Itineris successfully completes new capital increase
Itineris, the fast-growing technology company that develops and delivers innovative SaaS solutions for utilities and commercializes them internationally, today announces that Alychlo, the investment holding company of Marc Coucke, is investing 16 million € in the company. This capital increase will allow Itineris to accelerate its ambitious growth plans in Europe and the US, and to further invest in innovation to support our customers in the new world of energy and water.
“Since we successfully launched our software solution UMAX at the New York Department of Environmental Protection in September 2021, we have seen a strong growing interest among the other US utilities to work with us. In the first quarter, we were again selected by two major cities. The potential in the US market is huge and we are keen to exploit it to the fullest,” said Edgard Vermeersch, founder and CEO of Itineris. “While we also continue to grow in Europe, this financial boost allows us to capitalize on strategic acquisitions. For example, at the end of 2021 we acquired Opinum, a Belgian software company that develops a data platform to provide energy and water utilities with the insights they need to better manage energy consumption and optimize energy production, among other things. We have other opportunities on our radar, because ultimately we want to play a leading role in the energy and digital transition. Alychlo‘s track record of taking companies to the next level is a huge incentive for all of us to become even more successful on both sides of the ocean.”
Itineris was founded in 2003 by entrepreneur Edgard Vermeersch. The company develops innovative software solutions that allow energy and water utilities to reach operational efficiency, achieve their environmental goals, and improve the relationship with, and experience of, their end customers. The company has more than 400 employees in Europe and the US, and their annual revenue in 2021 grew by 23% to over EUR 60m.
“I am impressed with the growth Itineris has realized in recent years. Moreover, there is still enormous potential to grow even further. If you can make it as a Belgian player in the US, and successfully launch your software in a city like New York, with nine million inhabitants, that is significant. What also appeals to us enormously is that the company is investing heavily in new innovations to support its customers in the energy transition. With Alychlo, we are happy to join in this effort, which perfectly is in line with our strategy to focus on sustainable technologies.”