" With Gimv as a shareholder, the company established clear internal reporting practices and drafted well-defined plans for the future. "
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Success stories
Option: successfully managing industry shifts
Founder and CEO, Jan Callewaert, established Option in July 1986. He focused on the development of miniature modems, to be used in laptops. In 1988, this resulted in a first commercial product. At the time, external financing became a distinct need, as the company wanted to diversify its activities in the direction of GMS data transmission. Financial institution ASLK recommended Gimv.
When Gimv invested in the company in 1990, Option had few revenues, mainly from custom projects. Jan Callewaert convinced Gimv of the dept of the available engineering skills. These skills, combined with the emerging opportunities for wireless data, were determining factors in Gimv’s decision to invest.
With Gimv as a shareholder, the company was urged to establish clear internal reporting practices and to draft well-defined plans for the future. Two of Gimv’s experts served on the board. External financing made it possible for Option to move from wireline production to wireless, with the gsm-ready card as a flagship product. The company’s turnover increased from EUR 1.5 million in 1994, over EUR 2.2 million in 1995 to EUR 6.3 million in 1996. Around the same period, Generale Bank was looking for a new company to introduce on the Easdaq stock market. In November 1997, Option was the second company to be listed on Easdaq.
At the end of the nineties, Option was one of the many companies affected by the technology boom. When the bubble burst, in 2000-2002, Option took a major hit. But unlike many competitors, the company survived. A smart strategic redirection, Jan Callewaert’s stamina, and the support of Gimv formed the basis of the company’s success. Around 2000, the IT sector no longer served as a distribution channel, so Option had to reorient towards the mobile network operators in the telecom sector. Also after IPO, in the rough years, Gimv kept supporting the company.
From 2003 onwards, Option’s financial results improved significantly. When the stock markets recovered, Gimv decided to divest and in 2004, the exit was completed. Through Option’s brilliant results, Gimv managed to realise a total benefit of EUR 42 million.
