Ghent-based SaaS solutions for utilities maker Itineris has received a €16 million investment from Belgian billionaire Marc Coucke’s holding company Alychlo. The injection of capital will allow the company to further accelerate its European and U.S. market expansion plans. To date, Itineris has taken aboard approximately €46 million in external funding.
Founded in 2003 by Edgard Vermeersch, Itineris develops software solutions for energy and water companies that aid in business processes optimisation goals; including, but not limited to environmental objectives, and improving customer relations and the end-user experience.
Itineris operates with a staff of over 400, with offices in Europe and the U.S., and reports its annual turnover growing 23% in 2021, to a healthy €60 million.
“|While we also continue to grow in Europe, this financial impulse allows us to focus on strategic acquisitions. This is how we took over Opinum at the end of 2021, a Belgian software company that develops a data platform to provide energy and water companies with the necessary insights to better manage energy consumption and optimize energy production,” commented Vermeersch. “There are other opportunities on the radar, because ultimately we want to play a pioneering role in the energy and digital transition. Alychlo's track record of taking businesses to the next level is a huge incentive for our entire team to become even more successful on both sides of the ocean.”
On the investment, Coucke commented, “I am very impressed with the course that Itineris has traveled in recent years. Moreover, there is still enormous potential for further growth. If you, as a Belgian player, can breakthrough in the U.S. and successfully launch your software in a city like New York, with a population of nine million, then that is saying something.”