Gimv leads EUR 8.5 million round to fuel further international expansion of utilities software company Itineris
Gimv and the Gimv managed Gimv Arkiv Tech Fund II together invest EUR 6.5 million in the Belgian software solution company Itineris. Along with Gimv, CEO and founder Edgard Vermeersch and existing investor, the Flemish investment company PMV, contribute an additional EUR 1 million each in a total financing round of EUR 8.5 million. The proceeds will be used to support the company’s international expansion strategy, primarily in the North American market.
Founded in 2003 by Edgard Vermeersch, Itineris provides integrated business solutions fully focused on power, gas and water distributors and retailers. Itineris utilizes its software solution UMAX™, a leading Customer Information System (CIS) to manage a utilities’ complete meter-to-cash process from quotation management, up to invoicing and collection. UMAX offers utilities unique tools to optimize the profitability of their overall client portfolio and the solution has been favorably positioned by Gartner in the Magic Quadrant for CIS 2013. Recognized as a utilities specialist Itineris also offers consultancy and other IT related services to its utilities customers.
Headquartered near Ghent, Itineris entered the North American market in 2012, building on a solid track record in Europe. In just a few years Itineris has established an impressive track record of successful implementations at a large number of major international utility players including GDF SUEZ, E.ON, AGL Resources, Eneco, De Watergroep and Delta. The company has known a continuous growth over the last 10 years and currently employs over 200 utility specialists realizing a consolidated turnover of EUR 25 million. In 2012, Itineris was elected ‘Most Promising Company’ by Ernst & Young and the Flemish Government for its outstanding performance since its establishment in 2003 and its promising plans for the future.
Edgard Vermeersch, CEO and founder of Itineris comments: “To realize our ambitious growth plan, set out in 2011 and to support our future growth in the international market, I’m very happy to announce and welcome Gimv as a new shareholder of Itineris. With this additional investment capacity we truly have all elements in hand to realize our mission in becoming the first name in mind and leading CIS provider on Microsoft technology in the utility space. We have a great UMAX solution, we have expert teams on the ground, a loyal client base who are supporting us in our further growth because of our successful deployments and we have a sound financial basis & investment capacity to reinforce our growth and realize the path set forward.”
Matthias Vandepitte, Principal at Gimv, adds: “Today utilities are faced with more demanding customers in a market that’s being disrupted by regulatory changes, more renewable energy demands and substantial operational changes driven by smart metering and the use of big data. Itineris responds to these challenges with UMAX, a powerful and innovative software that allows them to better serve their clients using state-of-the-art front- and back office processes in a more flexible way than its competitors. Gimv is keen to back the Itineris team in their ambitious international growth strategy. Together with Lampiris, this is the second investment of the Sustainable Cities platform in the utilities sector, which fits perfectly in our strategy.”