regulatory advocacy via the Palais Brongniart headquarters in Paris.

Ownership category

akta.pro rank

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Membership fees and association financing: Middlenext is a non-profit association (loi 1901) financed and managed by executives of mid-cap companies. Revenue comes primarily from membership fees paid by listed companies. Member companies pay for membership and receive access to documents, working groups, training, and peer networking. Some publications (Paysages de pratiques, Service RSE texts) are available as paid add-ons for members.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

MiddleNext is a non-profit professional association (association loi 1901) that federates and represents over 150 French listed SMEs and mid-caps on Euronext and Euronext Growth. It delivers a tailored corporate governance code, annual ESG (RSE) recommendations, an anti-corruption code of conduct, 14+ practical guides (Cahiers Middlenext), Datadock-certified training programs, working groups, and member-exclusive documentation, while advocating for mid-cap interests before French and European regulators.

Product overview

MiddleNext is a professional association for French mid-cap listed companies offering a portfolio of governance and ESG products and services. The core offerings include the Code de gouvernement d'entreprise Middlenext (corporate governance code) and annual Recommandations RSE (ESG recommendations), supplemented by the Cahiers Middlenext series of 14+ practical guides covering topics like governance, anti-corruption, audit, and CSR reporting. The Institut de l'Entreprise Cotée provides approved training programs for listed company executives, while the Institut de Recherche Middlenext conducts academic research published as 'Preuves à l'appui' studies. Working groups on RSE and anti-corruption facilitate peer discussion among members. The organization also maintains a documentation service with 416 member-exclusive resources.

Differentiator

Problem solved

Functional benefit

Brands

• Institut de Recherche Middlenext: Research institute created in 2010 to develop independent scientific expertise on mid-cap listing and corporate governance, partnered with IFGE/EMLYON Business School
• Institut de l'Entreprise Cotée (IEC)
• Cahiers Middlenext
• Code de Gouvernance Middlenext
• Recommandations RSE Middlenext

Products and services

• Code de gouvernement d'entreprise Middlenext Corporate governance code providing recommendations for mid-cap listed companies, covering board structure, executive compensation, risk management, and stakeholder representation.
• Recommandations RSE (ESG) Annual ESG recommendations providing guidance on environmental, social, and governance reporting for listed companies, updated yearly with latest regulatory requirements.
• Cahiers Middlenext (Guide Series) Series of 14 practical guides covering topics including governance, audit, anti-corruption, market abuse, website organization, and CSR, including the code of conduct, self-assessment tools, and market selection guidance.
• Institut de l'Entreprise Cotée (Training Institute) Approved training organization exclusively dedicated to listed companies, offering seminars on governance, RSE, anti-corruption, cybersecurity, financial communication, and board member preparation, with sessions limited to 10 participants to facilitate dialogue.
• Institut de Recherche Middlenext Research institute providing independent scientific expertise on mid-cap stock market financing and corporate governance through studies and analyses published in the 'Preuves à l'appui' series (6 publications).
• Code de conduite anticorruption Middlenext Anti-corruption code providing recommendations for listed companies to prevent and detect corruption, regularly updated with practical implementation guidance.
• Score Biodiversité Simple and effective analysis tool for meeting CSRD biodiversity obligations for listed companies.
• Groupe de travail RSE (Working Groups) Working groups focused on RSE and anti-corruption topics, providing a platform for member companies to discuss and share best practices on sustainability reporting, CSR implementation, and anti-corruption compliance.
• Documentation Service (416 documents) Member-exclusive access to 416 documents covering topics including market selection, website organization, governance, audit, anti-corruption, market abuse, and RSE with both free and paid content.

Quantifiable outcome

• 192 companies had adopted the Middlenext governance code by 2014, growing from 155 in 2012 — demonstrating strong market adoption.
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

34 partnerships are on record, tiered core and minor.

• EuropeanIssuerscoreStrategic or Co-development PartnerMiddlenext co-chairs the Smaller Issuers Committee of EuropeanIssuers, the first European association promoting the interests of listed companies, representing approximately 9,200 listed companies with a market capitalization of approximately 8,500 billion euros across 14 EU countries. This partnership gives Middlenext direct access to European regulatory processes and amplifies its influence beyond France.
• IFGE (Institut Français de Gouvernement des Entreprises) / EM Lyon Business SchoolcoreStrategic or Co-development PartnerThe Middlenext Research Institute partners with IFGE/EM Lyon Business School to conduct academic research on governance, executive compensation, board evolution, dividend distribution, and stock market exits. The 'Preuves à l'appui' research series (6 publications) was produced in collaboration with IFGE.
• ESDES Ecole de Management (Lyon)minorStrategic or Co-development PartnerThe Middlenext Research Institute partners with ESDES Ecole de Management in Lyon for certain research studies on mid-cap listed companies.
• ESSEC Business SchoolminorStrategic or Co-development PartnerMiddlenext is a partner of the ESSEC 'Women Be European Board Ready' program, dedicated to women seeking to join executive committees or boards of directors. The program runs over 8 days across 4 months.
• EuronextcoreStrategic or Co-development PartnerEuronext is listed as a partner of Middlenext. The two organizations collaborate on promoting and supporting listed mid-cap companies on the French market, and Middlenext provides guidance on listing choices between Euronext and Euronext Growth.
• Baker TillyminorStrategic or Co-development PartnerListed as a partner on the Middlenext website, providing expertise in audit and accounting matters relevant to mid-cap listed companies.
• Nexia S&AminorStrategic or Co-development PartnerListed as a partner. Nexia S&A co-hosts the annual Middlenext dinner (Dîner annuel) and contributes to training sessions, including on impairment testing.
• OrfisminorStrategic or Co-development PartnerListed as a partner on the Middlenext website. Orfis co-sponsored cybersecurity training and contributes to the CSRD/sustainability reporting training sessions.
• BM&AminorStrategic or Co-development PartnerListed as a partner. BM&A contributes to sustainability reporting training and decarbonization-related programs.
• DBA (Debiève, Allamelle & Associés)coreStrategic or Co-development PartnerDBA is a recurring partner for legal updates training for listed companies ('Sociétés cotées : actualités juridiques') held across Paris, Lyon, and Nantes.
• ProxinvestcoreStrategic or Co-development PartnerProxinvest co-hosts governance principles and voting policy training sessions with Middlenext annually, helping listed companies understand proxy advisor expectations.
• ISS (Institutional Shareholder Services)coreStrategic or Co-development PartnerISS partners with Middlenext on governance principles and voting policy training, helping listed companies understand international proxy advisor standards.
• AFG (Association Française de la Gestion Financière)coreStrategic or Co-development PartnerAFG regularly partners with Middlenext on General Meeting recommendations and governance guidelines, representing the voice of asset managers in governance consultations.
• RSM FranceminorStrategic or Co-development PartnerListed as a partner. RSM co-hosts accounting and stock market news sessions ('Actualité boursière et comptable') with Middlenext.
• RedbridgeminorStrategic or Co-development PartnerListed as a partner. Redbridge contributes to training on banking relationships and factoring for listed companies.
• ACTUSminorStrategic or Co-development PartnerListed as a partner of Middlenext, providing financial communication expertise.
• Latournerie Wolfrom AvocatsminorStrategic or Co-development PartnerListed as a partner. Latournerie Wolfrom co-hosted a session on litigation risks of 'green communication' and contributes to governance training.
• Herbert Smith FreehillsminorStrategic or Co-development PartnerListed as a partner of Middlenext, providing legal expertise relevant to listed companies.
• Crowe FidelianceminorStrategic or Co-development PartnerListed as a partner of Middlenext.
• PortzamparcminorStrategic or Co-development PartnerListed as a partner of Middlenext, providing financial advisory expertise.
• QualiconsultminorStrategic or Co-development PartnerListed as a partner of Middlenext.
• Paris EuroplaceminorStrategic or Co-development PartnerListed as a partner of Middlenext, representing Paris as a financial center.
• Lille Place FinancièreminorStrategic or Co-development PartnerListed as a partner of Middlenext, representing Lille's financial community.
• Lyon Place FinancièreminorStrategic or Co-development PartnerListed as a partner of Middlenext, representing Lyon's financial community.
• Nantes Place FinancièreminorStrategic or Co-development PartnerListed as a partner of Middlenext, representing Nantes' financial community.
• Strasbourg Place FinancièreminorStrategic or Co-development PartnerListed as a partner of Middlenext, representing Strasbourg's financial community.
• Université de StrasbourgminorStrategic or Co-development PartnerListed as a partner of Middlenext, representing an academic institution.
• Winston & StrawnminorStrategic or Co-development PartnerListed as a partner of Middlenext, providing international legal expertise.
• AmelkisminorStrategic or Co-development PartnerListed as a partner of Middlenext.
• Arthaud AssociésminorStrategic or Co-development PartnerListed as a partner of Middlenext.
• D'Hoir Beaufre AssociésminorStrategic or Co-development PartnerListed as a partner. D'Hoir Beaufre co-hosted financial communication training with Middlenext.
• Lamy LexelminorStrategic or Co-development PartnerListed as a partner of Middlenext, providing legal expertise.
• LISEminorStrategic or Co-development PartnerListed as a partner of Middlenext.
• AEF (Agences Éditeur/Fil)minorStrategic or Co-development PartnerListed as a partner of Middlenext.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Others

• Euronext: Pan-European exchange operator where Middlenext's members are listed. Partnered with Middlenext on promoting mid-cap listings and guiding companies on venue selection (Euronext vs. Euronext Growth); an enabling ecosystem counterpart rather than a direct competitor.

Direct peers

• ICGN – International Corporate Governance Network: International investor-led organization promoting corporate governance standards. Comparable in its governance-code and stewardship focus, though with a global investor (rather than mid-cap issuer) membership base.
• EuropeanIssuers: Pan-European federation representing listed companies, of which Middlenext is a co-chair of the Smaller Issuers Committee. Operates the same trade-association model for issuers across 14 EU countries and serves as the direct counterpart to Middlenext at the European level.
• AFG – Association Française de la Gestion Financière: French asset management association that partners with Middlenext on governance and General Meeting recommendations. Comparable as a French financial-sector association bringing together institutional actors and advocating on regulatory matters affecting capital markets.
• AFEP – Association Française des Entreprises Privées: French association of large private and listed companies, which also publishes a corporate governance code. Most direct counterpart to Middlenext's governance code, but serving large-caps rather than mid-caps—differentiating by issuer size within the same association/governance-code category.
• CroissancePlus: French association of growth companies, many of which are listed or pre-IPO. Comparable as a French association serving ambitious SMEs/mid-cap companies with governance, financing, and policy advocacy support.
• Paris Europlace: Paris-based financial center association promoting the attractiveness of the Paris market. Comparable to Middlenext as a French financial-ecosystem association that lists Middlenext as a partner and operates in overlapping advocacy and promotion of listed companies.
• AMAFI – Association Française des Marchés Financiers: French association of financial markets professionals acting on behalf of investment firms. Comparable as a French financial-ecosystem association providing regulatory advocacy, training, and code-of-conduct guidance for its membership.

Broad incumbents

• FBF – Fédération Bancaire Française: French banking federation representing banks operating in France. Comparable as a large French financial-sector association conducting regulatory advocacy and publishing standards, though focused on banking rather than listed mid-caps.
• Medef – Mouvement des Entreprises de France: France's main employers' federation, representing a much broader cross-section of French businesses. Comparable as a French business association engaged in regulatory advocacy, but with a wider scope than Middlenext's mid-cap listed-company focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/middlenext

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MiddleNext