Waterland buys Ad Ultima Group, Pylades

Waterland will bring the two IT players under a new group, in which it will own a majority stake. It said the companies are complementary, as Ad Ultima has a strong position in Belgium and a growing activity in France, but a limited presence in the Netherlands, where Pylades is well-established.  

The combined group generates sales of €50m and employs 350 people, according to a statement. Waterland intends to accelerate the growth of the combined group via international expansion, organic growth and strategic acquisitions.  

The GP is currently investing via its €2bn Waterland Private Equity Fund VII fund, closed in 2017.

Company
Ad Ultima and Pylades provide Microsoft Dynamics 365 and PTC cloud services, as well as proprietary software products to companies. 

Ad Ultima, founded in 2001, employs 250 people and is based in Kortrijk. Its focus has been on companies active in industrial production, construction and the logistics sector. 

Pylades, founded in 1986, operates in the logistics, trade and services sectors. Headquartered in Weesp, it has a workforce of 100 people.

People
Pylades – Mark Gooijer (director, managing partner).
Ad Ultima – Filip Bossuyt (CEO).

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• Waterland Private Equity