Itineris confirms growth ambition and raises additional capital to extend its leading position
DEURLE, January 25, 2017 – Itineris, a leader in operational software and services for the utility industry, today announced an investment round of €10,3 million after finishing a very successful 2016 where revenues were up by 24%.
The new investment round for Itineris of €10,3 million is led by existing investors Gimv and Gimv Arkiv Tech Fund II which collectively invested €7,8 million while Itineris CEO and founder Edgard Vermeersch and Flemish investor PMV contributed €2,5 million. Itineris, which employs more than 350 people worldwide, topped €43 million in revenue in 2016, a record for the company.
“2016 was a key year for Itineris. We were very successful in North America, with an important go life of our first US client at the City of Baltimore. This success gives us real momentum in North America and allowed us to sign additional deals such as Georgetown Utility Systems and Cape Fear Public Utilty Authority. On top of this we are currently in final negotiations with another large city in the US,” said Edgard Vermeersch, CEO and founder of Itineris. “Itineris invested strongly in dedicated leadership for the UMAX North American business and welcomed Burrell Kilmer, a utility veteran with nearly 30 years of utility industry experience, as President for the North American UMAX business.”
“I am thrilled to have joined Itineris,” added Burrell Kilmer. “With 4 clients under contract, a robust pipeline, expanded local leadership, and over 75 talented professionals in North America, our business is thriving. Utility interest is high in a Microsoft platform like our industry leading UMAX Customer Information System. A solution that helps utilities engage their customers, empower employees, optimize operations, and do so leveraging industry-leading technology.”
In Europe in 2016, Itineris geographically extended its focus market to UK, France, Iceland and welcomed new customers such as Gazprom, Dunea, HZEB, HS VEITUR, Save Energies and GreenYellow.
“We were already a rewarded Strategic ISV partner of Microsoft and we extended our partnership by entering the Microsoft Cloud Service Provider Program. This enabled us to realize our first go-life of a subscription based UMAX cloud service at Delta in The Netherlands,” said Koen Breemersch, VP Strategy.
The funds will be used to further support the growth of the company. We invest heavily in our UMAX product to improve our solution for our existing UMAX-customers and to extend our reach with new customers in Europe and North America. Currently the company is also considering some key acquisition opportunities.
“Itineris demonstrates that they master the utility industry insight needed to combine a successful entry in the North American utility market with the introduction of a Cloud based service offering based on their UMAX product. Important milestones were realized in 2016 and this follow-on round will enable Itineris to further accelerate their ambitions” said Ruben Monballieu, principal at Gimv.
“PMV is proud to be amongst the early hour investors in this promising company and to have supported its rapid international expansion,” says Filip Lacquet, Group Manager Corporate Finance at PMV. “We are confident that its successful solutions for the utilities industry will continue to perform well and even beyond expectations.”